Day 275 · Tue, Jul 20, 2027 · Five editions

Tue, Jul 20, 2027

Five emails a day: 00:00 Night / 07:00 Morning / 12:00 Noon / 17:00 Evening / 21:00 Figures

00:00 Night · Health · Chinese classics

王阳明:Chuanxilu, 卷上 20

王阳明《傳習錄》· 卷上·第20条 · Health · Philosophy · Learning · Cognition

問:「後世著述之多,恐亦有亂正學。」 先生曰:「人心天理渾然,聖賢筆之書,如寫真傳神,不過示人以形狀大略,使之因此而討求其真耳;其精神意氣,言笑動止,固有所不能傳也。後世著述,是又將聖人所畫,摹仿謄寫,而妄自分析加增,以逞其技,其失真愈遠矣。」

Source: https://zh.wikisource.org/wiki/%E5%82%B3%E7%BF%92%E9%8C%84/%E5%8D%B7%E4%B8%8A
卷上·第20条

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

Today's question

What does this passage say about your body or mood today?

07:00 Morning · Health · Chinese classics

洪应明:Caigentan, Entry 317

洪应明《菜根譚》· 第317则 · Health · Action · Philosophy

理寂則事寂。 遺事執理者、以去影留形。 心空則境空去。 境在心者、如聚羶却蚋。

Source: https://zh.wikisource.org/wiki/%E8%8F%9C%E6%A0%B9%E8%AD%9A
第317则

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

Today's question

What does this passage say about your body or mood today?

12:00 Noon · Investing · Modern investor letters

Warren Buffett:Berkshire 2021 Letter, Excerpt 2

Warren Buffett《Berkshire Hathaway 2021 Letter to Shareholders》· 2021 Chairman's Letter · Investing

Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.

Source: https://www.berkshirehathaway.com/letters/2021ltr.pdf
2021 Chairman's Letter, excerpt 2

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

Today's question

Does this passage change one judgment about money or risk today?

17:00 Evening · Career · Chinese classics

司馬光:Zizhi Tongjian, Volume 195, Entry 8

司馬光《資治通鑑》· 卷195·太宗文武大聖大廣孝皇帝中之上貞觀十三年(己亥,公元六三九年) · Human nature · Action · Leadership · Health

上既詔宗室群臣襲封刺史,左庶子於志寧以為古今事殊,恐非久安之道,上疏爭之。侍御史馬周亦上疏,以為:「堯、舜之父,猶有朱、均之子。倘有孩童嗣職,萬一驕愚,兆庶被其殃而國家受其敗。正欲絕之也,則子文之治猶在;正欲留之也,而欒黶之惡已彰。與其毒害於見存之百姓,則寧使割恩於已亡之一臣,明矣。然則向所謂愛之者,乃適所以傷之也。臣謂宜賦以茅土,疇其戶邑,必有材行,隨器授官,使其人得奉大恩而子孫終其福祿。」

Source: https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7195
卷195·太宗文武大聖大廣孝皇帝中之上貞觀十三年(己亥,公元六三九年)·第8则

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

Today's question

What does this passage say about how you work today?

21:00 Figures · Investing · Modern investor letters

Benjamin Graham:Withstanding Adversity

Benjamin Graham《Security Analysis》· Chapter VII, The Selection of Fixed-Value Investments: Second and Third Principles · Investing · Character · Decision

The rule that a sound investment must be able to withstand adversity seems self-evident enough to be termed a truism.

Source: https://archive.org/details/dli.ernet.7983
Chapter VII, p. 91, paragraph beginning “The rule that a sound investment must be able to withstand adversity”

Reading

A sound investment must be able to survive adversity, not just prosper in good times.

Context

Graham used this line to introduce the principle of buying bonds on a depression basis. Any bond looks safe in good times; only a recession reveals the difference between strong and weak issuers. A sound investment must assume that adversity will come, not that good times will last forever.

Today's question

Your portfolio looks fine in good times—but which link would break first when adversity arrives?