Sun, Nov 29, 2026

By the early 1990s, however, our focus had changed to the outright ownership of businesses, a shift that diminished the relevance of balance-sheet figures. That disconnect occurred because the accounting rules that apply to controlled companies are materially different from those used in valuing marketable securities. The carrying value of the “losers” we own is written down, but “winners” are never revalued upwards.

Source： https://www.berkshirehathaway.com/letters/2015ltr.pdf
2015 Chairman's Letter, excerpt 1

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

子曰：「德之不脩，學之不講，聞義不能徙，不善不能改，是吾憂也。」

Source： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E8%BF%B0%E8%80%8C%E7%AC%AC%E4%B8%83
述而第七·七之三

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

The quantity of every commodity brought to market naturally suits itself to the effectual demand. It is the interest of all those who employ their land, labour, or stock, in bringing any commodity to market, that the quantity never should exceed the effectual demand; and it is the interest of all other people that it never should fall short of that demand.

Source： https://www.gutenberg.org/ebooks/3300
Book I, Chapter VII, paragraph 155

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

丁酉，立皇子明為曹王。明母楊氏，巢剌王之妃也，有寵於上；文德皇后之崩也，欲立為皇后。魏徵諫曰：「陛下方比德唐、虞，奈何以辰嬴自累！」乃止。尋以明繼元吉後。

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22则

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

I perceive that I am apt to speak in the singular number, though our partnership still continu'd; the reason may be that, in fact, the whole management of the business lay upon me. Meredith was no compositor, a poor pressman, and seldom sober. My friends lamented my connection with him, but I was to make the best of it.

Source： https://www.gutenberg.org/ebooks/148
Excerpt 31

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