Another thing to be remembered about this so-called "octopus" is that there has been no "water" introduced into its capital (perhaps we felt that oil and water would not have mixed); nor in all these years has any one…
Another thing to be remembered about this so-called "octopus" is that there has been no "water" introduced into its capital (perhaps we felt that oil and water would not have mixed); nor in all these years has any one…
Adam Smith:The Wealth of Nations, Book I, Chapter VI, Paragraph 141
Adam Smith《The Wealth of Nations》· Book I, Chapter VI · Investing
A gardener who cultivates his own garden with his own hands, unites in his own person the three different characters, of landlord, farmer, and labourer. His produce, therefore, should pay him the rent of the first, the profit of the second, and the wages of the third. The whole, however, is commonly considered as the earnings of his labour. Both rent and profit are, in this case, confounded with wages.
Another thing to be remembered about this so-called "octopus" is that there has been no "water" introduced into its capital (perhaps we felt that oil and water would not have mixed); nor in all these years has any one…
During all the long period of work, which lasted from the time I was sixteen years old until I retired from active business when I was fifty-five, I must admit that I managed to get a good many vacations of one kind…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 1982 Letter, Excerpt 4
Warren Buffett《Berkshire Hathaway 1982 Letter to Shareholders》· 1982 Chairman's Letter · Investing
To managers faced with such deterioration, a more flexible measurement system often suggests itself: just shoot the arrow of business performance into a blank canvas and then carefully draw the bullseye around the implanted arrow. We generally believe in pre-set, long-lived and small bullseyes. However, because of the importance of item (3) above, further explained in the following section, we believe our abandonment of the operating earnings/equity capital bullseye to be warranted.
Another thing to be remembered about this so-called "octopus" is that there has been no "water" introduced into its capital (perhaps we felt that oil and water would not have mixed); nor in all these years has any one…