Given our gain of 34.1%, it is tempting to declare victory and move on. But last year's performance was no great triumph: Any investor can chalk up large returns when stocks soar, as they did in 1997. In a bull market,…
Given our gain of 34.1%, it is tempting to declare victory and move on. But last year's performance was no great triumph: Any investor can chalk up large returns when stocks soar, as they did in 1997. In a bull market,…
Adam Smith:The Wealth of Nations, Book I, Chapter XI, Paragraph 416
Adam Smith《The Wealth of Nations》· Book I, Chapter XI · Investing
The rent and profit of those productions, therefore, which require either a greater original expense of improvement in order to fit the land for them, or a greater annual expense of cultivation, though often much superior to those of corn and pasture, yet when they do no more than compensate such extraordinary expense, are in reality regulated by the rent and profit of those common crops.
Gains in book value are, of course, not the bottom line at Berkshire. What truly counts are gains in per-share intrinsic business value. Ordinarily, though, the two measures tend to move roughly in tandem, and in 1997…
Given our gain of 34.1%, it is tempting to declare victory and move on. But last year's performance was no great triumph: Any investor can chalk up large returns when stocks soar, as they did in 1997. In a bull market,…
Andrew Carnegie:Autobiography of Andrew Carnegie, Excerpt 61
Andrew Carnegie《Autobiography of Andrew Carnegie》· Chapter IX · Leadership
This was the arrangement which gave us what were then the gigantic contracts of the Baltimore and Ohio Railroad. It is needless to say that I never had to pay that bond. My partners knew much better than Mr. Garrett the conditions of his work. The Ohio River was not to be trifled with, and long before his masonry was ready we had relieved ourselves from all responsibility upon the bond by placing the superstructure on the banks awaiting the completion of the substructure which he was still building.
Given our gain of 34.1%, it is tempting to declare victory and move on. But last year's performance was no great triumph: Any investor can chalk up large returns when stocks soar, as they did in 1997. In a bull market,…