Charlie Munger, Berkshire Vice Chairman and my partner, and I expect Berkshire’s normalized earning power to increase every year. (Actual year-to-year earnings, of course, will sometimes decline because of weakness in…
Charlie Munger, Berkshire Vice Chairman and my partner, and I expect Berkshire’s normalized earning power to increase every year. (Actual year-to-year earnings, of course, will sometimes decline because of weakness in…
By the early 1990s, however, our focus was changing to the outright ownership of businesses, a shift that materially diminished the relevance of balance sheet figures. That disconnect occurred because the accounting…
Charlie Munger, Berkshire Vice Chairman and my partner, and I expect Berkshire’s normalized earning power to increase every year. (Actual year-to-year earnings, of course, will sometimes decline because of weakness in…
Henry Ford《My Life and Work》· Chapter V · Leadership
It is not possible, without going deeply into technical processes, to present the whole development of manufacturing, step by step, in the order in which each thing came about. I do not know that this could be done, because something has been happening nearly every day and nobody can keep track. Take at random a number of the changes. From them it is possible not only to gain some idea of what will happen when this world is put on a production basis, but also to see how much more we pay for things than we ought to, and how much lower wages are than they ought to be, and what a vast field remains to be explored. The Ford Company is only a little way along on the journey.
Charlie Munger, Berkshire Vice Chairman and my partner, and I expect Berkshire’s normalized earning power to increase every year. (Actual year-to-year earnings, of course, will sometimes decline because of weakness in…