Mon, Feb 15, 2027

Meanwhile, in what we might call the real world, as opposed to accounting-land, Berkshire’s equity holdings averaged about $200 billion during the two years, and the intrinsic value of the stocks we own grew steadily and substantially throughout the period.

Source： https://www.berkshirehathaway.com/letters/2019ltr.pdf
2019 Chairman's Letter, excerpt 4

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

Trust thyself: every heart vibrates to that iron string.

Source： https://www.gutenberg.org/ebooks/2944
Essays: First Series, Self-Reliance

The third and last of the three portions into which the general stock of the society naturally divides itself, is the circulating capital, of which the characteristic is, that it affords a revenue only by circulating or changing masters. It is composed likewise of four parts.

Source： https://www.gutenberg.org/ebooks/3300
Book II, Chapter I, paragraph 694

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

右驍衛大將軍長孫順德受人饋絹，事覺，上曰：「順德果能有益國家，朕與之共有府庫耳，何至貪冒如是乎！」猶惜其有功，不之罪，但於殿庭賜絹數十匹。大理少卿胡演曰：「順德枉法受財，罪不可赦，奈何復賜之絹？」上曰：「彼有人性，得絹之辱，甚於受刑；如不知愧，一禽獸耳，殺之何益！」

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7192
卷192·太宗文武大聖大廣孝皇帝上之上貞觀元年（丁亥，公元六二七年）·第7则

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

This was my first investment. In those good old days monthly dividends were more plentiful than now and Adams Express paid a monthly dividend. One morning a white envelope was lying upon my desk, addressed in a big John Hancock hand, to "Andrew Carnegie, Esquire." "Esquire" tickled the boys and me inordinately. At one corner was seen the round stamp of Adams Express Company. I opened the envelope. All it contained was a check for ten dollars upon the Gold Exchange Bank of New York. I shall remember that check as long as I live, and that John Hancock signature of "J.C. Babcock, Cashier." It gave me the first penny of revenue from capital--something that I had not worked for with the sweat of my brow. "Eureka!" I cried. "Here's the goose that lays the golden eggs."

Source： https://www.gutenberg.org/ebooks/17976
Chapter VI, excerpt 39

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