Mon, Jan 11, 2027

If at any time it exceeds the effectual demand, some of the component parts of its price must be paid below their natural rate. If it is rent, the interest of the landlords will immediately prompt them to withdraw a part of their land; and if it is wages or profit, the interest of the labourers in the one case, and of their employers in the other, will prompt them to withdraw a part of their labour or stock, from this employment. The quantity brought to market will soon be no more than sufficient to supply the effectual demand. All the different parts of its price will rise to their natural rate, and the whole price to its natural price.

Source： https://www.gutenberg.org/ebooks/3300
Book I, Chapter VII, paragraph 156

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

此長者待人之道也 聞人譽言，加意奮勉，聞人謗語，加意警惕，

Source： https://zh.wikisource.org/wiki/%E5%9C%8D%E7%88%90%E5%A4%9C%E8%A9%B1
第78段（按原排版相邻两行合并）

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

大夫曰：「伯夷以廉饑，尾生以信死。由小器而虧大體，匹夫匹婦之為諒也，經於溝瀆而莫之知也。何功名之有？蘇秦、張儀，智足以強國，勇足以威敵，一怒而諸侯懼，安居而天下息。萬乘之主，莫不屈體卑辭，重幣請交，此所謂天下名士也。夫智不足與謀，而權不能舉當世，民斯為下也。今舉亡而為有，虛而為盈，布衣穿履，深念徐行，若有遺亡，非立功名之士，而亦未免於世俗也。」

Source： https://zh.wikisource.org/wiki/%E9%B9%BD%E9%90%B5%E8%AB%96/%E5%8D%B704
卷4·褒賢第十九·第1则

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

丁巳，熊津都督劉仁願、帶方州刺史劉仁軌大破百濟於熊津之東，拔真峴城。

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龍朔二年（壬戌，公元六六二年）·第14则

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

By the early 1990s, however, our focus was changing to the outright ownership of businesses, a shift that materially diminished the relevance of balance sheet figures. That disconnect occurred because the accounting rules (commonly referred to as “GAAP”) that apply to companies we control differ in important ways from those used to value marketable securities. Specifically, the accounting for businesses we own requires that the carrying value of “losers” be written down when their failures become apparent. “Winners,” conversely, are never revalued upwards.

Source： https://www.berkshirehathaway.com/letters/2016ltr.pdf
2016 Chairman's Letter, excerpt 1

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