Sun, Jan 24, 2027

桓公曰：「寡人欲毋殺一士，毋頓一戟，而辟方都二，爲之有道乎？」管子對曰：「涇水十二空，汶淵洙浩滿三之於，乃請以令，使九月種麥，日至日穫，則時雨未下而利農事矣。」桓公曰：「諾。」令以九月種麥，日至而穫。量其艾，一收之積中方都二。故此所謂善因天時，辯於地利，而辟方都之道也。

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC81%E7%AF%87%E8%BC%95%E9%87%8D%E4%B9%99
第81篇輕重乙·第7则

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

子曰：「雍也，可使南面。」仲弓問子桑伯子。子曰：「可也，簡。」仲弓曰：「居敬而行簡，以臨其民，不亦可乎？居簡而行簡，無乃大簡乎？」子曰：「雍之言然。」

Source： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E9%9B%8D%E4%B9%9F%E7%AC%AC%E5%85%AD
雍也第六·六之一

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

Our goal in both forms of ownership is to make meaningful investments in businesses with both long-lasting favorable economic characteristics and trustworthy managers. Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.

Source： https://www.berkshirehathaway.com/letters/2022ltr.pdf
2022 Chairman's Letter, excerpt 2

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

魏徵上疏，以為：「在朝群臣，當樞機之寄者，任之雖重，信之未篤，是以人或自疑，心懷苟且。陛下寬於大事，急於小罪，臨時責怒，未免愛憎。夫委大臣以大體，責小臣以小事，為治之道也。今委之以職，則重大臣而輕小臣；至於有事，則信小臣而疑大臣。信其所輕，疑其所重，將求致治，其可得乎！若任以大官，求其細過，刀筆之吏，順旨承風，舞文弄法，曲成其罪。自陳也，則以為心不伏辜；不言也，則以為所犯皆實；進退惟谷，莫能自明，則苟求免禍，矯偽成俗矣。」上納之。

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7195
卷195·太宗文武大聖大廣孝皇帝中之上貞觀十四年（庚子，公元六四零年）·第31则

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

A fat wallet, however, is the enemy of superior investment results. And Berkshire now has a net worth of $11.9 billion compared to about $22 million when Charlie and I began to manage the company. Though there are as many good businesses as ever, it is useless for us to make purchases that are inconsequential in relation to Berkshire's capital. (As Charlie regularly reminds me, "If something is not worth doing at all, it's not worth doing well.") We now consider a security for purchase only if we believe we can deploy at least $100 million in it. Given that minimum, Berkshire's investment universe has shrunk dramatically.

Source： https://www.berkshirehathaway.com/letters/1994.html
1994 Chairman's Letter, excerpt 2

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