Adam Smith:The Wealth of Nations, Book I, Chapter XI, Paragraph 399
Adam Smith《The Wealth of Nations》· Book I, Chapter XI · Investing
Thus, in the neighbourhood of a great town, the demand for milk, and for forage to horses, frequently contribute, together with the high price of butcher’s meat, to raise the value of grass above what may be called its natural proportion to that of corn. This local advantage, it is evident, cannot be communicated to the lands at a distance.
You should keep at least three points in mind as you evaluate this data. The first point concerns the many businesses we operate whose annual earnings are unaffected by changes in stock market valuations. The impact…
You will remember that our goal is to increase our per-share intrinsic value - for which our book value is a conservative, but useful, proxy - at a 15% annual rate. This objective, however, cannot be attained in a…
You should keep at least three points in mind as you evaluate this data. The first point concerns the many businesses we operate whose annual earnings are unaffected by changes in stock market valuations. The impact…
John D. Rockefeller:Random Reminiscences of Men and Events, Excerpt 21
John D. Rockefeller《Random Reminiscences of Men and Events》· Chapter I · Leadership
Of detail work I feel I have done my full share. As I began my business life as a bookkeeper, I learned to have great respect for figures and facts, no matter how small they were. When there was a matter of accounting to be done in connection with any plan with which I was associated in the earlier years, I usually found that I was selected to undertake it. I had a passion for detail which afterward I was forced to strive to modify.
You will remember that our goal is to increase our per-share intrinsic value - for which our book value is a conservative, but useful, proxy - at a 15% annual rate. This objective, however, cannot be attained in a…
Andrew Carnegie:Autobiography of Andrew Carnegie, Excerpt 5
Andrew Carnegie《Autobiography of Andrew Carnegie》· Chapter I · Leadership
Dunfermline has long been renowned as perhaps the most radical town in the Kingdom, although I know Paisley has claims. This is all the more creditable to the cause of radicalism because in the days of which I speak the population of Dunfermline was in large part composed of men who were small manufacturers, each owning his own loom or looms. They were not tied down to regular hours, their labors being piece work. They got webs from the larger manufacturers and the weaving was done at home.
You will remember that our goal is to increase our per-share intrinsic value - for which our book value is a conservative, but useful, proxy - at a 15% annual rate. This objective, however, cannot be attained in a…