2027年10月9日周六

孫子曰：凡地形有通者、有掛者、有支者、有隘者、有險者、有遠者。我可以往，彼可以來，曰通。通形者，先居高陽，利糧道，以戰則利。可以往，難以返，曰掛。掛形者，敵無備，出而勝之；敵若有備，出而不勝，難以返，不利。我出而不利，彼出而不利，曰支。支形者，敵雖利我，我無出也，引而去之，令敵半出而擊之，利。隘形者，我先居之，必盈之以待敵。若敵先居之，盈而勿從，不盈而從之。險形者，我先居之，必居高陽以待敵；若敵先居之，引而去之，勿從也。遠形者，勢均，難以挑戰，戰而不利。凡此六者，地之道也，將之至任，不可不察也。

出处： https://zh.wikisource.org/wiki/%E5%AD%AB%E5%AD%90%E5%85%B5%E6%B3%95
地形第十·第1则

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子曰：「不得中行而與之，必也狂狷乎：狂者進取，狷者有所不爲也。」

出处： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E5%AD%90%E8%B7%AF%E7%AC%AC%E5%8D%81%E4%B8%89
子路第十三·十三之二一

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We’ve emphasized in past reports that what counts, however, is intrinsic business value - the figure, necessarily an estimate, indicating what all of our constituent businesses are worth. By our calculations, Berkshire’s intrinsic business value significantly exceeds its book value. Over the 24 years, business value has grown somewhat faster than book value; in 1988, however, book value grew the faster, by a bit.

出处： https://www.berkshirehathaway.com/letters/1988.html
1988 Chairman's Letter, excerpt 1

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郎州道總管趙孝祖討白水蠻，蠻酋禿磨蒲及儉彌於帥眾據險拒戰，孝祖皆擊斬之。會大雪，蠻饑凍，死亡略盡。孝祖奏言：「貞觀中討昆州烏蠻，始開青蛉、弄棟為州縣。弄棟之西有小勃弄、大勃弄二川，恆扇誘弄棟，欲使之反。其勃弄以西與黃瓜、葉榆、西洱河相接，人眾殷實，多於蜀川，無大酋長，好結仇怨，今因破白水之兵，請隨便四討，撫而安之。」敕許之。

出处： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7199
卷199·太宗文武大聖大廣孝皇帝下之下永徽二年（辛亥，公元六五一年）·第17则

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We know that this translation of non-controlled ownership earnings into corresponding realized and unrealized capital gains for Berkshire will be extremely irregular as to time of occurrence. While market values track business values quite well over long periods, in any given year the relationship can gyrate capriciously. Market recognition of retained earnings also will be unevenly realized among companies. It will be disappointingly low or negative in cases where earnings are employed non- productively, and far greater than dollar-for-dollar of retained earnings in cases of companies that achieve high returns with their augmented capital. Overall, if a group of non-controlled companies is selected with reasonable skill, the group result should be quite satisfactory.

出处： https://www.berkshirehathaway.com/letters/1981.html
1981 Chairman's Letter, excerpt 4

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