Sun, Nov 15, 2026

福不可邀，養喜神，以為召福之本而已； 禍不可避，去殺機，以為遠禍之方而已。

Source： https://zh.wikisource.org/wiki/%E8%8F%9C%E6%A0%B9%E8%AD%9A
第71则

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

」 曰：「害於耕。」 曰：「許子以釜甑爨、以鐵耕乎？」 曰：「然。」 「自為之與？」 曰：「否，以粟易之。」 「以粟易械器者，不為厲陶冶；陶冶亦以其械器易粟者，豈為厲農夫哉？且許子何不為陶冶，舍皆取諸其宮中而用之？何為紛紛然與百工交易？何許子之不憚煩？」 曰：「百工之事，固不可耕且為也。」 「然則治天下獨可耕且為與？有大人之事，有小人之事。且一人之身，而百工之所為備。如必自為而後用之，是率天下而路也。故曰：或勞心，或勞力。勞心者治人，勞力者治於人。治於人者食人，治人者食於人──天下之通義也。」 「當堯之時，天下猶未平，洪水橫流，氾濫於天下；草木暢茂，禽獸繁殖；五穀不登，禽獸偪人；獸蹄鳥跡之道，交於中國。堯獨憂之，舉舜而敷治焉。

Source： https://zh.wikisource.org/wiki/%E5%AD%9F%E5%AD%90/%E6%BB%95%E6%96%87%E5%85%AC%E4%B8%8A
滕文公上·4

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

Last year we made a prediction: "A reduction [in Berkshire's net worth] is almost certain in at least one of the next three years." During much of 1990's second half, we were on the road to quickly proving that forecast accurate. But some strengthening in stock prices late in the year enabled us to close 1990 with net worth up by $362 million, or 7.3%. Over the last 26 years (that is, since present management took over) our per-share book value has grown from $19.46 to $4,612.06, or at a rate of 23.2% compounded annually.

Source： https://www.berkshirehathaway.com/letters/1990.html
1990 Chairman's Letter, excerpt 1

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

西突厥肆葉護可汗既先可汗之子，為眾所附，莫賀咄可汗所部酋長多歸之，肆葉護引兵擊莫賀咄，莫賀咄兵敗，逃於金山，為泥熟設所殺，諸部共推肆葉護為大可汗。

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7193
卷193·太宗文武大聖大廣孝皇帝上之中貞觀四年（庚寅，公元六三零年）·第48则

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In making acquisitions, we have a further advantage: As payment, we can offer sellers a stock backed by an extraordinary collection of outstanding businesses. An individual or a family wishing to dispose of a single fine business, but also wishing to defer personal taxes indefinitely, is apt to find Berkshire stock a particularly comfortable holding. I believe, in fact, that this calculus played an important part in the two acquisitions for which we paid shares in 1995.

Source： https://www.berkshirehathaway.com/letters/1995.html
1995 Chairman's Letter, excerpt 3

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