In summary, Charlie and I hope to build per-share intrinsic value by (1) improving the earning power of our many subsidiaries; (2) further increasing their earnings through bolt-on acquisitions; (3) participating in the growth of our investees; (4) repurchasing Berkshire shares when they are available at a meaningful discount from intrinsic value; and (5) making an occasional large acquisition. We will also try to maximize results for you by rarely, if ever, issuing Berkshire shares. Those building blocks rest on a rock-solid foundation. A century hence, BNSF and MidAmerican Energy will continue to play major roles in the American economy. Insurance, moreover, will always be essential for both businesses and individuals and no company brings greater resources to that arena than Berkshire. As we view these and other strengths, Charlie and I like your companys prospects From the 2012 Annual Letter of Berkshire, Mr. Warren Buffett. Like Benjamin Graham before him, Buffett is a big believer in "intrinsic value".

What does he mean by that? is it different from "market value" or "book value" or liquidity?