From Security Analysis,
1940 edition:
“This should indicate how flexible is the concept of
intrinsic value as applied to security analysis. Our notion of the intrinsic
value may be more or less distinct, depending on the particular case. The
degree of indistinctness may be expressed by a very hypothetical “range of
approximate value,” which would grow wider as the uncertainty of the picture increased,
e.g., $20 to $40 for Wright Aeronautical in 1922 as against $30 to $130 for
Case in 1933. It would follow that even a very indefinite idea of the intrinsic
value may still justify a conclusion if the current price falls far outside
either the maximum or minimum appraisal.”