Day 239 · Mon, Jun 14, 2027 · Five editions

Mon, Jun 14, 2027

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

00:00 Night · Investing · Chinese classics

管仲(舊題):Guanzi, 第85篇輕重己, Entry 7

管仲(舊題)《管子》· 第85篇輕重己 · Investing · Leadership · Action · Philosophy

以夏日至始,數九十二日,謂之秋至,秋至而禾熟。天子祀於太惢,西出其國百三十八里而壇,服白而絻白,搢玉揔,帶錫監,吹塤箎之風鑿,動金石之音,朝諸侯卿大夫列士,循於百姓,號曰祭月,犧牲以彘。發號出令,罰而勿賞,奪而勿予。罪獄誅而勿生。終歲之罪,毋有所赦。作衍牛馬之實,在野者王。天子之秋計也。

Source: https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC85%E7%AF%87%E8%BC%95%E9%87%8D%E5%B7%B1
第85篇輕重己·第7则

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?

07:00 Morning · Health · Chinese classics

孔子及其弟子:Analects 17.20

孔子及其弟子《論語》· 陽貨第十七·十七之二十 · Health · Cognition · Decision · Philosophy

孺悲欲見孔子,孔子辭以疾。將命者出戶,取瑟而歌,使之聞之。

Source: https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E9%99%BD%E8%B2%A8%E7%AC%AC%E5%8D%81%E4%B8%83
陽貨第十七·十七之二十

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 I, Paragraph 684

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

Some part of the capital of every master artificer or manufacturer must be fixed in the instruments of his trade. This part, however, is very small in some, and very great in others, A master tailor requires no other instruments of trade but a parcel of needles. Those of the master shoemaker are a little, though but a very little, more expensive. Those of the weaver rise a good deal above those of the shoemaker. The far greater part of the capital of all such master artificers, however, is circulated either in the wages of their workmen, or in the price of their materials, and repaid, with a profit, by the price of the work.

Source: https://www.gutenberg.org/ebooks/3300
Book II, Chapter I, paragraph 684

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

司馬光:Zizhi Tongjian, Volume 198, Entry 1

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二十年(丙午,公元六四六年) · Leadership · Cognition · Decision · Learning

春,正月,辛未,夏州都督喬師望、右領軍大將軍執失思力等擊薛延陀,大破之,虜獲二千餘人。多彌可汗輕騎遁走,部內騷然矣。

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二十年(丙午,公元六四六年)·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

李录:The Market Serves You

李录《价值投资的知行合一》· 2019 年 11 月 29 日北大光华演讲 · Investing · Cognition · Decision · Human nature

市场的存在是为了你来服务的,不是来指导你的。

Source: https://pro.huxiu.com/article/354067.html
2019-11-29 北京大学光华管理学院演讲

Reading

The market exists to serve you, not to instruct you.

Context

From Li Lu's 2019 lecture at Peking University on the four ideas of value investing: ownership, margin of safety, Mr. Market, and circle of competence.

Today's question

In your last trade, were you using the market, or was the market instructing you?