Then why didn't he say that?(Instead of the highly-ambiguous 'then-current BV?') In my view he did.Book value is a very specific number with a very specific meaning, which can be calculated and updated only on dates that a full balance sheet is completed.Those are the "books" from which the name is taken.Without the end result of that very involved process it can only be estimated crudely, whether by us or by Mr Buffett. Ergo, "then current" does mean "as on the most recently completed statements".If you're going to estimate something fuzzy, estimate intrinsic value.Jim
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