“This time it’s different!” — Actually, it’s not.
What Is a Business Really Worth?
Independent equity research built on a consistent, financial statement-based valuation model.
We estimate Intrinsic Value, measure market Valuation, and calculate theoretical annualized returns using current earning power — without assuming future earnings growth.
Geometric mean of company valuations
Beyond the Index.Into Valuation.
Explore how the Sam Finn Valuation Model measures the Dow Jones as a whole — and compares the valuations of its 30 constituent companies using their latest available financial fundamentals.
Open the full trackerThe tracker shows the equal-weighted geometric mean of the 30 Dow Jones companies’ price-to-estimated-intrinsic-value ratios (P/IVP). A reading of 100% represents the model’s valuation equilibrium for the group. Readings above 100% indicate that the market is paying a premium over underlying earning power, compressing forward return potential and elevating sensitivity to valuation contraction. Readings below 100% offer a collective margin of safety, where corporate earning power is acquired at a discount.
Historical quarterly data: Q4/1997 – Q2/2026 · Q3/2026 updated weekly
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Independent Research. Quantified Valuation.
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View all researchBerkshire Hathaway: 26 Years of Intrinsic Value vs. Market Price
Across 107 quarterly observations spanning more than 26 years, Berkshire Hathaway's market price has tracked estimated Intrinsic Value with remarkable consistency. Here is what 26 years of fundamental data reveals.
Four numbers that cut through the noise.
Est. Intrinsic Value (IVP)
An estimate of the stock's long-term equilibrium price, derived from financial statement data rather than short-term market movements.
Explore Est. Intrinsic Value (IVP)Valuation
Whether a stock trades in undervalued or overvalued territory relative to its intrinsic value, indicating a potential margin of safety or overvaluation risk.
Explore ValuationEstimated Cycle Time
The theoretical time required for an investment to double in total wealth under the model's assumptions, based on the company's underlying financial fundamentals and excluding the effect of the price paid relative to Intrinsic Value.
Explore Estimated Cycle TimeEstimated Annualized Return (CAGR)
The theoretical compounded annual rate derived from the baseline Estimated Cycle Time at valuation equilibrium.
Explore Estimated Annualized Return (CAGR)Berkshire Hathaway: Where Intrinsic Value Meets Market Price.
Berkshire Hathaway provides a compelling historical case study for the Sam Finn Valuation Model. The strong relationship between its market price (P) and estimated intrinsic value (IVP) is perhaps no surprise for a company built on the principles of value investing under Warren Buffett, one of its most influential pioneers.
Over the period examined, Berkshire's share price generally stayed out of what the model would characterize as speculative bubble territory. Some of the company's share repurchases coincided with periods when its share price was well below the model's estimated IVP.
Model fit, quarterly data Q4/1999 – Q2/2026
Historical statistical fit does not guarantee future performance.
About Sam Finn Reports: A Decade of Independent Valuation Research.
Sam Finn Reports was founded on a simple principle: understanding what a business is worth matters more than predicting where its stock price will go next.
At its core is a proprietary valuation model developed and refined through more than a decade of research and testing. By applying the same consistent framework across companies, the model makes it possible to compare businesses using a common set of valuation metrics.
Despite the research behind it, the model's results are designed to be straightforward to understand — bringing intrinsic value, valuation, and estimated long-term returns into a clear, comparable framework.
Our goal is to provide independent, fundamentals-driven research that makes business valuations transparent, consistent, and comparable.
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