Day 163 · Tue, Mar 30, 2027 · Five editions

Tue, Mar 30, 2027

Five emails a day: 00:00 Night / 07:00 Morning / 12:00 Noon / 17:00 Evening / 21:00 Figures

00:00 Night · Health · Chinese classics

王阳明:Chuanxilu, 卷上 120

王阳明《傳習錄》· 卷上·第120条 · Health · Action · Philosophy · Human nature

正之問:「『戒懼是己所不知時工夫,慎獨是己所獨知時工夫』,此說如何?」 先生曰:「只是一個工夫,無事時固是獨知,有事時亦是獨知。人若不知於此獨知之地用力,只在人所共知處用功,便是作偽,便是『見君子而後厭然』。此獨知處便是誠的萌芽,此處不論善念、惡念,更無虛假,一是百是,一錯百錯,正是王霸、義利、誠偽、善惡界頭。於此一立立定,便是端本澄源,便是立誠。古人許多誠身的工夫,精神命脈,全體只在此處,真是莫見莫顯,無時無處,無終無始,只是此個工夫。今若又分戒懼為己所不知,即工夫便支離,亦有間斷。既戒懼即是知,己若不知,是誰戒懼?如此見解,便要流入斷滅禪定。」 曰:「不論善念、惡念,更無虛假,則獨知之地,更無無念時邪?」 曰:「戒懼亦是念。戒懼之念,無時可息。若戒懼之心稍有不存,不是昏瞶,便已流入惡念。自朝至暮,自少至老,若要無念,即是己不知,此除是昏睡,除是槁木死灰。」

Source: https://zh.wikisource.org/wiki/%E5%82%B3%E7%BF%92%E9%8C%84/%E5%8D%B7%E4%B8%8A
卷上·第120条

This is a direct reading: the original and source are kept; commentary will be added later.

Today's question

What does this passage say about your body or mood today?

07:00 Morning · Health · Chinese classics

孔子及其弟子:Analects 3.2

孔子及其弟子《論語》· 八佾第三·三之二 · Health · Decision · Philosophy

三家者,以雍徹。子曰:「『相維辟公,天子穆穆。』奚取於三家之堂?」

Source: https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E5%85%AB%E4%BD%BE%E7%AC%AC%E4%B8%89
八佾第三·三之二

This is a direct reading: the original and source are kept; commentary will be added later.

Today's question

What does this passage say about your body or mood today?

12:00 Noon · Investing · Chinese classics

桓寬:Discourses on Salt and Iron, Volume 8, 誅秦第四十四, Entry 2

桓寬《鹽鐵論》· 卷8·誅秦第四十四 · Investing · Health · Decision · Growth

文學曰:「禹、舜,堯之佐也,湯、文,夏、商之臣也,其所以從八極而朝海內者,非以陸梁之地,兵革之威也。秦、楚、三晉號萬乘,不務積德而務相侵,構兵爭強而卒俱亡。雖以進壤廣地,如食萴之充腸也,欲其安存,何可得也?夫禮讓為國者若江、海,流彌久不竭,其本美也。茍為無本,若蒿火暴怒而無繼,其亡可立而待,戰國是也。周德衰,然後列於諸侯,至今不絕。秦力盡而滅其族,安得朝人也?」

Source: https://zh.wikisource.org/wiki/%E9%B9%BD%E9%90%B5%E8%AB%96/%E5%8D%B708
卷8·誅秦第四十四·第2则

This is a direct reading: the original and source are kept; commentary will be added later.

Today's question

Does this passage change one judgment about money or risk today?

17:00 Evening · Career · Chinese classics

司馬光:Zizhi Tongjian, Volume 194, Entry 8

司馬光《資治通鑑》· 卷194·太宗文武大聖大廣孝皇帝上之下貞觀七年(癸巳,公元六三三年) · Leadership · Philosophy · Human nature

去歲所縱天下死囚凡三百九十人,無人督帥,皆如期自詣朝堂,無一人亡匿者;上皆赦之。

Source: https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7194
卷194·太宗文武大聖大廣孝皇帝上之下貞觀七年(癸巳,公元六三三年)·第8则

This is a direct reading: the original and source are kept; commentary will be added later.

Today's question

What does this passage say about how you work today?

21:00 Figures · Investing · Modern investor letters

Benjamin Graham:Inflation and Stock Prices

Benjamin Graham《The Intelligent Investor》· Chapter 2, The Investor and Inflation · Investing · History · Cognition

There is no close time connection between inflationary (or deflationary) conditions and the movement of common-stock earnings and prices.

Source: https://archive.org/details/the-intelligent-investor-benjamin-graham_202508
Chapter 2, p. 51, paragraph beginning “On this point we can be categorical”

Reading

Inflation does not move stock earnings and prices on a predictable timetable.

Context

Graham rejected the simple story that inflation automatically lifts stock prices. He observed that from 1966 to 1970 the cost of living rose sharply while stock earnings and prices broadly fell. There is no close timing link between inflation and stock returns, so inflation forecasts are a poor timing tool.

Today's question

Is your investment logic built on the simple story that inflation must lift stock prices?