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 calc… - Warren Buffett

More than 99% of my wealth will go to philanthropy during my lifetime or at death. Measured by dollars, this commitment is large. In a comparative sense, though, many individuals give more to others every day. Millions of people who regularly contribute to churches, schools, and other organizations thereby relinquish the use of funds that would otherwise benefit their own families. The dollars these people drop into a collection plate or give to United Way mean forgone movies, dinners out, or other personal pleasures. In contrast, my family and I will give up nothing we need or want by fulfilling this 99% pledge. Moreover, this pledge does not leave me contributing the most precious asset, which is time. Many people, including — I'm proud to say — my three children, give extensively of their own time and talents to help others. Gifts of this kind often prove far more valuable than money.

an unvaryingly strong liquid position and avoidance of money-market borrowings;

What’s out of sight, however, should not be out of mind: Those unrecorded retained earnings are usually building value — lots of value — for Berkshire.