With that preamble it can be stated that, with or without restated figures, 1978 was a good year. Operating earnings, exclusive of capital gains, at 19.4% of beginning shareholders’ investment were within a fraction…
With that preamble it can be stated that, with or without restated figures, 1978 was a good year. Operating earnings, exclusive of capital gains, at 19.4% of beginning shareholders’ investment were within a fraction…
Naval Ravikant《How to Get Rich》· Seek Wealth, Not Money or Status · Wealth · Investing · Character · Cognition
Wealth is assets that earn while you sleep.
Source:
https://nav.al/rich How to Get Rich, Seek Wealth, Not Money or Status
Reading
Wealth is assets that earn while you sleep; money and status are different games.
Context
From Naval's 'How to Get Rich'. He separates wealth (assets that earn while you sleep), money (a means of transferring wealth), and status (a zero-sum ranking).
Today's question
Are you accumulating assets, or only salary and rank?
With that preamble it can be stated that, with or without restated figures, 1978 was a good year. Operating earnings, exclusive of capital gains, at 19.4% of beginning shareholders’ investment were within a fraction…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 1995 Letter, Excerpt 4
Warren Buffett《Berkshire Hathaway 1995 Letter to Shareholders》· 1995 Chairman's Letter · Investing
Concluding this little dissertation on acquisitions, I can't resist repeating a tale told me last year by a corporate executive. The business he grew up in was a fine one, with a long-time record of leadership in its industry. Its main product, however, was distressingly glamorless. So several decades ago, the company hired a management consultant who - naturally - advised diversification, the then-current fad. ("Focus" was not yet in style.) Before long, the company acquired a number of businesses, each after the consulting firm had gone through a long - and expensive - acquisition study. And the outcome? Said the executive sadly, "When we started, we were getting 100% of our earnings from the original business. After ten years, we were getting 150%."