It was the beginning of January when we set out upon this business of building forts. I sent one detachment toward the Minisink, with instructions to erect one for the security of that upper part of the country, and…
It was the beginning of January when we set out upon this business of building forts. I sent one detachment toward the Minisink, with instructions to erect one for the security of that upper part of the country, and…
Adam Smith:The Wealth of Nations, Book II, Chapter II, Paragraph 725
Adam Smith《The Wealth of Nations》· Book II, Chapter II · Investing
When, by any particular sum of money, we mean not only to express the amount of the metal pieces of which it is composed, but to include in its signification some obscure reference to the goods which can be had in exchange for them, the wealth or revenue which it in this case denotes, is equal only to one of the two values which are thus intimated somewhat ambiguously by the same word, and to the latter more properly than to the former, to the money’s worth more properly than to the money.
It was the beginning of January when we set out upon this business of building forts. I sent one detachment toward the Minisink, with instructions to erect one for the security of that upper part of the country, and…
I soon perceiv'd that the intention of engaging me at wages so much higher than he had been us'd to give, was, to have these raw, cheap hands form'd thro' me; and, as soon as I had instructed them, then they being all…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 2023 Letter, Excerpt 4
Warren Buffett《Berkshire Hathaway 2023 Letter to Shareholders》· 2023 Chairman's Letter · Investing
We, however, are left uncomfortable. At Berkshire, our view is that “earnings” should be a sensible concept that Bertie will find somewhat useful – but only as a starting point – in evaluating a business. Accordingly, Berkshire also reports to Bertie and you what we call “operating earnings.” Here is the story they tell: $27.6 billion for 2021; $30.9 billion for 2022 and $37.4 billion for 2023.
It was the beginning of January when we set out upon this business of building forts. I sent one detachment toward the Minisink, with instructions to erect one for the security of that upper part of the country, and…