Mon, Jun 28, 2027

Full inclusion of underlying earnings from another class of holdings, companies owned 20% to 50% (usually called “investees”), also normally occurs. Earnings from such companies - for example, Wesco Financial, controlled by Berkshire but only 48% owned - are included via a one-line entry in the owner’s Statement of Earnings. Unlike the over-50% category, all items of revenue and expense are omitted; just the proportional share of net income is included. Thus, if Corporation A owns one-third of Corporation B, one-third of B’s earnings, whether or not distributed by B, will end up in A’s earnings. There are some modifications, both in this and the over-50% category, for intercorporate taxes and purchase price adjustments, the explanation of which we will save for a later day. (We know you can hardly wait.)

Source： https://www.berkshirehathaway.com/letters/1980.html
1980 Chairman's Letter, excerpt 3

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

有一念犯鬼神之禁，一言而傷天地之和，一事而釀子孫之禍者，最宜切戒。

Source： https://zh.wikisource.org/wiki/%E8%8F%9C%E6%A0%B9%E8%AD%9A
第152则

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

大夫曰：「鄒子疾晚世之儒墨，不知天地之弘，昭曠之道，將一曲而欲道九折，守一隅而欲知萬方，猶無準平而欲知高下，無規矩而欲知方圓也。於是推大聖終始之運，以喻王公，先列中國名山通谷，以至海外。所謂中國者，天下八十一分之一，名曰赤縣神州，而分為九州。絕陵陸不通，乃為一州，有大瀛海圜其外。此所謂八極，而天地際焉。禹貢亦著山川高下原隰，而不知大道之徑。故秦欲達九州而方瀛海，牧胡而朝萬國。諸生守畦畝之慮，閭巷之固，未知天下之義也。」

Source： https://zh.wikisource.org/wiki/%E9%B9%BD%E9%90%B5%E8%AB%96/%E5%8D%B709
卷9·論鄒第五十三·第1则

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

「請問先合於天下而無私怨，犯强而無私害，爲之若何？」對曰：「國雖强，令必忠以義。國雖弱，令必敬以哀。强弱不犯，則人欲聽矣。先人而自後，而無以爲仁也。加功於人而勿得，所橐者遠矣，所爭者外矣。明無私交，則無內怨。與大則勝，私交衆則怨殺。夷吾也如以予人財者，不如無奪時；如以予人食者，不如毋奪其事。此謂無外內之患。」

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC35%E7%AF%87%E4%BE%88%E9%9D%A1
第35篇侈靡·第15则

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

Institutional dynamics, not venality or stupidity, set businesses on these courses, which are too often misguided.

Source： https://www.berkshirehathaway.com/letters/1989.html
1989 Chairman's Letter, Mistakes of the First Twenty-five Years