Notwithstanding the continual wrangle between the governor and the House, in which I, as a member, had so large a share, there still subsisted a civil intercourse between that gentleman and myself, and we never had…
I went to a bank president whom I knew, and who knew me. I remember perfectly how anxious I was to get that loan and to establish myself favourably with the banker. This gentleman was T.P. Handy, a sweet and gentle…
Adam Smith:The Wealth of Nations, Book IV, Chapter VII, Paragraph 1386
Adam Smith《The Wealth of Nations》· Book IV, Chapter VII · Investing
The discovery and colonization of America, it will readily be allowed, have contributed to augment the industry, first, of all the countries which trade to it directly, such as Spain, Portugal, France, and England; and, secondly, of all those which, without trading to it directly, send, through the medium of other countries, goods to it of their own produce, such as Austrian Flanders, and some provinces of Germany, which, through the medium of the countries before mentioned, send to it a considerable quantity of linen and other goods. All such countries have evidently gained a more extensive market for their surplus produce, and must consequently have been encouraged to increase its quantity.
I went to a bank president whom I knew, and who knew me. I remember perfectly how anxious I was to get that loan and to establish myself favourably with the banker. This gentleman was T.P. Handy, a sweet and gentle…
Notwithstanding the continual wrangle between the governor and the House, in which I, as a member, had so large a share, there still subsisted a civil intercourse between that gentleman and myself, and we never had…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 2017 Letter, Excerpt 2
Warren Buffett《Berkshire Hathaway 2017 Letter to Shareholders》· 2017 Chairman's Letter · Investing
We believe that the annual probability of a U.S. mega-catastrophe causing $400 billion or more of insured losses is about 2%. No one, of course, knows the correct probability. We do know, however, that the risk increases over time because of growth in both the number and value of structures located in catastrophe-vulnerable areas.
I went to a bank president whom I knew, and who knew me. I remember perfectly how anxious I was to get that loan and to establish myself favourably with the banker. This gentleman was T.P. Handy, a sweet and gentle…