1/ This podcast with Modest Proposal features a useful framework for understanding Charlie Munger style value investing. Old school value investors look quantitatively at the rear view mirror. Munger style investors look qualitatively out the front window. http://investorfieldguide.com/modest-proposal-better-cheaper-faster-why-companies-that-reduce-friction-win-invest-like-the-best-ep-193/

2/ A forward looking qualitative Munger-style investor is looking for a margin of safety based on a competitive analysis of the specific business considering factors like competitive strategy. Circle of competence remains critical since a sound analysis requires that expertise.

3/ The number of times I have considered book value in assessing the value of a business is never. I find my margin of safety by looking for underpriced quality.

"Book value tells you what has been put in; intrinsic business value estimates what can be taken out." Warren Buffett