"The exchange of values is a two-way street. In 2011, [[Berkshire Hathaway|Berkshire]] acquired [[BNSF Railway|Burlington Northern Santa Fe Railway]], a widely held public company then in the [[S&P 500]] (Berkshire replaced it after the acquisition). It paid $100 per share even though [[Warren Buffett|Buffett]] said it was worth closer to $95.15 Many observers were confounded but the value of values explains the 5 percent gap. **When buyers and sellers both value a specific set of intangibles, as Berkshire and its subsidiaries do, the upshot is a wider price band within which a deal can be done**. ([Location 405](https://readwise.io/to_kindle?action=open&asin=B00K33E460&location=405))" --- **Tags** -- [[quotes]], [[intangible-assets]] , [[acquisitions]] , **Source** -- [[202407260951 - B - Berkshire Beyond Buffett]]