Thu, Aug 19, 2027

桓公曰：「魯梁之於齊也，千穀也，蠭螫也，齒之有脣也。今吾欲下魯梁，何行而可？」管子對曰：「魯梁之民，俗爲綈。公服綈，令左右服之，民從而服之。公因令齊勿敢爲，必仰於魯梁，則是魯梁釋其農事而作綈矣。」桓公曰：「諾。」即爲服於泰山之陽，十日而服之。管子告魯梁之賈人曰：「子爲我致綈千匹，賜子金三百斤。什至而金三十斤。」則是魯梁不賦於民，財用足也。魯梁之君聞之，則教其民爲綈。十三月，而管子令人之魯梁。魯梁郭中之民，道路揚塵，十步不相見，絏繑而踵相隨，車轂𪙗騎連伍而行。管子曰：「魯梁可下矣。」公曰：「奈何？」管子對曰：「公宜服帛，率民去綈。閉關，毋與魯梁通使。」公曰：「諾。」後十月，管子令人之魯梁。魯梁之民餓餒相及，應聲之正無以給上。魯梁之君即令其民去綈脩農。穀不可以三月而得。魯梁之人糴十百，齊糶十錢。二十四月，魯梁之民歸齊者十分之六。三年，魯梁之君請服。

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC84%E7%AF%87%E8%BC%95%E9%87%8D%E6%88%8A
第84篇輕重戊·第2则

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

論事須真識見。做人要好聲名 觀規模之大小，可以知事業之高卑

Source： https://zh.wikisource.org/wiki/%E5%9C%8D%E7%88%90%E5%A4%9C%E8%A9%B1
第55段（按原排版相邻两行合并）

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

By itself, this figure says nothing about economic performance. To evaluate that, we must know how much total capital - debt and equity - was needed to produce these earnings. Debt plays an insignificant role at our seven units: Their net interest expense in 1987 was only $2 million. Thus, pre-tax earnings on the equity capital employed by these businesses amounted to $178 million. And this equity - again on an historical-cost basis - was only $175 million.

Source： https://www.berkshirehathaway.com/letters/1987.html
1987 Chairman's Letter, excerpt 3

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

國有寶，有器，有用。城郭、險阻、蓄藏，寶也。聖智，器也。珠玉，末用也。先王重其寶器而輕其用，故能爲天下。生而不死者二，立而不立者四。喜也者，怒也者，惡也者，欲也者，天下之敗也，而賢者寶之。爲善者，非善也，故善無以爲也，故先王貴善。王主積于民，霸主積于將戰士，衰主積于貴人，亡主積于婦女珠玉，故先王慎其所積。疾之疾之，萬物之師也。爲之爲之，萬物之時也。强之强之，萬物之脂也。

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC12%E7%AF%87%E6%A8%9E%E8%A8%80
第12篇樞言·第2则

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

Our growth rate was lackluster in 1990 because our four major common stock holdings, in aggregate, showed little change in market value. Last year I told you that though these companies - Capital Cities/ABC, Coca-Cola, GEICO, and Washington Post - had fine businesses and superb managements, widespread recognition of these attributes had pushed the stock prices of the four to lofty levels. The market prices of the two media companies have since fallen significantly - for good reasons relating to evolutionary industry developments that I will discuss later - and the price of Coca-Cola stock has increased significantly for what I also believe are good reasons. Overall, yearend 1990 prices of our "permanent four," though far from enticing, were a bit more appealing than they were a year earlier.

Source： https://www.berkshirehathaway.com/letters/1990.html
1990 Chairman's Letter, excerpt 2

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