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Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.

— Warren Buffett Letters to Shareholders (1957)

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Quote text and notes from Wikiquote: Warren Buffett (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.