2027年6月20日周日

Of course, it's per-share intrinsic value, not book value, that counts. Book value is an accounting term that measures the capital, including retained earnings, that has been put into a business. Intrinsic value is a present-value estimate of the cash that can be taken out of a business during its remaining life. At most companies, the two values are unrelated. Berkshire, however, is an exception: Our book value, though significantly below our intrinsic value, serves as a useful device for tracking that key figure. In 1993, each measure grew by roughly 14%, advances that I would call satisfactory but unexciting.

出处： https://www.berkshirehathaway.com/letters/1993.html
1993 Chairman's Letter, excerpt 4

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變固宜防，而君子但守其常，常無失，變亦能禦 奢侈足以敗家，慳吝亦足以敗家

出处： https://zh.wikisource.org/wiki/%E5%9C%8D%E7%88%90%E5%A4%9C%E8%A9%B1
第134段（按原排版相邻两行合并）

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In the price of flour or meal, we must add to the price of the corn, the profits of the miller, and the wages of his servants; in the price of bread, the profits of the baker, and the wages of his servants; and in the price of both, the labour of transporting the corn from the house of the farmer to that of the miller, and from that of the miller to that of the baker, together with the profits of those who advance the wages of that labour.

出处： https://www.gutenberg.org/ebooks/3300
Book I, Chapter VI, paragraph 130

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孟子曰：「尊賢使能，俊杰在位，則天下之士皆悅而愿立於其朝矣。市，廛而不征，法而不廛，則天下之商皆悅而愿藏於其市矣。關，譏而不征，則天下之旅皆悅而愿出於其路矣。耕者，助而不稅，則天下之農皆悅而愿耕於其野矣。廛，無夫、里之布，則天下之民皆悅而愿為之氓矣。信能行此五者，則鄰國之民仰之若父母矣。率其子弟攻其父母，自有生民以來未有能濟者也。如此，則無敵於天下。無敵於天下者，天吏也。然而不王者，未之有也。」

出处： https://zh.wikisource.org/wiki/%E5%AD%9F%E5%AD%90/%E5%85%AC%E5%AD%AB%E4%B8%91%E4%B8%8A
公孫丑上·5

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We could now (1907) abolish all duties upon steel and iron without injury, essential as these duties were at the beginning. Europe has not much surplus production, so that should prices rise exorbitantly here only a small amount could be drawn from there and this would instantly raise prices in Europe, so that our home manufacturers could not be seriously affected. Free trade would only tend to prevent exorbitant prices here for a time when the demand was excessive. Home iron and steel manufacturers have nothing to fear from free trade. [I recently (1910) stated this in evidence before the Tariff Commission at Washington.]

出处： https://www.gutenberg.org/ebooks/17976
Chapter X, excerpt 78

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