Sun, Nov 1, 2026

隋秘書監晉陵劉子翼，有學行，性剛直，朋友有過，常面責之。李百藥常稱：「劉四雖復罵人，人終不恨。」是歲，有詔征之，辭以母老，不至。

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7192
卷192·太宗文武大聖大廣孝皇帝上之上貞觀元年（丁亥，公元六二七年）·第42则

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

子曰：「富而可求也，雖執鞭之士，吾亦爲之；如不可求，從吾所好。」

Source： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E8%BF%B0%E8%80%8C%E7%AC%AC%E4%B8%83
述而第七·七之十一

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

Charlie Munger, Berkshire Vice Chairman and my partner, and I expect Berkshire’s normalized earning power to increase every year. (Actual year-to-year earnings, of course, will sometimes decline because of weakness in the U.S. economy or, possibly, because of insurance mega-catastrophes.) In some years the normalized gains will be small; at other times they will be material. Last year was a good one. Here are the highlights: ‹ The most important development at Berkshire during 2015 was not financial, though it led to better earnings. After a poor performance in 2014, our BNSF railroad dramatically improved its service to customers last year. To attain that result, we invested about $5.8 billion during the year in capital expenditures, a sum far and away the record for any American railroad and nearly three times our annual depreciation charge. It was money well spent.

Source： https://www.berkshirehathaway.com/letters/2015ltr.pdf
2015 Chairman's Letter, excerpt 4

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

阿里巴巴將永遠堅持做一家102年的企業，我們不會改變「讓天下沒有難做的生意」這個使命。

Source： https://www.alibabanews.com/mwc-aliyuntech-change-changyiyikejiyingduiquanqiutiaozhan-2/
2018 letter to investors, paragraph beginning “阿里巴巴將永遠堅持做一家102年的企業...”

The rear-view mirror is one thing; the windshield is another. A large portion of our book value is represented by equity securities that, with minor exceptions, are carried on our balance sheet at current market values. At yearend these securities were valued at higher prices, relative to their own intrinsic business values, than has been the case in the past. One reason is the buoyant 1989 stock market. More important, the virtues of these businesses have been widely recognized. Whereas once their stock prices were inappropriately low, they are not now.

Source： https://www.berkshirehathaway.com/letters/1989.html
1989 Chairman's Letter, excerpt 3

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