(Btw, I see that DC has responded to you. I'm posting this before reading what he says, so I won't be biased.)
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what I'm saying is that barring any material changes to the business the intrinsic value should not change. Are we just using different terms here or do you disagree with that?
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I think we disagree. I think businesses' intrinsic values and their stock prices over time behave something like this:
In my mind Progressive is worth $X today, but it will be worth much more than $X in 5 years.
When my fellow students and I met with Mr. Buffett a couple of years ago, we pitched him a couple of businesses. As we learned, he had already tried to buy one of them but its owner refused to sell. Mr. Buffett said something like, "That was probably smart of him, because his business will only be worth more with each passing year."
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Also, your quote at the end is a Munger quote and "good" is supposed to be "fair".
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Thanks.