Mon, Nov 16, 2026

买股票就是买公司。

Source： https://wallstreetcn.com/articles/3759228
方略第三季第一期，2025-11-11

桃李雖豔，何如松蒼柏翠之堅貞； 梨杏雖甘，何如橘綠橙黃之馨冽。 信乎，濃夭不及淡久，早秀不如晚成也。

Source： https://zh.wikisource.org/wiki/%E8%8F%9C%E6%A0%B9%E8%AD%9A
第222则

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

As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce. The wood of the forest, the grass of the field, and all the natural fruits of the earth, which, when land was in common, cost the labourer only the trouble of gathering them, come, even to him, to have an additional price fixed upon them. He must then pay for the licence to gather them, and must give up to the landlord a portion of what his labour either collects or produces. This portion, or, what comes to the same thing, the price of this portion, constitutes the rent of land, and in the price of the greater part of commodities, makes a third component part.

Source： https://www.gutenberg.org/ebooks/3300
Book I, Chapter VI, paragraph 126

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

冬，十月，庚辰，奴剌啜匐俟友帥其所部萬餘人內附。

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7198
卷198·太宗文武大聖大廣孝皇帝下之上貞觀二十一年（丁未，公元六四七年）·第24则

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

Charlie Munger, Berkshire's Vice Chairman, and I have set a goal of attaining a 15% average annual increase in Berkshire's intrinsic value. If our growth in book value is to keep up with a 15% pace, we must earn $22 billion during the next decade. Wish us luck - we'll need it.

Source： https://www.berkshirehathaway.com/letters/1991.html
1991 Chairman's Letter, excerpt 2

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