The 60,000 men who are at work constantly in the service of the company are kept busy year in and year out. The past year has been a time of great contraction, but the Standard has gone on with its plans unchecked,…
To Colonel James Anderson, Founder of Free Libraries in Western Pennsylvania. He opened his Library to working boys and upon Saturday afternoons acted as librarian, thus dedicating not only his books but himself to…
It regulates the money price of all the other parts of the rude produce of land, which, in every period of improvement, must bear a certain proportion to that of corn, though this proportion is different in different periods. It regulates, for example, the money price of grass and hay, of butcher’s meat, of horses, and the maintenance of horses, of land carriage consequently, or of the greater part of the inland commerce of the country.
To Colonel James Anderson, Founder of Free Libraries in Western Pennsylvania. He opened his Library to working boys and upon Saturday afternoons acted as librarian, thus dedicating not only his books but himself to…
The 60,000 men who are at work constantly in the service of the company are kept busy year in and year out. The past year has been a time of great contraction, but the Standard has gone on with its plans unchecked,…
沃伦·巴菲特《伯克希尔·哈撒韦 1992 年致股东信》· 1992 Chairman's Letter · 投资
You should keep at least three points in mind as you evaluate this data. The first point concerns the many businesses we operate whose annual earnings are unaffected by changes in stock market valuations. The impact of these businesses on both our absolute and relative performance has changed over the years. Early on, returns from our textile operation, which then represented a significant portion of our net worth, were a major drag on performance, averaging far less than would have been the case if the money invested in that business had instead been invested in the S&P 500. In more recent years, as we assembled our collection of exceptional businesses run by equally exceptional managers, the returns from our operating businesses have been high - usually well in excess of the returns achieved by the S&P.
To Colonel James Anderson, Founder of Free Libraries in Western Pennsylvania. He opened his Library to working boys and upon Saturday afternoons acted as librarian, thus dedicating not only his books but himself to…