Day 219 · Tue, May 25, 2027 · Five editions

Tue, May 25, 2027

Five emails a day: 00:00 Night / 07:00 Morning / 12:00 Noon / 17:00 Evening / 21:00 Figures

00:00 Night · Health · Chinese classics

司馬光:Zizhi Tongjian, Volume 198, Entry 17

司馬光《資治通鑑》· 卷198·太宗文武大聖大廣孝皇帝下之上貞觀十九年(乙巳,公元六四五年) · Health · Growth · Wealth · Investing

初,真珠請以其庶長子曳莽為突利失可汗,居東方,統雜種;嫡子拔灼為肆葉護可汗,居西方,統薛延陀;詔許之,皆以禮冊命。曳莽性躁擾,輕用兵,與拔灼不協。真珠卒,來會喪。既葬,曳莽恐拔灼圖己,先還所部,拔灼追襲殺之,自立為頡利俱利薛沙多彌可汗。

Source: https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7198
卷198·太宗文武大聖大廣孝皇帝下之上貞觀十九年(乙巳,公元六四五年)·第17则

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

Today's question

What does this passage say about your body or mood today?

07:00 Morning · Health · Chinese classics

孔子及其弟子:Analects 4.1

孔子及其弟子《論語》· 里仁第四·四之一 · Health · Decision · Cognition · Character

子曰:「里仁爲美。擇不處仁,焉得知?」

Source: https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E9%87%8C%E4%BB%81%E7%AC%AC%E5%9B%9B
里仁第四·四之一

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

Today's question

What does this passage say about your body or mood today?

12:00 Noon · Investing · Western classics

Adam Smith:The Wealth of Nations, Book II, Chapter III, Paragraph 838

Adam Smith《The Wealth of Nations》· Book II, Chapter III · Investing

This expense, it may be said, indeed, not being in foreign goods, and not occasioning any exportation of gold and silver, the same quantity of money would remain in the country as before. But if the quantity of food and clothing which were thus consumed by unproductive, had been distributed among productive hands, they would have reproduced, together with a profit, the full value of their consumption. The same quantity of money would, in this case, equally have remained in the country, and there would, besides, have been a reproduction of an equal value of consumable goods. There would have been two values instead of one.

Source: https://www.gutenberg.org/ebooks/3300
Book II, Chapter III, paragraph 838

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

Today's question

Does this passage change one judgment about money or risk today?

17:00 Evening · Career · Chinese classics

孙武:The Art of War, 九地第十一 1

孙武《孫子兵法》· 九地第十一 · Leadership · Philosophy · Decision · Action

孫子曰:凡用兵之法,有散地,有輕地,有爭地,有交地,有衢地,有重地,有圮地,有圍地,有死地。諸侯自戰其地者,為散地;入人之地而不深者,為輕地;我得則利,彼得亦利者,為爭地;我可以往,彼可以來者,為交地;諸侯之地三屬,先至而得天下之衆者,為衢地;入人之地深,背城邑多者,為重地;山林、險阻、沮澤,凡難行之道者,為圮地;所由入者隘,所從歸者迂,彼寡可以擊吾之衆者,為圍地;疾戰則存,不疾戰則亡者,為死地。是故散地則無戰,輕地則無止,爭地則無攻,交地則無絕,衢地則合交,重地則掠,圮地則行,圍地則謀,死地則戰。

Source: https://zh.wikisource.org/wiki/%E5%AD%AB%E5%AD%90%E5%85%B5%E6%B3%95
九地第十一·第1则

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

Today's question

What does this passage say about how you work today?

21:00 Figures · Investing · Modern investor letters

Charlie Munger:Accounting Is Only an Approximation

Charlie Munger《A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business》· Accounting and its limitations · Investing · Cognition · Decision

But you have to know enough about it to understand its limitations—because although accounting is the starting place, it's only a crude approximation.

Source: https://web.archive.org/web/20140625062802/http://ycombinator.com/munger.html
Archived transcript, paragraph 22 (beginning “But you have to know enough about it”)

Reading

Accounting is the starting point of analysis, but only a crude approximation.

Context

Munger did not dismiss accounting; he warned that it is the starting point of analysis, not reality itself. Estimates such as depreciation schedules and write-downs can pull reported numbers away from economic truth. Understanding those limits matters more than memorizing more ratios.

Today's question

When did you last trust financial statements completely—and which estimates were buried in those numbers?