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…
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…
Warren Buffett《Berkshire Hathaway 2015 Letter to Shareholders》· 2015 Chairman's Letter · Investing
The unrecorded increase in the value of our owned businesses explains why Berkshire’s aggregate market- value gain – tabulated on the facing page – materially exceeds our book-value gain. The two indicators vary erratically over short periods. Last year, for example, book-value performance was superior. Over time, however, market-value gains should continue their historical tendency to exceed gains in book value.
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…
John D. Rockefeller:Random Reminiscences of Men and Events, Excerpt 38
John D. Rockefeller《Random Reminiscences of Men and Events》· Chapter II · Leadership
It was a great thing to be my own employer. Mentally I swelled with pride--a partner in a firm with $4,000 capital! Mr. Clark attended to the buying and selling, and I took charge of the finance and the books. We at once began to do a large business, dealing in carload lots and cargoes of produce. Naturally we soon needed more money to take care of the increasing trade. There was nothing to do but to attempt to borrow from a bank. But would the bank lend to us?
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…