Tue, Jan 5, 2027

淵者，衆物之所生也，能深而不涸，則沈玉至。主者，人之所仰而生也，能寬裕純厚而不茍忮，則民人附。父母者，子婦之所受教也，能慈仁教訓而不失理，則子婦孝。臣下者，主之所用也，能盡力事上，則當於主。子婦者，親之所以安也，能孝弟順親，則當於親。故淵涸而無水，則沈玉不至。主苛而無厚，則萬民不附。父母暴而無恩，則子婦不親。臣下墮而不忠，則卑辱困窮。子婦不安親，則禍憂至。故淵不涸則所欲者至，涸則不至。故曰：「淵深而不涸，則沈玉極。」

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC64%E7%AF%87%E5%BD%A2%E5%8B%A2%E8%A7%A3
第64篇形勢解·第2则

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

善讀書者，要讀到手舞足蹈處，方不落筌蹄； 善觀物者，要觀到心融神洽時，方不泥迹象。

Source： https://zh.wikisource.org/wiki/%E8%8F%9C%E6%A0%B9%E8%AD%9A
第215则

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

Our gain in net worth during 1984 was $152.6 million, or $133 per share. This sounds pretty good but actually it’s mediocre. Economic gains must be evaluated by comparison with the capital that produces them. Our twenty-year compounded annual gain in book value has been 22.1% (from $19.46 in 1964 to $1108.77 in 1984), but our gain in 1984 was only 13.6%.

Source： https://www.berkshirehathaway.com/letters/1984.html
1984 Chairman's Letter, excerpt 1

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

李義府恃寵用事。洛州婦人淳于氏，美色，系大理獄，義府屬大理寺丞畢正義枉法出之，將納為妾，大理卿段寶玄疑而奏之。上命給事中劉仁軌等鞫之，義府恐事洩，逼正義自縊於獄中。上知之，原義府罪不問。

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7200
卷200·高宗天皇大聖大弘孝皇帝上之下顯慶元年（丙辰，公元六五六年）·第13则

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

Diversification is an established tenet of conservative investment. By accepting it so universally, investors are really demonstrating their acceptance of the margin-of-safety principle, to which diversification is the companion.

Source： https://archive.org/details/the-intelligent-investor-benjamin-graham_202508
Chapter 20, pp. 518–519, paragraph beginning “There is a close logical connection between the concept of a safety margin and the principle of diversification”