In a world wandering ever further into the abstract, the arbitrary and the subjective, it comes as no surprise that so many are confused on the meaning of “intrinsic value”. When used at the personal level, the “intrinsic value” of any asset is in its use case, the properties it inherently possesses; at the market level, its “intrinsic value” is in its use case independent of sentiment and appraisal. In any other context, or under any other set of conditions, the metric is entirely useless, serving only as a form of rhetoric or foolhardy marketing. As a metric or principle, “intrinsic value” serves to offer a floor, the minimum value of any asset; thereby serving as a reference point for any subsequent appraisal (or long-term market-clearing price). “Intrinsic value” is best described qualitatively in its immutable properties and use cases, and quantitatively by stripping the calculus of any anomalous artifice, conditions, sentiment and speculations supporting current...