DCF CalculatorAT&T Inc.

“Intrinsic value is the discounted value of the cash that can be taken out of a business during its remaining life. We use the risk-free rate as our discount rate.”

— 1992 Letter to Shareholders · Intrinsic Value

“Compound interest is the eighth wonder of the world. He who understands it, earns it.”

— 1965 Letter to Shareholders · Compounding

“Our favorite holding period is forever. When we own portions of outstanding businesses with outstanding managements, our preferred holding period is forever.”

— 1988 Letter to Shareholders · Long-term Holding

“Intrinsic value is an estimate rather than a precise figure. Two people looking at the same set of facts will almost inevitably come up with slightly different intrinsic value figures.”

— 1969 Letter to Shareholders · Intrinsic Value

“The three most important words in investing are: margin of safety. You don't try to buy businesses worth $100 million for $80 million.”

— 1969 Letter to Shareholders · Margin of Safety