Fri, Apr 9, 2027

子曰：「不仁者，不可以久處約，不可以長處樂。仁者安仁，知者利仁。」

Source： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E9%87%8C%E4%BB%81%E7%AC%AC%E5%9B%9B
里仁第四·四之二

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

聖人之與人約結也，上觀其事君也，內觀其事親也，必有可知之理，然後約結。約結而不襲於理，後必相倍。故曰：「不重之結，雖固必解。道之用也，貴其重也。」

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC64%E7%AF%87%E5%BD%A2%E5%8B%A2%E8%A7%A3
第64篇形勢解·第78则

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桓公問於管子曰：「吾欲守國財而毋稅於天下，而外因天下，可乎？」管子對曰：「可。夫水激而流渠，令疾而物重。先王理其號令之徐疾，內守國財而外因天下矣。」桓公問於管子曰：「其行事奈何？」管子對曰：「夫昔者武王有巨橋之粟，貴糴之數。」桓公曰：「爲之奈何？」管子對曰：「武王立重泉之戍，令曰：『民自有百鼓之粟者不行。』民舉所最粟，以避重泉之戍，而國穀二什倍，巨橋之粟亦二什倍。武王以巨橋之粟二什倍而市繒帛，軍五歲毋籍衣於民。以巨橋之粟二什倍而衡黃金百萬，終身無籍於民，准衡之數也。」

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC77%E7%AF%87%E5%9C%B0%E6%95%B8
第77篇地數·第4则

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上聞洺州刺史程名振善用兵，召問方略，嘉其才敏，勞勉之，曰：「卿有將相之器，朕方將任使。」名振失不拜謝，上試責怒，以觀其所為，曰：「山東鄙夫，得一刺史，以為富貴極邪！敢於天子之側，言語粗疏；又復不拜！」名振謝曰：「疏野之臣，未嘗親奉聖問，適方心思所對，故忘拜耳。」舉止自若，應對愈明辯。上乃歎曰：「房玄齡處朕左右二十餘年，每見朕譴責餘人，顏色無主。名振平生未嘗見朕，朕一旦責之，曾無震懾，辭理不失，真奇士也！」即日拜右驍衛將軍。

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7197
卷197·太宗文武大聖大廣孝皇帝中之下貞觀十八年（甲辰，公元六四四年）·第26则

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This change in the market also has negative implications for our present portfolio. In our 1974 annual report I could say: “We consider several of our major holdings to have great potential for significantly increased values in future years.” I can’t say that now. It’s true that our insurance companies currently hold major positions in companies with exceptional underlying economics and outstanding managements, just as they did in 1974. But current market prices generously appraise these attributes, whereas they were ignored in 1974. Today’s valuations mean that our insurance companies have no chance for future portfolio gains on the scale of those achieved in the past.

Source： https://www.berkshirehathaway.com/letters/1985.html
1985 Chairman's Letter, excerpt 3

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