You look to buy investments that are fairly valued? I think Buffett's mentality, even if he feels it's less an option for him at the scale he needs to buy, is to buy things for less than their value. I think he uses that value mentality when he's offering investment advice to the masses.
Jad - What it's worth and where you should buy aren't the same things. Buffett's quote is about where you should buy. In the context of Buffett's premise that it's impossible to predict what the market is going to do in the short-term (which to him is at least a couple of years), buying near full value means it could be years before you realize a profit because the short-term market is unpredictable.
Don't get all worked up. I'm not saying Buffett is saying BRK is worth 182% of BV. In fact, I think what he says in the quote you provided points against that high of a multiple in his mind. But, as often happens with Buffett quotes and your interpretations, it's not the straight line to valuation you make it out to be.