In contrast to this cautious view about near term return from operations, we are optimistic about prospects for long term return from major equity investments held by our insurance companies. We make no attempt to…
For example, over the last three years - generally a bonanza period for the insurance industry, our largest profit producer - Berkshire’s per share net worth virtually has doubled, thereby compounding at about 25%…
Adam Smith:The Wealth of Nations, Book V, Chapter III, Paragraph 2189
Adam Smith《The Wealth of Nations》· Book V, Chapter III · Investing
The present scarcity of gold and silver money in America, is not the effect of the poverty of that country, or of the inability of the people there to purchase those metals. In a country where the wages of labour are so much higher, and the price of provisions so much lower than in England, the greater part of the people must surely have wherewithal to purchase a greater quantity, if it were either necessary or convenient for them to do so. The scarcity of those metals, therefore, must be the effect of choice, and not of necessity.
In contrast to this cautious view about near term return from operations, we are optimistic about prospects for long term return from major equity investments held by our insurance companies. We make no attempt to…
For example, over the last three years - generally a bonanza period for the insurance industry, our largest profit producer - Berkshire’s per share net worth virtually has doubled, thereby compounding at about 25%…
Henry Ford《My Life and Work》· Chapter II · Leadership
Business men believed that you could do anything by "financing" it. If it did not go through on the first financing then the idea was to "refinance." The process of "refinancing" was simply the game of sending good money after bad. In the majority of cases the need of refinancing arises from bad management, and the effect of refinancing is simply to pay the poor managers to keep up their bad management a little longer. It is merely a postponement of the day of judgment. This makeshift of refinancing is a device of speculative financiers. Their money is no good to them unless they can connect it up with a place where real work is being done, and that they cannot do unless, somehow, that place is poorly managed. Thus, the speculative financiers delude themselves that they are putting their money out to use. They are not; they are putting it out to waste.
For example, over the last three years - generally a bonanza period for the insurance industry, our largest profit producer - Berkshire’s per share net worth virtually has doubled, thereby compounding at about 25%…