[My Takeaway] Use long term government bond rate as the discount rate. But first, you must understand the business so that you can estimate the growth of future earnings/cash. [Full Videos of Berkshire Hathaway Annual Meeting 1996] https://buffett.cnbc.com/1996-berkshire-hathaway-annual-meeting/ [ABOUT - Collection: Warren Buffett] Whenever, I search up on fund managers that practice value investing. All of them done 1 common thing that is, they study whatever they can about Warren Buffett from his annual letters, annual meeting or even interviews. Hence, I decided to do the same and share it together with all of you so that we can learn and grow together :) [My 2 Cents] Valuation is not as important as you think. What you really need to know is the business .