Adam Smith：The Wealth of Nations, Book I, Chapter XI, Paragraph 485
Adam Smith《The Wealth of Nations》· Book I, Chapter XI · Investing
In the household book of Henry, the fifth earl of Northumberland, drawn up in 1512 there are two different estimations of wheat. In one of them it is computed at six shilling and eightpence the quarter, in the other at five shillings and eightpence only. In 1512, six shillings and eightpence contained only two ounces of silver, Tower weight, and were equal to about ten shillings of our present money.
The Pittsburgh newspapers had each been in the habit of sending a reporter to the office to transcribe the press dispatches. Later on one man was appointed for all the papers and he suggested that multiple copies…
The Pittsburgh newspapers had each been in the habit of sending a reporter to the office to transcribe the press dispatches. Later on one man was appointed for all the papers and he suggested that multiple copies…
Adam Smith：The Wealth of Nations, Book II, Chapter II, Paragraph 712
Adam Smith《The Wealth of Nations》· Book II, Chapter II · Investing
The gross rent of a private estate comprehends whatever is paid by the farmer; the neat rent, what remains free to the landlord, after deducting the expense of management, of repairs, and all other necessary charges; or what, without hurting his estate, he can afford to place in his stock reserved for immediate consumption, or to spend upon his table, equipage, the ornaments of his house and furniture, his private enjoyments and amusements. His real wealth is in proportion, not to his gross, but to his neat rent.
The Pittsburgh newspapers had each been in the habit of sending a reporter to the office to transcribe the press dispatches. Later on one man was appointed for all the papers and he suggested that multiple copies…
I confess I have no sympathy with the idea so often advanced that our basis of all judgments in this country is founded on money. If this were true, we should be a nation of money hoarders instead of spenders. Nor do…
21:00 Figures · Investing · Modern investor letters
Warren Buffett：Berkshire 1986 Letter, Excerpt 1
Warren Buffett《Berkshire Hathaway 1986 Letter to Shareholders》· 1986 Chairman's Letter · Investing
In past reports I have noted that book value at most companies differs widely from intrinsic business value - the number that really counts for owners. In our own case, however, book value has served for more than a decade as a reasonable if somewhat conservative proxy for business value. That is, our business value has moderately exceeded our book value, with the ratio between the two remaining fairly steady.
The Pittsburgh newspapers had each been in the habit of sending a reporter to the office to transcribe the press dispatches. Later on one man was appointed for all the papers and he suggested that multiple copies…