Sat, Apr 3, 2027

明主之擇賢人也，言勇者試之以軍，言智者試之以官。試於軍而有功者則舉之，試於官而事治者則用之。故以戰功之事定勇怯，以官職之治定愚智。故勇怯愚智之見也，如白黑之分。亂主則不然，聽言而不試，故妄言者得用；任人而不言，故不肖者不困。故明主以法案其言而求其實，以官任其身而課其功，專任法，不自舉焉。故《明法》曰：「先王之治國也，使法擇人，不自舉也。」

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC67%E7%AF%87%E6%98%8E%E6%B3%95%E8%A7%A3
第67篇明法解·第32则

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

莫樂之則莫哀之，莫生之則莫死之。往者不至，來者不極。道之所言者一也，而用之者異。有聞道而好爲家者，一家之人也。有聞道而好爲鄉者，一鄉之人也。有聞道而好爲國者，一國之人也。有聞道而好爲天下者，天下之人也。有聞道而好定萬物者，天下之配也。道往者其人莫往，道來者其人莫來，道之所設，身之化也。持滿者與天，安危者與人。失天之度，雖滿必涸；上下不和，雖安必危。欲王天下而失天之道，天下不可得而王也。得天之道，其事若自然；失天之道，雖立不安。其道既得，莫知其爲之；其功既成，莫知其澤之。藏之無形，天之道也。

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC02%E7%AF%87%E5%BD%A2%E5%8B%A2
第02篇形勢·第5则

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

Finally come holdings representing less than 20% ownership of another corporation’s voting securities. In these cases, accounting rules dictate that the owning companies include in their earnings only dividends received from such holdings. Undistributed earnings are ignored. Thus, should we own 10% of Corporation X with earnings of $10 million in 1980, we would report in our earnings (ignoring relatively minor taxes on intercorporate dividends) either (a) $1 million if X declared the full $10 million in dividends; (b) $500,000 if X paid out 50%, or $5 million, in dividends; or (c) zero if X reinvested all earnings.

Source： https://www.berkshirehathaway.com/letters/1980.html
1980 Chairman's Letter, excerpt 4

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

河內人李好德得心疾，妄為妖言，詔按其事。大理丞張蘊古奏：「好德被疾有征，法不當坐。」治書侍御史權萬紀劾奏：「蘊古貫在相州，好德之兄厚德為其刺史，情在阿縱，按事不實。」上怒，命斬之於市，既而悔之，因詔：「自今有死罪，雖令即決，仍三覆奏乃行刑。」

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7193
卷193·太宗文武大聖大廣孝皇帝上之中貞觀五年（辛卯，公元六三一年）·第12则

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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 the U.S. economy or, possibly, because of insurance mega-catastrophes.) In some years the normalized gains will be small; at other times they will be material. Last year was a good one. Here are the highlights: ‹ The most important development at Berkshire during 2015 was not financial, though it led to better earnings. After a poor performance in 2014, our BNSF railroad dramatically improved its service to customers last year. To attain that result, we invested about $5.8 billion during the year in capital expenditures, a sum far and away the record for any American railroad and nearly three times our annual depreciation charge. It was money well spent.

Source： https://www.berkshirehathaway.com/letters/2015ltr.pdf
2015 Chairman's Letter, excerpt 4

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