2027年3月8日周一

The adoption of the rule by the accounting profession, in fact, was a monumental shift in its own thinking. Before 2018, GAAP insisted – with an exception for companies whose business was to trade securities – that unrealized gains within a portfolio of stocks were never to be included in earnings and unrealized losses were to be included only if they were deemed “other than temporary.” Now, Berkshire must enshrine in each quarter’s bottom line – a key item of news for many investors, analysts and commentators – every up and down movement of the stocks it owns, however capricious those fluctuations may be.

出处： https://www.berkshirehathaway.com/letters/2019ltr.pdf
2019 Chairman's Letter, excerpt 2

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先生一日出遊禹穴，顧田間禾曰：「能幾何時，又如此長了！」 范兆期在傍曰：「此只是有根。學問能自植根，亦不患無長。」 先生曰：「人孰無根？良知即是天植靈根，自生生不息；但著了私累，把此根戕賊蔽塞，不得發生耳。」

出处： https://zh.wikisource.org/wiki/%E5%82%B3%E7%BF%92%E9%8C%84/%E5%8D%B7%E4%B8%8B
卷下·第244条

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以家爲鄉，鄉不可爲也。以鄉爲國，國不可爲也。以國爲天下，天下不可爲也。以家爲家，以鄉爲鄉，以國爲國，以天下爲天下。毋曰不同生，遠者不聽。毋曰不同鄉，遠者不行。毋曰不同國，遠者不從。如地如天，何私何親？如月如日，唯君之節。御民之轡，在上之所貴。道民之門，在上之所先。召民之路，在上之所好惡。故君求之則臣得之，君嗜之則臣食之，君好之則臣服之，君惡之則臣匿之。毋蔽汝惡，毋異汝度，賢者將不汝助。言室滿室，言堂滿堂，是謂聖王。城郭溝渠不足以固守，兵甲彊力不足以應敵，博地多財不足以有衆。唯有道者能備患於未形也，故禍不萌。天下不患無臣，患無君以使之。天下不患無財，患無人以分之。故知時者可立以爲長，無私者可置以爲政。審於時而察於用而能備官者，可奉以爲君也。緩者後於事，𠫤於財者失所親，信小人者失士。

出处： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC01%E7%AF%87%E7%89%A7%E6%B0%91
第01篇牧民·第9则

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"I apprehended that the progress of British soldiers through these counties on such an occasion, especially considering the temper they are in, and their resentment against us, would be attended with many and great inconveniences to the inhabitants, and therefore more willingly took the trouble of trying first what might be done by fair and equitable means. The people of these back counties have lately complained to the Assembly that a sufficient currency was wanting; you have an opportunity of receiving and dividing among you a very considerable sum; for, if the service of this expedition should continue, as it is more than probable it will, for one hundred and twenty days, the hire of these waggons and horses will amount to upward of thirty thousand pounds, which will be paid you in silver and gold of the king's money.

出处： https://www.gutenberg.org/ebooks/148
Excerpt 62

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Except for special cases (for example, companies with unusual debt-equity ratios or those with important assets carried at unrealistic balance sheet values), we believe a more appropriate measure of managerial economic performance to be return on equity capital. In 1977 our operating earnings on beginning equity capital amounted to 19%, slightly better than last year and above both our own long-term average and that of American industry in aggregate. But, while our operating earnings per share were up 37% from the year before, our beginning capital was up 24%, making the gain in earnings per share considerably less impressive than it might appear at first glance.

出处： https://www.berkshirehathaway.com/letters/1977.html
1977 Chairman's Letter, excerpt 3

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