How does Intrinsic Investor measure its track record?

The track record is designed so it cannot be quietly rewritten:

• Every valuation is recorded at publication with a write-once timestamp — no backdating, no deleting misses • The verdict comes from the margin of safety at the time: above +5% is an undervalued call, below −5% an overvalued call • Forward return is measured from the price when the call was made to the latest price • Calls only enter the graded cohort once they are at least 90 days old, and only the earliest call per company counts — no double-counting a name that stays cheap

The stated limitations are part of the record: returns are price-only, not benchmark-adjusted, and coverage grows over time. An honest small record beats an impressive fabricated one.