Sun, Sep 5, 2027

During the Civil War the price of iron went up to something like $130 per ton. Even at that figure it was not so much a question of money as of delivery. The railway lines of America were fast becoming dangerous for want of new rails, and this state of affairs led me to organize in 1864 a rail-making concern at Pittsburgh. There was no difficulty in obtaining partners and capital, and the Superior Rail Mill and Blast Furnaces were built.

Source： https://www.gutenberg.org/ebooks/17976
Chapter IX, excerpt 51

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

齊景公待孔子，曰：「若季氏則吾不能，以季、孟之閒待之。」曰：「吾老矣，不能用也。」孔子行。

Source： https://zh.wikisource.org/wiki/%E8%AB%96%E8%AA%9E/%E5%BE%AE%E5%AD%90%E7%AC%AC%E5%8D%81%E5%85%AB
微子第十八·十八之三

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

Pete paused as his wife, daughter and I leaned forward. Then he surprised us: “Well, I looked at Berkshire’s proxy statement and I wouldn’t want to make more than my boss, so pay me $100,000 per year.” After I picked myself off the floor, Pete added: “But we will earn X (he named a number) this year, and I would like an annual bonus of 10% of any earnings above what the company is now delivering.” I replied: “OK Pete, but if Forest River makes any significant acquisitions we will make an appropriate adjustment for the additional capital thus employed.” I didn’t define “appropriate” or “significant,” but those vague terms never caused a problem.

Source： https://www.berkshirehathaway.com/letters/2024ltr.pdf
2024 Chairman's Letter, excerpt 2

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

旗物尚赤，兵尚戟，刑則燒交疆郊。必明其一，必明其將，必明其政，必明其士。四者備，則以治擊亂，以成擊敗。數戰則士疲，數勝則君驕。驕君使疲民，則國危。至善不戰，其次一之。大勝者積衆勝，無非義者，焉可以爲大勝。大勝，無不勝也。此居於圖南方方外。

Source： https://zh.wikisource.org/wiki/%E7%AE%A1%E5%AD%90/%E7%AC%AC08%E7%AF%87%E5%B9%BC%E5%AE%98
第08篇幼官·第8则

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Of course, it's per-share intrinsic value, not book value, that counts. Book value is an accounting term that measures the capital, including retained earnings, that has been put into a business. Intrinsic value is a present-value estimate of the cash that can be taken out of a business during its remaining life. At most companies, the two values are unrelated. Berkshire, however, is an exception: Our book value, though significantly below our intrinsic value, serves as a useful device for tracking that key figure. In 1993, each measure grew by roughly 14%, advances that I would call satisfactory but unexciting.

Source： https://www.berkshirehathaway.com/letters/1993.html
1993 Chairman's Letter, excerpt 4

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