In your 2001 book, the Essential Buffett; Timeless Principles for the New Economy, a book which I have enjoyed. I am curious on how you derived the discount factor in Table 4.2? In year 1 the factor is 0.9174 and there is a different factor for each successive year, which would be expected. The text does not explain the derivation of this factor that I can find. Note 38 on page 259 references year 10??