Adam Smith:The Wealth of Nations, Book I, Chapter XI, Paragraph 382
Adam Smith《The Wealth of Nations》· Book I, Chapter XI · Investing
The sea in the neighbourhood of the islands of Shetland is more than commonly abundant in fish, which makes a great part of the subsistence of their inhabitants. But, in order to profit by the produce of the water, they must have a habitation upon the neighbouring land. The rent of the landlord is in proportion, not to what the farmer can make by the land, but to what he can make both by the land and the water. It is partly paid in sea-fish; and one of the very few instances in which rent makes a part of the price of that commodity, is to be found in that country.
I remember being deeply affected by the reception I met with when I returned to my division. The men of the eastern end had gathered together with a cannon and while the train passed I was greeted with a salvo. This was…
I remember being deeply affected by the reception I met with when I returned to my division. The men of the eastern end had gathered together with a cannon and while the train passed I was greeted with a salvo. This was…
I remember being deeply affected by the reception I met with when I returned to my division. The men of the eastern end had gathered together with a cannon and while the train passed I was greeted with a salvo. This was…
Anything low, mean, deceitful, shifty, coarse, underhand, or gossipy was foreign to that heroic soul. Tom and I could not help growing up respectable characters, having such a mother and such a father, for the father,…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 2022 Letter, Excerpt 4
Warren Buffett《Berkshire Hathaway 2022 Letter to Shareholders》· 2022 Chairman's Letter · Investing
Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.
I remember being deeply affected by the reception I met with when I returned to my division. The men of the eastern end had gathered together with a cannon and while the train passed I was greeted with a salvo. This was…