Thomas was bred a smith under his father; but, being ingenious, and encouraged in learning (as all my brothers were) by an Esquire Palmer, then the principal gentleman in that parish, he qualified himself for the…
I have since had doubts of the practicability of the latter part of this proposal, on account of the narrowness of some streets, and the difficulty of placing the draining-sleds so as not to encumber too much the…
Adam Smith:The Wealth of Nations, Book I, Chapter XI, Paragraph 496
Adam Smith《The Wealth of Nations》· Book I, Chapter XI · Investing
Thus, in the assize of bread and ale, of the 51st of Henry III. the price of bread was regulated according to the different prices of wheat, from one shilling to twenty shillings the quarter of the money of those times. But in the manuscripts from which all the different editions of the statutes, preceding that of Mr Ruffhead, were printed, the copiers had never transcribed this regulation beyond the price of twelve shillings. Several writers, therefore, being misled by this faulty transcription, very naturally conclude that the middle price, or six shillings the quarter, equal to about eighteen shillings of our present money, was the ordinary or average price of wheat at that time.
I have since had doubts of the practicability of the latter part of this proposal, on account of the narrowness of some streets, and the difficulty of placing the draining-sleds so as not to encumber too much the…
Thomas was bred a smith under his father; but, being ingenious, and encouraged in learning (as all my brothers were) by an Esquire Palmer, then the principal gentleman in that parish, he qualified himself for the…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 1978 Letter, Excerpt 3
Warren Buffett《Berkshire Hathaway 1978 Letter to Shareholders》· 1978 Chairman's Letter · Investing
For example, over the last three years - generally a bonanza period for the insurance industry, our largest profit producer - Berkshire’s per share net worth virtually has doubled, thereby compounding at about 25% annually through a combination of good operating earnings and fairly substantial capital gains. Neither this 25% equity gain from all sources nor the 19.4% equity gain from operating earnings in 1978 is sustainable. The insurance cycle has turned downward in 1979, and it is almost certain that operating earnings measured by return on equity will fall this year. However, operating earnings measured in dollars are likely to increase on the much larger shareholders’ equity now employed in the business.
I have since had doubts of the practicability of the latter part of this proposal, on account of the narrowness of some streets, and the difficulty of placing the draining-sleds so as not to encumber too much the…