Charlie Munger, Berkshire’s vice chairman and my partner, and I believe both Berkshire’s book value and intrinsic value will outperform the S&P in years when the market is down or moderately up. We expect to fall short,…
Charlie Munger, Berkshire’s vice chairman and my partner, and I believe both Berkshire’s book value and intrinsic value will outperform the S&P in years when the market is down or moderately up. We expect to fall short,…
Adam Smith:The Wealth of Nations, Book I, Chapter VII, Paragraph 158
Adam Smith《The Wealth of Nations》· Book I, Chapter VII · Investing
The natural price, therefore, is, as it were, the central price, to which the prices of all commodities are continually gravitating. Different accidents may sometimes keep them suspended a good deal above it, and sometimes force them down even somewhat below it. But whatever may be the obstacles which hinder them from settling in this centre of repose and continuance, they are constantly tending towards it.
Over the stock market cycle between yearends 2007 and 2013, we overperformed the S&P. Through full cycles in future years, we expect to do that again. If we fail to do so, we will not have earned our pay. After all, you…
Andrew Carnegie:Autobiography of Andrew Carnegie, Excerpt 28
Andrew Carnegie《Autobiography of Andrew Carnegie》· Chapter V · Leadership
Having to sweep out the operating-room in the mornings, the boys had an opportunity of practicing upon the telegraph instruments before the operators arrived. This was a new chance. I soon began to play with the key and to talk with the boys who were at the other stations who had like purposes to my own. Whenever one learns to do anything he has never to wait long for an opportunity of putting his knowledge to use.
Charlie Munger, Berkshire’s vice chairman and my partner, and I believe both Berkshire’s book value and intrinsic value will outperform the S&P in years when the market is down or moderately up. We expect to fall short,…
Andrew Carnegie:Autobiography of Andrew Carnegie, Excerpt 55
Andrew Carnegie《Autobiography of Andrew Carnegie》· Chapter IX · Leadership
When the work was finished, I had the Colonel with me in St. Louis for some days protecting the bridge against a threatened attempt on the part of others to take possession of it before we obtained full payment. When the Colonel had taken up the planks at both ends, and organized a plan of relieving the men who stood guard, he became homesick and exceedingly anxious to return to Pittsburgh. He had determined to take the night train and I was at a loss to know how to keep him with me until I thought of his one vulnerable point. I told him, during the day, how anxious I was to obtain a pair of horses for my sister. I wished to make her a present of a span, and I had heard that St. Louis was a noted place for them. Had he seen anything superb?
Charlie Munger, Berkshire’s vice chairman and my partner, and I believe both Berkshire’s book value and intrinsic value will outperform the S&P in years when the market is down or moderately up. We expect to fall short,…