Sun, Dec 20, 2026

As I’ve emphasized many times, Charlie and I view Berkshire’s holdings of marketable stocks – at yearend worth $281 billion – as a collection of businesses. We don’t control the operations of those companies, but we do share proportionately in their long-term prosperity. From an accounting standpoint, however, our portion of their earnings is not included in Berkshire’s income. Instead, only what these investees pay us in dividends is recorded on our books. Under GAAP, the huge sums that investees retain on our behalf become invisible.

Source： https://www.berkshirehathaway.com/letters/2020ltr.pdf
2020 Chairman's Letter, excerpt 4

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

子謂伯魚曰：「女爲周南召南矣乎？人而不爲周南召南，其猶正牆面而立也與！」

Source： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E9%99%BD%E8%B2%A8%E7%AC%AC%E5%8D%81%E4%B8%83
陽貨第十七·十七之十

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

桓公曰：「天子之養不足，號令賦於天下，則不信諸侯，爲此有道乎？」管子對曰：「江、淮之閒，有一茅而三脊，毌至其本，名之曰菁茅。請使天子之吏環封而守之。夫天子則封於太山，禪於梁父，號令天下諸侯曰：『諸從天子封於太山、禪於梁父者，必抱菁茅一束以爲禪籍。不如令者不得從。』」天子下諸侯，載其黃金，爭秩而走。江、淮之菁茅，坐長而十倍，其賈一束而百金。故天子三日即位，天下之金四流而歸周若流水。故周天子七年不求賀獻者，菁茅之謀也。

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC83%E7%AF%87%E8%BC%95%E9%87%8D%E4%B8%81
第83篇輕重丁·第3则

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

夫欲用天下之權者，必先布德諸侯。是故先王有所取，有所與，有所詘，有所信，然後能用天下之權。夫兵幸於權，權幸於地。故諸侯之得地利者，權從之。失地利者，權去之。夫爭天下者，必先爭人。明大數者得人，審小計者失人。得天下之衆者王，得其半者霸。是故聖王卑禮以下天下之賢而王之，均分以釣天下之衆而臣之，故貴爲天子，富有天下，而伐不謂貪者，其大計存也。以天下之財，利天下之人。以明威之振，合天下之權。以遂德之行，結諸侯之親。以姦佞之罪，刑天下之心。因天下之威，以廣明王之伐。攻逆亂之國，賞有功之勞，封賢聖之德，明一人之行，而百姓定矣。

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC23%E7%AF%87%E9%9C%B8%E8%A8%80
第23篇霸言·第2则

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

Of all the profitable things which develop quickly under the hand, I have thought my young nurseries show the greatest yield. We keep a set of account books for each place, and I was amazed not long ago at the increase in value that a few years make in growing things, when we came to remove some young trees from Westchester County to Lakewood, New Jersey. We plant our young trees, especially evergreens, by the thousand--I think we have put in as many as ten thousand at once, and let them develop, to be used later in some of our planting schemes. If we transfer young trees from Pocantico to our home in Lakewood, we charge one place and credit the other for these trees at the market rate. We are our own best customers, and we make a small fortune out of ourselves by selling to our New Jersey place at $1.50 or $2.00 each, trees which originally cost us only five or ten cents at Pocantico.

Source： https://www.gutenberg.org/ebooks/17090
Chapter I, excerpt 26

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