Adam Smith：The Wealth of Nations, Book II, Chapter II, Paragraph 804
Adam Smith《The Wealth of Nations》· Book II, Chapter II · Investing
A paper money, consisting in bank notes, issued by people of undoubted credit, payable upon demand, without any condition, and, in fact, always readily paid as soon as presented, is, in every respect, equal in value to gold and silver money, since gold and silver money can at anytime be had for it. Whatever is either bought or sold for such paper, must necessarily be bought or sold as cheap as it could have been for gold and silver.
Full inclusion of underlying earnings from another class of holdings, companies owned 20% to 50% (usually called “investees”), also normally occurs. Earnings from such companies - for example, Wesco Financial,…
Generally accepted accounting principles require (subject to exceptions, naturally, as with our former bank subsidiary) full consolidation of sales, expenses, taxes, and earnings of business holdings more than 50% owned…
Warren Buffett《Berkshire Hathaway 1986 Letter to Shareholders》· 1986 Chairman's Letter · Investing
So much for the good news. The bad news is that my performance did not match that of our managers. While they were doing a superb job in running our businesses, I was unable to skillfully deploy much of the capital they generated.
Generally accepted accounting principles require (subject to exceptions, naturally, as with our former bank subsidiary) full consolidation of sales, expenses, taxes, and earnings of business holdings more than 50% owned…
Benjamin Franklin：The Autobiography of Benjamin Franklin, Excerpt 6
Benjamin Franklin《The Autobiography of Benjamin Franklin》· The Autobiography of Benjamin Franklin · Leadership
My brother had, in 1720 or 1721, begun to print a newspaper. It was the second that appeared in America, and was called the New England Courant. The only one before it was the Boston News-Letter. I remember his being dissuaded by some of his friends from the undertaking, as not likely to succeed, one newspaper being, in their judgment, enough for America. At this time (1771) there are not less than five-and-twenty. He went on, however, with the undertaking, and after having worked in composing the types and printing off the sheets, I was employed to carry the papers thro' the streets to the customers.
Generally accepted accounting principles require (subject to exceptions, naturally, as with our former bank subsidiary) full consolidation of sales, expenses, taxes, and earnings of business holdings more than 50% owned…