2027年1月20日周三

As I was studying the same plumber's bills in great detail, checking every item, if only for a few cents, and finding it to be greatly to the firm's interest to do so, this casual way of conducting affairs did not appeal to me. I had trained myself to the point of view doubtless held by many young men in business to-day, that my check on a bill was the executive act which released my employer's money from the till and was attended with more responsibility than the spending of my own funds. I made up my mind that such business methods could not succeed.

出处： https://www.gutenberg.org/ebooks/17090
Chapter II, excerpt 32

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子貢曰：「有美玉於斯，韞櫝而藏諸？求善賈而沽諸？」子曰：「沽之哉！沽之哉！我待賈者也！」

出处： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E5%AD%90%E7%BD%95%E7%AC%AC%E4%B9%9D
子罕第九·九之十三

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The second negative factor, far more telling, is our size. Our equity capital is more than twenty times what it was only ten years ago. And an iron law of business is that growth eventually dampens exceptional economics. just look at the records of high- return companies once they have amassed even $1 billion of equity capital. None that I know of has managed subsequently, over a ten-year period, to keep on earning 20% or more on equity while reinvesting all or substantially all of its earnings. Instead, to sustain their high returns, such companies have needed to shed a lot of capital by way of either dividends or repurchases of stock. Their shareholders would have been far better off if all earnings could have been reinvested at the fat returns earned by these exceptional businesses. But the companies simply couldn’t turn up enough high-return opportunities to make that possible.

出处： https://www.berkshirehathaway.com/letters/1985.html
1985 Chairman's Letter, excerpt 4

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庚寅，西突厥相屈利啜請帥所部從討龜茲。

出处： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7199
卷199·太宗文武大聖大廣孝皇帝下之下貞觀二十二年（戊申，公元六四八年）·第10则

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What gave my book the more sudden and general celebrity, was the success of one of its proposed experiments, made by Messrs. Dalibard and De Lor at Marly, for drawing lightning from the clouds. This engag'd the public attention every where. M. de Lor, who had an apparatus for experimental philosophy, and lectur'd in that branch of science, undertook to repeat what he called the Philadelphia Experiments; and, after they were performed before the king and court, all the curious of Paris flocked to see them. I will not swell this narrative with an account of that capital experiment, nor of the infinite pleasure I receiv'd in the success of a similar one I made soon after with a kite at Philadelphia, as both are to be found in the histories of electricity.

出处： https://www.gutenberg.org/ebooks/148
Excerpt 72

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