During our tenure, we have consistently compared the yearly performance of the S&P 500 to the change in Berkshire’s per-share book value. We’ve done that because book value has been a crude, but useful, tracking…
During our tenure, we have consistently compared the yearly performance of the S&P 500 to the change in Berkshire’s per-share book value. We’ve done that because book value has been a crude, but useful, tracking…
Adam Smith:The Wealth of Nations, Book IV, Chapter I, Paragraph 1032
Adam Smith《The Wealth of Nations》· Book IV, Chapter I · Investing
The two principles being established, however, that wealth consisted in gold and silver, and that those metals could be brought into a country which had no mines, only by the balance of trade, or by exporting to a greater value than it imported; it necessarily became the great object of political economy to diminish as much as possible the importation of foreign goods for home consumption, and to increase as much as possible the exportation of the produce of domestic industry. Its two great engines for enriching the country, therefore, were restraints upon importation, and encouragement to exportation.
Today, our emphasis has shifted in a major way to owning and operating large businesses. Many of these are worth far more than their cost-based carrying value. But that amount is never revalued upward no matter how much…
Henry Ford《My Life and Work》· My Life and Work · Leadership
There is little chance of an intelligent people, such as ours, ruining the fundamental processes of economic life. Most men know they cannot get something for nothing. Most men feel--even if they do not know--that money is not wealth. The ordinary theories which promise everything to everybody, and demand nothing from anybody, are promptly denied by the instincts of the ordinary man, even when he does not find reasons against them. He _knows_ they are wrong. That is enough. The present order, always clumsy, often stupid, and in many ways imperfect, has this advantage over any other--it works.
During our tenure, we have consistently compared the yearly performance of the S&P 500 to the change in Berkshire’s per-share book value. We’ve done that because book value has been a crude, but useful, tracking…
Andrew Carnegie:Autobiography of Andrew Carnegie, Excerpt 46
Andrew Carnegie《Autobiography of Andrew Carnegie》· Chapter VIII · Leadership
The first regiments of Union troops passing through Baltimore had been attacked, and the railway line cut between Baltimore and Annapolis Junction, destroying communication with Washington. It was therefore necessary for me, with my corps of assistants, to take train at Philadelphia for Annapolis, a point from which a branch line extended to the Junction, joining the main line to Washington. Our first duty was to repair this branch and make it passable for heavy trains, a work of some days. General Butler and several regiments of troops arrived a few days after us, and we were able to transport his whole brigade to Washington.
During our tenure, we have consistently compared the yearly performance of the S&P 500 to the change in Berkshire’s per-share book value. We’ve done that because book value has been a crude, but useful, tracking…