More than book value – “float is a major component of Berkshire’s intrinsic value that is not reflected in book value”.
“overpayment risk” – 买贵了. Excellent companies will need to catch up with the price & managers may be distracted.
More than book value – “float is a major component of Berkshire’s intrinsic value that is not reflected in book value”.
“overpayment risk” – 买贵了. Excellent companies will need to catch up with the price & managers may be distracted.