Warren Buffet, A Few Lessons For Investors and Managers

"You gain some insight into the differences between book value and intrinsic value by looking at one form of investment, a college education. Think of the ducations cost as its "book value." If this cost is to be accurate, it should include the earnings that were foregone by the studient because he chose college rather than a job. 

For this excersize, we will ignore the important non - economic benefits of an education and focus strictly on its economic value. First, we must estimate the earnings that the graduate will receive over his lifetime and subtract from that figure an estimate of what he would have earned had he lacked his education. That gives us an excess earnings figure, which must then be discounted, at an appropriate interest rate, back to graduation day. The dollar result equals the intrinsic value of the education. 

Some graduates will find that the book value of their education exceeds its intrinsic value, which means that whoever paid for the education didn't get his "moneys worth". In other cases, the intrinsic value of an education will far exceed its book value, a result that proves capital was wisely deployed. In all cases, what is clear is that book value is meaningless as an indicator of intrinsic value. "(An Owners Manual) 

- Warren Buffet, A Few Lessons For Investors and Managers

Aka: School is not an indicator of future intrinsic value of an individual