2027年5月10日周一

Such are the inequalities in the whole of the advantages and disadvantages of the different employments of labour and stock, which the defect of any of the three requisites above mentioned must occasion, even where there is the most perfect liberty. But the policy of Europe, by not leaving things at perfect liberty, occasions other inequalities of much greater importance.

出处： https://www.gutenberg.org/ebooks/3300
Book I, Chapter X, paragraph 316

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「『所惡於上」是良知，『毋以使下」即是致知。」

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305条

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One thing of which you can be certain: Whatever Berkshire’s results, my partner Charlie Munger, the company’s Vice Chairman, and I will not change yardsticks. It’s our job to increase intrinsic business value – for which we use book value as a significantly understated proxy – at a faster rate than the market gains of the S&P. If we do so, Berkshire’s share price, though unpredictable from year to year, will itself outpace the S&P over time. If we fail, however, our management will bring no value to our investors, who themselves can earn S&P returns by buying a low-cost index fund.

出处： https://www.berkshirehathaway.com/letters/2012ltr.pdf
2012 Chairman's Letter, excerpt 2

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孟子曰：「有天爵者，有人爵者。仁、義、忠、信，樂善不倦，此天爵也。公卿大夫，此人爵也。古之人，修其天爵而人爵從之。今之人，修其天爵以要人爵。既得人爵而棄其天爵，則惑之甚者也，終亦必亡而已矣。」

出处： https://zh.wikisource.org/wiki/%E5%AD%9F%E5%AD%90/%E5%91%8A%E5%AD%90%E4%B8%8A
告子上·16

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In addition to these marketable securities, which with minor exceptions are held in our insurance companies, we own a wide variety of non-insurance businesses. Below, we show the pre-tax earnings (excluding goodwill amortization) of these businesses, again on a per-share basis:

出处： https://www.berkshirehathaway.com/letters/2005ltr.pdf
2005 Chairman's Letter, excerpt 4

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