Dunfermline has long been renowned as perhaps the most radical town in the Kingdom, although I know Paisley has claims. This is all the more creditable to the cause of radicalism because in the days of which I speak the…
Dunfermline has long been renowned as perhaps the most radical town in the Kingdom, although I know Paisley has claims. This is all the more creditable to the cause of radicalism because in the days of which I speak the…
Dunfermline has long been renowned as perhaps the most radical town in the Kingdom, although I know Paisley has claims. This is all the more creditable to the cause of radicalism because in the days of which I speak the…
The lines in those days worked poorly, and during a storm much had to be guessed at. My guessing powers were said to be phenomenal, and it was my favorite diversion to fill up gaps instead of interrupting the sender and spending minutes over a lost word or two. This was not a dangerous practice in regard to foreign news, for if any undue liberties were taken by the bold operator, they were not of a character likely to bring him into serious trouble. My knowledge of foreign affairs became somewhat extensive, especially regarding the affairs of Britain, and my guesses were quite safe, if I got the first letter or two right.
沃伦·巴菲特《伯克希尔·哈撒韦 1988 年致股东信》· 1988 Chairman's Letter · 投资
Important negatives affecting our prospects today are: (1) a less attractive stock market than generally existed over the past 24 years; (2) higher corporate tax rates on most forms of investment income; (3) a far more richly-priced market for the acquisition of businesses; and (4) industry conditions for Capital Cities/ABC, Inc., GEICO Corporation, and The Washington Post Company - Berkshire’s three permanent investments, constituting about one-half of our net worth - that range from slightly to materially less favorable than those existing five to ten years ago. All of these companies have superb management and strong properties. But, at current prices, their upside potential looks considerably less exciting to us today than it did some years ago.
Dunfermline has long been renowned as perhaps the most radical town in the Kingdom, although I know Paisley has claims. This is all the more creditable to the cause of radicalism because in the days of which I speak the…