Warren Buffett and Charlie Munger on How to Calculate Future Earnings

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This fragment come from the Berkshire Hathaway Annual Meeting 1995.

The question is asked was "When you're valuing the companies and you discount back the future earnings, you talk about, how many years out you generally go? And if you don't go out a general number of years, how do you arrive at that time period?

Buffett and Charlie answer in full honesty that every calculation is different.

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