Day 89 · Fri, Jan 15, 2027 · Five editions

Fri, Jan 15, 2027

Five emails a day: 00:00 Night / 07:00 Morning / 12:00 Noon / 17:00 Evening / 21:00 Figures

00:00 Night · Health · Chinese classics

老子:Dao De Jing, Chapter 45

老子《道德經》· 四十五章 · Philosophy · Health · Growth · Action

大成若缺,其用不弊。 大盈若沖,其用不窮。 大直若屈,其用不居。 大巧若拙,其用不輟。 大辯若訥,其用不差。 躁勝寒,靜勝熱。清靜為天下正。

Source: https://zh.wikisource.org/wiki/%E9%81%93%E5%BE%B7%E7%B6%93_%28%E7%8E%8B%E5%BC%BC%E6%9C%AC%29
王弼本·四十五章

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

Today's question

What does this passage say about your body or mood today?

07:00 Morning · Health · Chinese classics

洪应明:Caigentan, Entry 102

洪应明《菜根譚》· 第102则 · Health · Action · Human nature

人心一真,便霜可飛,城可摧,金石可貫。若偽妄之人,行骸徒具,真己已亡,對人則面目可憎,獨居則形影自媿。

Source: https://zh.wikisource.org/wiki/%E8%8F%9C%E6%A0%B9%E8%AD%9A
第102则

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

Today's question

What does this passage say about your body or mood today?

12:00 Noon · Investing · Chinese classics

管仲(舊題):Guanzi, 第73篇國蓄, Entry 4

管仲(舊題)《管子》· 第73篇國蓄 · Wealth · Investing · Leadership · Human nature

且君引錣量用,耕田發草,上得其數矣。民人所食,人有若干步畝之數矣。計本量委則足矣,然而民有飢餓不食者,何也?穀有所藏也。人君鑄錢立幣,民庶之通施也,人有若干百千之數矣。然而人事不及、用不足者,何也?利有所并藏也。然則人君非能散積聚,鈞羨不足,分并財利,而調民事也,則君雖彊本趣耕,而自爲鑄幣而無已,乃今使民下相役耳,惡能以爲治乎!

Source: https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC73%E7%AF%87%E5%9C%8B%E8%93%84
第73篇國蓄·第4则

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

Today's question

Does this passage change one judgment about money or risk today?

17:00 Evening · Career · Chinese classics

司馬光:Zizhi Tongjian, Volume 197, Entry 18

司馬光《資治通鑑》· 卷197·太宗文武大聖大廣孝皇帝中之下貞觀十八年(甲辰,公元六四四年) · Leadership · Human nature · Health · Decision

西突厥處那啜使其吐屯攝焉耆,遣使入貢。上數之曰:「我發兵擊得焉耆,汝何人而據之!」吐屯懼,返其國。焉耆立栗婆准從父兄薛婆阿那支為王,仍附於處那啜。

Source: https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7197
卷197·太宗文武大聖大廣孝皇帝中之下貞觀十八年(甲辰,公元六四四年)·第18则

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

Today's question

What does this passage say about how you work today?

21:00 Figures · Investing · Modern investor letters

Warren Buffett:A Wonderful Company at a Fair Price

Warren Buffett《1989 Chairman's Letter》· Mistakes of the First Twenty-five Years (A Condensed Version) · Investing · Wealth · Decision

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Source: https://www.berkshirehathaway.com/letters/1989.html
1989 Chairman's Letter, Mistakes of the First Twenty-five Years

Reading

A wonderful business at a fair price beats a fair business at a bargain price.

Context

In the same letter Buffett traces his shift from cigar-butt bargains to quality businesses, a turning point he credits to Charlie Munger and Phil Fisher.

Today's question

Is your largest position a wonderful company at a fair price, or a fair company at a cheap price?