Some of these men, however, are so absorbed in their business affairs that they hardly have time to think of anything else. If they do interest themselves in a work outside of their own office and undertake to raise…
Some of these men, however, are so absorbed in their business affairs that they hardly have time to think of anything else. If they do interest themselves in a work outside of their own office and undertake to raise…
沃伦·巴菲特《伯克希尔·哈撒韦 2004 年致股东信》· 2004 Chairman's Letter · 投资
It’s per-share intrinsic value that counts, however, not book value. Here, the news is good: Between 1964 and 2004, Berkshire morphed from a struggling northern textile business whose intrinsic value was less than book into a diversified enterprise worth far more than book. Our 40-year gain in intrinsic value has therefore somewhat exceeded our 21.9% gain in book. (For an explanation of intrinsic value and the economic principles that guide Charlie Munger, my partner and Berkshire’s vice-chairman, and me in running Berkshire, please read our Owner’s Manual, beginning on page 73.)
Some of these men, however, are so absorbed in their business affairs that they hardly have time to think of anything else. If they do interest themselves in a work outside of their own office and undertake to raise…
We would receive, for example, a shipment of marble from Vermont to Cleveland. This involved handling by railroad, canal, and lake boats. The cost of losses or damage had to be somehow fixed between these three…
本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin · 领导
As soon as the loss of the waggons and horses was generally known, all the owners came upon me for the valuation which I had given bond to pay. Their demands gave me a great deal of trouble, my acquainting them that the money was ready in the paymaster's hands, but that orders for paying it must first be obtained from General Shirley, and my assuring them that I had apply'd to that general by letter; but, he being at a distance, an answer could not soon be receiv'd, and they must have patience, all this was not sufficient to satisfy, and some began to sue me. General Shirley at length relieved me from this terrible situation by appointing commissioners to examine the claims, and ordering payment. They amounted to near twenty thousand pound, which to pay would have ruined me.