A “normal year,” of course, is not something that either Charlie Munger, Vice Chairman of Berkshire and my partner, or I can define with anything like precision. But for the purpose of estimating our current earning…
Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At…
Warren Buffett《Berkshire Hathaway 2006 Letter to Shareholders》· 2006 Chairman's Letter · Investing
In our early years we put most of our retained earnings and insurance float into investments in marketable securities. Because of this emphasis, and because the securities we purchased generally did well, our growth rate in investments was for a long time quite high.
Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At…
Benjamin Franklin:The Autobiography of Benjamin Franklin, Excerpt 58
Benjamin Franklin《The Autobiography of Benjamin Franklin》· The Autobiography of Benjamin Franklin · Leadership
I have since had doubts of the practicability of the latter part of this proposal, on account of the narrowness of some streets, and the difficulty of placing the draining-sleds so as not to encumber too much the passage; but I am still of opinion that the former, requiring the dust to be swept up and carry'd away before the shops are open, is very practicable in the summer, when the days are long; for, in walking thro' the Strand and Fleet-street one morning at seven o'clock, I observ'd there was not one shop open, tho' it had been daylight and the sun up above three hours; the inhabitants of London chusing voluntarily to live much by candle-light, and sleep by sunshine, and yet often complain, a little absurdly, of the duty on candles and the high price of tallow.
Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At…