Passing bills, collecting rents, adjusting claims, and work of this kind brought me in association with a great variety of people. I had to learn how to get on with all these different classes, and still keep the…
Many men of wealth do not retire from business even when they can. They are not willing to be idle, or they have a just pride in their work and want to perfect the plans in which they have faith, or, what is of still…
Adam Smith:The Wealth of Nations, Book IV, Chapter I, Paragraph 1014
Adam Smith《The Wealth of Nations》· Book IV, Chapter I · Investing
It would be too ridiculous to go about seriously to prove, that wealth does not consist in money, or in gold and silver; but in what money purchases, and is valuable only for purchasing. Money, no doubt, makes always a part of the national capital; but it has already been shown that it generally makes but a small part, and always the most unprofitable part of it.
Many men of wealth do not retire from business even when they can. They are not willing to be idle, or they have a just pride in their work and want to perfect the plans in which they have faith, or, what is of still…
Passing bills, collecting rents, adjusting claims, and work of this kind brought me in association with a great variety of people. I had to learn how to get on with all these different classes, and still keep the…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 1995 Letter, Excerpt 1
Warren Buffett《Berkshire Hathaway 1995 Letter to Shareholders》· 1995 Chairman's Letter · Investing
Our gain in net worth during 1995 was $5.3 billion, or 45.0%. Per-share book value grew by a little less, 43.1%, because we paid stock for two acquisitions, increasing our shares outstanding by 1.3%. Over the last 31 years (that is, since present management took over) per-share book value has grown from $19 to $14,426, or at a rate of 23.6% compounded annually.
Many men of wealth do not retire from business even when they can. They are not willing to be idle, or they have a just pride in their work and want to perfect the plans in which they have faith, or, what is of still…