Day 4 · Thu, Oct 22, 2026 · Five editions

Thu, Oct 22, 2026

Five emails a day: 00:00 Night / 07:00 Morning / 12:00 Noon / 17:00 Evening / 21:00 Figures

00:00 Night · Investing · Chinese classics

桓寬:Discourses on Salt and Iron, Volume 8, 世務第四十七, Entry 3

桓寬《鹽鐵論》· 卷8·世務第四十七 · Investing · Health · Decision · Action

大夫曰:「事不豫辯,不可以應卒。內無備,不可以禦敵。《詩》云:『誥爾民人,謹爾侯度,用戒不虞。』故有文事,必有武備。昔宋襄公信楚而不備,以取大辱焉,身執囚而國幾亡。故雖有誠信之心,不知權變,危亡之道也。春秋不與夷、狄之執中國,為其無信也。匈奴貪狼,因時而動,乘可而發,飆舉電至。而欲以誠信之心,金帛之寶,而信無義之詐,是猶親跖、蹻而扶猛虎也。」

Source: https://zh.wikisource.org/wiki/%E9%B9%BD%E9%90%B5%E8%AB%96/%E5%8D%B708
卷8·世務第四十七·第3则

This is a direct reading: the original and source are kept; commentary will be added later.

Today's question

Does this passage change one judgment about money or risk today?

07:00 Morning · Health · Chinese classics

管仲(舊題):Guanzi, 第02篇形勢, Entry 1

管仲(舊題)《管子》· 第02篇形勢 · Health · Philosophy · Leadership · Wealth

山高而不崩,則祈羊至矣。淵深而不涸,則沈玉極矣。天不變其常,地不易其則,春秋冬夏不更其節,古今一也。蛟龍得水而神可立也,虎豹託幽而威可載也,風雨無鄉而怨怒不及也。貴有以行令,賤有以忘卑,壽夭貧富無徒歸也。銜命者,君之尊也;受辭者,名之運也。

Source: https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC02%E7%AF%87%E5%BD%A2%E5%8B%A2
第02篇形勢·第1则

This is a direct reading: the original and source are kept; commentary will be added later.

Today's question

What does this passage say about your body or mood today?

12:00 Noon · Investing · Chinese classics

管仲(舊題):Guanzi, 第51篇小問, Entry 2

管仲(舊題)《管子》· 第51篇小問 · Investing · Health · Character · Wealth

桓公問治民於管子。管子對曰:「凡牧民者,必知其疾,而憂之以德,勿懼以罪,勿止以力,慎此四者,足以治民也。」桓公曰:「寡人睹其善也,何以爲寡也?」管仲對曰:「夫寡非有國者之患也。昔者天子中立,地方千里,四言者該焉,何爲其寡也?夫牧民不知其疾,則民疾;不憂以德,則民多怨;懼之以罪,則民多詐;止之以力,則往者不反,來者鷙距。故聖王之牧民也,不在其多也。」桓公曰:「善。勿已,如是又何以行之?」管仲對曰:「質信極忠,嚴以有禮,慎此四者,所以行之也。」桓公曰:「請聞其說。」管子對曰:「信也者,民信之。忠也者,民懷之。嚴也者,民畏之。禮也者,民美之。語曰:『澤命不渝,信也。非其所欲,勿施於人,仁也。堅中外正,嚴也。質信以讓,禮也。』」桓公曰:「善哉!牧民何先?」管子對曰:「有時先事,有時先政,有時先德,有時先恕。飄風暴雨,不爲人害,涸旱不爲民患。百川道,年穀熟,糴貸賤,禽獸與人聚食民食,民不疾疫,當此時也,民富且驕。牧民者,厚收善歲,以充倉廩,禁藪澤,此謂先之以事。隨之以刑,敬之以禮樂,以振其淫,此謂先之以政。飄風暴雨爲民害,涸旱爲民患,年穀不熟,歲飢糴貸貴,民疾疫,當此時也,民貧且罷。牧民者,發倉廩,山林藪澤以共其財,後之以事,先之以恕,以振其罷,此謂先之以德。其收之也,不奪民財。其施之也,不失有德。富上而足下,此聖王之至事也。」桓公曰:「善。」

Source: https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC51%E7%AF%87%E5%B0%8F%E5%95%8F
第51篇小問·第2则

This is a direct reading: the original and source are kept; commentary will be added later.

Today's question

Does this passage change one judgment about money or risk today?

17:00 Evening · Career · Entrepreneur memoirs

Benjamin Franklin:The Autobiography of Benjamin Franklin, Excerpt 19

Benjamin Franklin《The Autobiography of Benjamin Franklin》· The Autobiography of Benjamin Franklin · Leadership

Understanding that Colonel French had brought on board the governor's despatches, I ask'd the captain for those letters that were to be under my care. He said all were put into the bag together and he could not then come at them; but, before we landed in England, I should have an opportunity of picking them out; so I was satisfied for the present, and we proceeded on our voyage. We had a sociable company in the cabin, and lived uncommonly well, having the addition of all Mr. Hamilton's stores, who had laid in plentifully. In this passage Mr. Denham contracted a friendship for me that continued during his life. The voyage was otherwise not a pleasant one, as we had a great deal of bad weather.

Source: https://www.gutenberg.org/ebooks/148
Excerpt 19

This is a direct reading: the original and source are kept; commentary will be added later.

Today's question

What does this passage say about how you work today?

21:00 Figures · Investing · Modern investor letters

Warren Buffett:Berkshire 1987 Letter, Excerpt 3

Warren Buffett《Berkshire Hathaway 1987 Letter to Shareholders》· 1987 Chairman's Letter · Investing

By itself, this figure says nothing about economic performance. To evaluate that, we must know how much total capital - debt and equity - was needed to produce these earnings. Debt plays an insignificant role at our seven units: Their net interest expense in 1987 was only $2 million. Thus, pre-tax earnings on the equity capital employed by these businesses amounted to $178 million. And this equity - again on an historical-cost basis - was only $175 million.

Source: https://www.berkshirehathaway.com/letters/1987.html
1987 Chairman's Letter, excerpt 3

This is a direct reading: the original and source are kept; commentary will be added later.

Today's question

Does this passage change one judgment about money or risk today?