On the facing page, we show our long-standing performance measurement: The yearly change in Berkshire’s per-share book value versus the market performance of the S&P 500. What counts, of course, is per- share…
On the facing page, we show our long-standing performance measurement: The yearly change in Berkshire’s per-share book value versus the market performance of the S&P 500. What counts, of course, is per- share…
Adam Smith:The Wealth of Nations, Book II, Chapter I, Paragraph 681
Adam Smith《The Wealth of Nations》· Book II, Chapter I · Investing
Secondly, it may be employed in the improvement of land, in the purchase of useful machines and instruments of trade, or in such like things as yield a revenue or profit without changing masters, or circulating any further. Such capitals, therefore, may very properly be called fixed capitals.
As I’ve long told you, Berkshire’s intrinsic value far exceeds its book value. Moreover, the difference has widened considerably in recent years. That’s why our 2012 decision to authorize the repurchase of shares at 120…
Andrew Carnegie:Autobiography of Andrew Carnegie, Excerpt 77
Andrew Carnegie《Autobiography of Andrew Carnegie》· Chapter X · Leadership
Capital no longer hesitated to embark in manufacturing, confident as it was that the nation would protect it as long as necessary. Years after the war, demands for a reduction of the tariff arose and it was my lot to be drawn into the controversy. It was often charged that bribery of Congressmen by manufacturers was common. So far as I know there was no foundation for this. Certainly the manufacturers never raised any sums beyond those needed to maintain the Iron and Steel Association, a matter of a few thousand dollars per year. They did, however, subscribe freely to a campaign when the issue was Protection _versus_ Free Trade.
On the facing page, we show our long-standing performance measurement: The yearly change in Berkshire’s per-share book value versus the market performance of the S&P 500. What counts, of course, is per- share…
Henry Ford《My Life and Work》· Chapter V · Leadership
It is self-evident that a majority of the people in the world are not mentally--even if they are physically--capable of making a good living. That is, they are not capable of furnishing with their own hands a sufficient quantity of the goods which this world needs to be able to exchange their unaided product for the goods which they need. I have heard it said, in fact I believe it is quite a current thought, that we have taken skill out of work. We have not. We have put in skill. We have put a higher skill into planning, management, and tool building, and the results of that skill are enjoyed by the man who is not skilled. This I shall later enlarge on.
On the facing page, we show our long-standing performance measurement: The yearly change in Berkshire’s per-share book value versus the market performance of the S&P 500. What counts, of course, is per- share…