“So, I urge you, if you’re trying to decide on the wisdom of repurchases, or of share issuances, that you don’t think in terms of book value. You don’t think in terms of specific P/Es. You don’t think in terms of any little model. But you think in terms of…. A) pick businesses you can understand and, then, think what you really would pay to be in those businesses. And…what counts over time is whether the repurchases are made at a discount from that figure.”
—Warren Buffett (1996).