The Board of Trade therefore did not approve of it, nor recommend it for the approbation of his majesty; but another scheme was form'd, supposed to answer the same purpose better, whereby the governors of the provinces,…
It would have been a pleasure as well as a satisfaction to dwell with some fulness upon the stories of daily and intimate companionship which existed for so many years with my close partners and associates, but I…
In the opulent countries of Europe, great capitals are at present employed in trade and manufactures. In the ancient state, the little trade that was stirring, and the few homely and coarse manufactures that were carried on, required but very small capitals. These, however, must have yielded very large profits. The rate of interest was nowhere less than ten per cent. and their profits must have been sufficient to afford this great interest. At present, the rate of interest, in the improved parts of Europe, is nowhere higher than six per cent.; and in some of the most improved, it is so low as four, three, and two per cent. Though that part of the revenue of the inhabitants which is derived from the profits of stock, is always much greater in rich than in poor countries, it is because the stock is much greater; in proportion to the stock, the profits are generally much less.
It would have been a pleasure as well as a satisfaction to dwell with some fulness upon the stories of daily and intimate companionship which existed for so many years with my close partners and associates, but I…
The Board of Trade therefore did not approve of it, nor recommend it for the approbation of his majesty; but another scheme was form'd, supposed to answer the same purpose better, whereby the governors of the provinces,…
沃伦·巴菲特《伯克希尔·哈撒韦 2008 年致股东信》· 2008 Chairman's Letter · 投资
Most of the Berkshire businesses whose results are significantly affected by the economy earned below their potential last year, and that will be true in 2009 as well. Our retailers were hit particularly hard, as were our operations tied to residential construction. In aggregate, however, our manufacturing, service and retail businesses earned substantial sums and most of them – particularly the larger ones – continue to strengthen their competitive positions. Moreover, we are fortunate that Berkshire’s two most important businesses – our insurance and utility groups – produce earnings that are not correlated to those of the general economy. Both businesses delivered outstanding results in 2008 and have excellent prospects.
It would have been a pleasure as well as a satisfaction to dwell with some fulness upon the stories of daily and intimate companionship which existed for so many years with my close partners and associates, but I…