"[[Warren Buffett]] defines intrinsic value as “**the discounted value of the cash that can be taken out of a business during its remaining life**,”" (Berkshire’s annual report of 2013) ([Location 2630](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=2630)) --- **Tags** -- [[quotes]], [[Berkshire Hathaway]], [[net-present-value]], [[valuations]], [[cashflow]], [[dividends]], [[retained-earnings]] **Source** -- [[202506221723 - LN - Modern Value Investing]]