2027年5月13日周四

As I’ve long told you, Berkshire’s intrinsic value far exceeds its book value. Moreover, the difference has widened considerably in recent years. That’s why our 2012 decision to authorize the repurchase of shares at 120% of book value made sense. Purchases at that level benefit continuing shareholders because per-share intrinsic value exceeds that percentage of book value by a meaningful amount. We did not purchase shares during 2013, however, because the stock price did not descend to the 120% level. If it does, we will be aggressive.

出处： https://www.berkshirehathaway.com/letters/2013ltr.pdf
2013 Chairman's Letter, excerpt 2

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恩裏由來生害，故快意時，須早回頭； 敗後或反成功，故拂心處，莫便放手。

出处： https://zh.wikisource.org/wiki/%E8%8F%9C%E6%A0%B9%E8%AD%9A
第10则

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As the wages of labour are everywhere regulated, partly by the demand for it, and partly by the average price of the necessary articles of subsistence; whatever raises this average price must necessarily raise those wages; so that the labourer may still be able to purchase that quantity of those necessary articles which the state of the demand for labour, whether increasing, stationary, or declining, requires that he should have. {See book i.chap. 8} A tax upon those articles necessarily raises their price somewhat higher than the amount of the tax, because the dealer, who advances the tax, must generally get it back, with a profit. Such a tax must, therefore, occasion a rise in the wages of labour, proportionable to this rise of price.

出处： https://www.gutenberg.org/ebooks/3300
Book V, Chapter II, paragraph 2025

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故知勝有五：知可以戰與不可以戰者勝，識衆寡之用者勝，上下同欲者勝，以虞待不虞者勝，將能而君不御者勝。此五者，知勝之道也。

出处： https://zh.wikisource.org/wiki/%E5%AD%AB%E5%AD%90%E5%85%B5%E6%B3%95
謀攻第三·第7则

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Berkshire's 26-year record is meaningless in forecasting future results; so also, we hope, is the one-year record. We continue to aim for a 15% average annual gain in intrinsic value. But, as we never tire of telling you, this goal becomes ever more difficult to reach as our equity base, now $5.3 billion, increases.

出处： https://www.berkshirehathaway.com/letters/1990.html
1990 Chairman's Letter, excerpt 3

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