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…
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…
Adam Smith:The Wealth of Nations, Book II, Chapter II, Paragraph 716
Adam Smith《The Wealth of Nations》· Book II, Chapter II · Investing
The expense of maintaining the fixed capital in a great country, may very properly be compared to that of repairs in a private estate. The expense of repairs may frequently be necessary for supporting the produce of the estate, and consequently both the gross and the neat rent of the landlord. When by a more proper direction, however, it can be diminished without occasioning any diminution of produce, the gross rent remains at least the same as before, and the neat rent is necessarily augmented.
Our outsized gain in book value in 1991 resulted from a phenomenon not apt to be repeated: a dramatic rise in the price- earnings ratios of Coca-Cola and Gillette. These two stocks accounted for nearly $1.6 billion of…
Andrew Carnegie:Autobiography of Andrew Carnegie, Excerpt 16
Andrew Carnegie《Autobiography of Andrew Carnegie》· Chapter III · Leadership
I had only one fear, and that was that I could not learn quickly enough the addresses of the various business houses to which messages had to be delivered. I therefore began to note the signs of these houses up one side of the street and down the other. At night I exercised my memory by naming in succession the various firms. Before long I could shut my eyes and, beginning at the foot of a business street, call off the names of the firms in proper order along one side to the top of the street, then crossing on the other side go down in regular order to the foot again.
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…
John D. Rockefeller:Random Reminiscences of Men and Events, Excerpt 67
John D. Rockefeller《Random Reminiscences of Men and Events》· Chapter III · Leadership
In reading the newspapers, where so much is taken for granted in considering things on a money standard, I think we need some of the sense of humour possessed by an Irish neighbour of mine, who built what we regarded as an extremely ugly house, which stood out in bright colours as we looked from our windows. My taste in architecture differed so widely from that affected by my Irish friend, that we planted out the view of his house by moving some large trees to the end of our property. Another neighbour who watched this work going on asked Mr. Foley why Mr. Rockefeller moved all these big trees and cut off the view between the houses. Foley, with the quick wit of his country, responded instantly: "It's invy, they can't stand looking at the ividence of me prosperity."
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…