Thu, Jul 1, 2027

Over time, stock prices gravitate toward intrinsic value. That’s what has happened at Berkshire, a fact explaining why the company’s 52-year market-price gain – shown on the facing page – materially exceeds its book-value gain.

Source： https://www.berkshirehathaway.com/letters/2016ltr.pdf
2016 Chairman's Letter, excerpt 4

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

子曰：「不逆詐，不億不信，抑亦先覺者，是賢乎！」

Source： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E6%86%B2%E5%95%8F%E7%AC%AC%E5%8D%81%E5%9B%9B
憲問第十四·十四之三三

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

客曰：「余睹鹽、鐵之義，觀乎公卿、文學、賢良之論，意指殊路，各有所出，或上仁義，或務權利。」

Source： https://zh.wikisource.org/wiki/%E9%B9%BD%E9%90%B5%E8%AB%96/%E5%8D%B710
卷10·雜論第六十·第1则

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

道常無名，樸雖小，天下莫能臣也。侯王若能守之，萬物將自賓。 天地相合，以降甘露，民莫之令而自均。 始制有名，名亦既有，夫亦將知止，知止所以不殆。 譬道之在天下，猶川谷之於江海。

Source： https://zh.wikisource.org/wiki/%E9%81%93%E5%BE%B7%E7%B6%93_%28%E7%8E%8B%E5%BC%BC%E6%9C%AC%29
王弼本·三十二章

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

I mention this industry the more particularly and the more freely, tho' it seems to be talking in my own praise, that those of my posterity, who shall read it, may know the use of that virtue, when they see its effects in my favour throughout this relation.

Source： https://www.gutenberg.org/ebooks/148
Excerpt 30

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