My mother took the steamer the next morning for East Liverpool, arriving at night, and through her brother there the money was secured. He was a justice of the peace, a well-known resident of that then small town, and…
My mother took the steamer the next morning for East Liverpool, arriving at night, and through her brother there the money was secured. He was a justice of the peace, a well-known resident of that then small town, and…
Adam Smith：The Wealth of Nations, Book III, Chapter IV, Paragraph 981
Adam Smith《The Wealth of Nations》· Book III, Chapter IV · Investing
When the great proprietors of land spend their rents in maintaining their tenants and retainers, each of them maintains entirely all his own tenants and all his own retainers. But when they spend them in maintaining tradesmen and artificers, they may, all of them taken together, perhaps maintain as great, or, on account of the waste which attends rustic hospitality, a greater number of people than before. Each of them, however, taken singly, contributes often but a very small share to the maintenance of any individual of this greater number. Each tradesman or artificer derives his subsistence from the employment, not of one, but of a hundred or a thousand different customers. Though in some measure obliged to them all, therefore, he is not absolutely dependent upon any one of them.
My mother took the steamer the next morning for East Liverpool, arriving at night, and through her brother there the money was secured. He was a justice of the peace, a well-known resident of that then small town, and…
Some of these men, however, are so absorbed in their business affairs that they hardly have time to think of anything else. If they do interest themselves in a work outside of their own office and undertake to raise…
21:00 Figures · Investing · Modern investor letters
Warren Buffett：Berkshire 2016 Letter, Excerpt 4
Warren Buffett《Berkshire Hathaway 2016 Letter to Shareholders》· 2016 Chairman's Letter · Investing
Over time, stock prices gravitate toward intrinsic value. That’s what has happened at Berkshire, a fact explaining why the company’s 52-year market-price gain – shown on the facing page – materially exceeds its book-value gain.
My mother took the steamer the next morning for East Liverpool, arriving at night, and through her brother there the money was secured. He was a justice of the peace, a well-known resident of that then small town, and…