Big Moat Stocks (formerly Rule 1 Numbers)

My goal in writing this report is to give you the information you need to estimate Berkshire’s intrinsic value. I say “estimate” because calculations of intrinsic value, though all-important, are necessarily imprecise and often seriously wrong. The more uncertain the future of a business, the more possibility there is that the calculation will be wildly off-base.

-Warren Buffet in his letter to the Shareholders of Berkshire Hathaway in the 2005 Annual Report