We would receive, for example, a shipment of marble from Vermont to Cleveland. This involved handling by railroad, canal, and lake boats. The cost of losses or damage had to be somehow fixed between these three…
We would receive, for example, a shipment of marble from Vermont to Cleveland. This involved handling by railroad, canal, and lake boats. The cost of losses or damage had to be somehow fixed between these three…
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.
We would receive, for example, a shipment of marble from Vermont to Cleveland. This involved handling by railroad, canal, and lake boats. The cost of losses or damage had to be somehow fixed between these three…
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…
21:00 Figures · Investing · Modern investor letters
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?
We would receive, for example, a shipment of marble from Vermont to Cleveland. This involved handling by railroad, canal, and lake boats. The cost of losses or damage had to be somehow fixed between these three…