Adam Smith：The Wealth of Nations, Book II, Chapter II, Paragraph 757
Adam Smith《The Wealth of Nations》· Book II, Chapter II · Investing
Over and above the expenses which are common to every branch of trade, such as the expense of house-rent, the wages of servants, clerks, accountants, etc. the expenses peculiar to a bank consist chiefly in two articles: first, in the expense of keeping at all times in its coffers, for answering the occasional demands of the holders of its notes, a large sum of money, of which it loses the interest; and, secondly, in the expense of replenishing those coffers as fast as they are emptied by answering such occasional demands.
My pamphlet by some means falling into the hands of one Lyons, a surgeon, author of a book entitled "The Infallibility of Human Judgment," it occasioned an acquaintance between us. He took great notice of me, called…
Berkshire’s 2018 and 2019 years glaringly illustrate the argument we have with the new rule. In 2018, a down year for the stock market, our net unrealized gains decreased by $20.6 billion, and we therefore reported GAAP…
My pamphlet by some means falling into the hands of one Lyons, a surgeon, author of a book entitled "The Infallibility of Human Judgment," it occasioned an acquaintance between us. He took great notice of me, called…
My pamphlet by some means falling into the hands of one Lyons, a surgeon, author of a book entitled "The Infallibility of Human Judgment," it occasioned an acquaintance between us. He took great notice of me, called…
Henry Ford《My Life and Work》· Chapter II · Leadership
The Edison Company offered me the general superintendency of the company but only on condition that I would give up my gas engine and devote myself to something really useful. I had to choose between my job and my automobile. I chose the automobile, or rather I gave up the job--there was really nothing in the way of a choice. For already I knew that the car was bound to be a success. I quit my job on August 15, 1899, and went into the automobile business.
Berkshire’s 2018 and 2019 years glaringly illustrate the argument we have with the new rule. In 2018, a down year for the stock market, our net unrealized gains decreased by $20.6 billion, and we therefore reported GAAP…
Henry Ford《My Life and Work》· My Life and Work · Leadership
We have only started on our development of our country--we have not as yet, with all our talk of wonderful progress, done more than scratch the surface. The progress has been wonderful enough--but when we compare what we have done with what there is to do, then our past accomplishments are as nothing. When we consider that more power is used merely in ploughing the soil than is used in all the industrial establishments of the country put together, an inkling comes of how much opportunity there is ahead. And now, with so many countries of the world in ferment and with so much unrest every where, is an excellent time to suggest something of the things that may be done in the light of what has been done.
Berkshire’s 2018 and 2019 years glaringly illustrate the argument we have with the new rule. In 2018, a down year for the stock market, our net unrealized gains decreased by $20.6 billion, and we therefore reported GAAP…