Wed, Apr 7, 2027

And here I made my first note, and actually got a banker to take it. A proud moment that in a young man's career! The sleeping-cars were a great success and their monthly receipts paid the monthly installments. The first considerable sum I made was from this source. [To-day, July 19, 1909, as I re-read this, how glad I am that I have recently heard from Mr. Lloyd's married daughter telling me of her father's deep affection for me, thus making me very happy, indeed.]

Source： https://www.gutenberg.org/ebooks/17976
Chapter VII, excerpt 44

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

天下莫柔弱於水，而攻堅強者，莫之能勝，其無以易之。 弱之勝強，柔之勝剛，天下莫不知莫能行。是以聖人云﹕「受國之垢，是謂社稷主；受國不祥，是為天下王。」正言若反。

Source： https://zh.wikisource.org/wiki/%E9%81%93%E5%BE%B7%E7%B6%93_%28%E7%8E%8B%E5%BC%BC%E6%9C%AC%29
王弼本·七十八章

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The colony trade, however, it may perhaps be said, is more advantageous to Great Britain than any other; and the monopoly, by forcing into that trade a greater proportion of the capital of Great Britain than what would otherwise have gone to it, has turned that capital into an employment, more advantageous to the country than any other which it could have found.

Source： https://www.gutenberg.org/ebooks/3300
Book IV, Chapter VII, paragraph 1414

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

故荊州都督武士擭女，年十四，上聞其美，召入後宮，為才人。

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7195
卷195·太宗文武大聖大廣孝皇帝中之上貞觀十一年（丁酉，公元六三七年）·第14则

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

But, surprise - none of these blockbuster events made the slightest dent in Ben Graham's investment principles. Nor did they render unsound the negotiated purchases of fine businesses at sensible prices. Imagine the cost to us, then, if we had let a fear of unknowns cause us to defer or alter the deployment of capital. Indeed, we have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.

Source： https://www.berkshirehathaway.com/letters/1994.html
1994 Chairman's Letter, excerpt 4

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