2027年6月16日周三

視卒如嬰兒，故可以與之赴深溪；視卒如愛子，故可與之俱死。厚而不能使，愛而不能令，亂而不能治，譬若驕子，不可用也。

出处： https://zh.wikisource.org/wiki/%E5%AD%AB%E5%AD%90%E5%85%B5%E6%B3%95
地形第十·第4则

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與不肖者舉事則事敗，使於人之所不能爲則令廢，告狂惑之人則身害。故曰：「與不可，强不能，告不知，謂之勞而無功。」

出处： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC64%E7%AF%87%E5%BD%A2%E5%8B%A2%E8%A7%A3
第64篇形勢解·第82则

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We will make bold rather than timid investment decisions where we see a sufficient probability of gaining market leadership advantages. Some of these investments will pay off, others will not, and we will have learned another valuable lesson in either case.

出处： https://ir.aboutamazon.com/annual-reports-proxies-and-shareholder-letters/default.aspx
1997 Letter to Shareholders, It's All About the Long Term

陝人常德玄告刑部尚書張亮養假子五百人，與術士公孫常語，云「名應圖讖」，又問術士程公穎云：「吾臂有龍鱗起，欲舉大事，可乎？」上命馬周等按其事，亮辭不服。上曰：「亮有假子五百人，養此輩何為？正欲反耳！」命百官議其獄，皆言亮反，當誅。獨將作少匠李道裕言：「亮反形未具，罪不當死。」上遣長孫無忌、房玄齡就獄與亮訣曰：「法者天下之平，與公共之。公自不謹，與凶人往還，陷入於法，今將奈何！公好去。」己丑，亮與公穎俱斬西市，籍沒其家。

出处： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7198
卷198·太宗文武大聖大廣孝皇帝下之上貞觀二十年（丙午，公元六四六年）·第6则

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Yet if precision is aided by Berkshire’s financial characteristics, the job of calculating intrinsic value has been made more complex by the mere presence of so many earnings streams. Back in 1965, when we owned only a small textile operation, the task of calculating intrinsic value was a snap. Now we own 68 distinct businesses with widely disparate operating and financial characteristics. This array of unrelated enterprises, coupled with our massive investment holdings, makes it impossible for you to simply examine our consolidated financial statements and arrive at an informed estimate of intrinsic value.

出处： https://www.berkshirehathaway.com/letters/2005ltr.pdf
2005 Chairman's Letter, excerpt 1

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