Warren Buffet plans to exclude book value per share from future letters to stockholders because: Berkshire has changed from a company owning primarily marketable securities to one whose major value resides in operating businesses. While equity holdings are valued at market prices, accounting rules require operating companies to be included in financial statements at their book value, an amount considerably below their current value. It is likely that Berkshire will be a significant repurchase of its own shares over time at prices above book value but below management's estimate of intrinsic value, resulting in a widening of the gap between market value and book value. All of the above