Sun, Jan 31, 2027

孔子於鄉黨，恂恂如也，似不能言者。其在宗廟朝廷，便便言，唯謹爾。

Source： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E9%84%89%E9%BB%A8%E7%AC%AC%E5%8D%81
鄉黨第十·十之一

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

子曰：「臧文仲居蔡，山節藻梲。何如其知也？」

Source： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E5%85%AC%E5%86%B6%E9%95%B7%E7%AC%AC%E4%BA%94
公冶長第五·五之十八

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The whole annual produce of the land and labour of every country, or, what comes to the same thing, the whole price of that annual produce, naturally divides itself, it has already been observed, into three parts; the rent of land, the wages of labour, and the profits of stock; and constitutes a revenue to three different orders of people; to those who live by rent, to those who live by wages, and to those who live by profit. These are the three great, original, and constituent, orders of every civilized society, from whose revenue that of every other order is ultimately derived.

Source： https://www.gutenberg.org/ebooks/3300
Book I, Chapter XI, paragraph 648

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

癸亥，上至鄴，自為文祭魏太祖，曰：「臨危制變，料敵設奇，一將之智有餘，萬乘之才不足。」

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十九年（乙巳，公元六四五年）·第6则

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So what makes sense for the investor is different from what makes sense for the manager. And, as usual in human affairs, what determines the behavior are incentives for the decision maker.

Source： https://web.archive.org/web/20140625062802/http://ycombinator.com/munger.html
Archived transcript, paragraph 177 (beginning “So what makes sense for the investor”)