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Jin, it’s a great question, and I’ve had a few emails on this lately. I’ll put up a post or two within the next few weeks on this topic. But in short, Intrinsic Value (IV) is a very simple concept. I think most people are searching for a specific formula or a specific number for each business. It doesn’t really work this way. Valuation is an art form. IV is usually defined as the price that a knowledgeable private buyer would pay for the entire business (and all of its future cash flows). The way I think about IV is the earning power. Specifically, what does this business produce in normal cash earnings after paying for capital expenditures required to maintain the competitive position of the business? So what is the normal “owner earning” power of the business?