Buffett added a new column for the “market” value of Berkshire’s share. This is important as “cost-based carrying value” was never revalued up. Thus, over time “the gap between Berkshire’s intrinsic value and its book value has materially widened”.
“a business with terrific economics can be a bad investment if it is bought for too high a price”.
Buffett recognized the investment failure in Tesco, and said he should have exited earlier.