Berkshire earned $4.0 billion in 2018 utilizing generally accepted accounting principles (commonly called “GAAP”). The components of that figure are $24.8 billion in operating earnings, a $3.0 billion non-cash loss from…
The governor, seeming to like my company, had me frequently to his house, and his setting me up was always mention'd as a fixed thing. I was to take with me letters recommendatory to a number of his friends, besides the…
Berkshire earned $4.0 billion in 2018 utilizing generally accepted accounting principles (commonly called “GAAP”). The components of that figure are $24.8 billion in operating earnings, a $3.0 billion non-cash loss from…
The governor, seeming to like my company, had me frequently to his house, and his setting me up was always mention'd as a fixed thing. I was to take with me letters recommendatory to a number of his friends, besides the…
In a year of sudden and extraordinary plenty, there are funds in the hands of many of the employers of industry, sufficient to maintain and employ a greater number of industrious people than had been employed the year before; and this extraordinary number cannot always be had. Those masters, therefore, who want more workmen, bid against one another, in order to get them, which sometimes raises both the real and the money price of their labour.
The governor, seeming to like my company, had me frequently to his house, and his setting me up was always mention'd as a fixed thing. I was to take with me letters recommendatory to a number of his friends, besides the…
Berkshire earned $4.0 billion in 2018 utilizing generally accepted accounting principles (commonly called “GAAP”). The components of that figure are $24.8 billion in operating earnings, a $3.0 billion non-cash loss from…
本杰明·格雷厄姆《《证券分析》》· Chapter XXXIX, “Price-Earnings Ratios for Common Stocks. Adjustments for Changes in Capitalization” · 投资 · 认知 · 人性
The stock market is a voting machine rather than a weighing machine. It responds to factual data not directly but only as they affect the decisions of buyers and sellers.
出处:
https://archive.org/details/dli.ernet.7983 Chapter XXXIX, “Price-Earnings Ratios for Common Stocks,” paragraph beginning “But the stock market itself has no time...”
The governor, seeming to like my company, had me frequently to his house, and his setting me up was always mention'd as a fixed thing. I was to take with me letters recommendatory to a number of his friends, besides the…