Thus I spent about eighteen months in London; most part of the time I work'd hard at my business, and spent but little upon myself except in seeing plays and in books. My friend Ralph had kept me poor; he owed me…
As soon as the loss of the waggons and horses was generally known, all the owners came upon me for the valuation which I had given bond to pay. Their demands gave me a great deal of trouble, my acquainting them that the…
Adam Smith:The Wealth of Nations, Book II, Chapter II, Paragraph 731
Adam Smith《The Wealth of Nations》· Book II, Chapter II · Investing
Money, therefore, the great wheel of circulation, the great instrument of commerce, like all other instruments of trade, though it makes a part, and a very valuable part, of the capital, makes no part of the revenue of the society to which it belongs; and though the metal pieces of which it is composed, in the course of their annual circulation, distribute to every man the revenue which properly belongs to him, they make themselves no part of that revenue.
As soon as the loss of the waggons and horses was generally known, all the owners came upon me for the valuation which I had given bond to pay. Their demands gave me a great deal of trouble, my acquainting them that the…
Thus I spent about eighteen months in London; most part of the time I work'd hard at my business, and spent but little upon myself except in seeing plays and in books. My friend Ralph had kept me poor; he owed me…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 2009 Letter, Excerpt 1
Warren Buffett《Berkshire Hathaway 2009 Letter to Shareholders》· 2009 Chairman's Letter · Investing
A more difficult decision for us was how to measure the progress of Berkshire versus the S&P. There are good arguments for simply using the change in our stock price. Over an extended period of time, in fact, that is the best test. But year-to-year market prices can be extraordinarily erratic. Even evaluations covering as long as a decade can be greatly distorted by foolishly high or low prices at the beginning or end of the measurement period. Steve Ballmer, of Microsoft, and Jeff Immelt, of GE, can tell you about that problem, suffering as they do from the nosebleed prices at which their stocks traded when they were handed the managerial baton.
As soon as the loss of the waggons and horses was generally known, all the owners came upon me for the valuation which I had given bond to pay. Their demands gave me a great deal of trouble, my acquainting them that the…