Thu, Sep 30, 2027

As we discussed last year, the gain in per-share intrinsic business value is the economic measurement that really counts. But calculations of intrinsic business value are subjective. In our case, book value serves as a useful, although somewhat understated, proxy. In my judgment, intrinsic business value and book value increased during 1984 at about the same rate.

Source： https://www.berkshirehathaway.com/letters/1984.html
1984 Chairman's Letter, excerpt 2

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

八月，甲辰，候騎獲莫離支諜者高竹離，反接詣軍門。上召見，解縛問曰：「何瘦之甚？」對曰：「竅道間行，不食數日矣。」命賜之食，謂曰：「爾為諜，宜速反命。為我寄語莫離支：欲知軍中消息，可遣人徑詣吾所，何必間行辛苦也！」竹離徒跣，上賜屩而遣之。

Source： https://zh.wikisource.org/wiki/%E8%B3%87%E6%B2%BB%E9%80%9A%E9%91%91/%E5%8D%B7198
卷198·太宗文武大聖大廣孝皇帝下之上貞觀十九年（乙巳，公元六四五年）·第14则

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

是時，李悝為魏文侯作盡地力之教，以為地方百里，提封九萬頃，除山澤邑居參分去一，為田六百萬畝，治田勤謹則畝益三升，不勤則損亦如之。地方百里之增減，輒為粟百八十萬石矣。又曰糴其貴傷民，甚賤傷農；民傷則離散，農傷則國貧。故甚貴與甚賤，其傷一也。善為國者，使民毋傷而農益勸。今一夫挾五口，治田百畝，歲收畝一石半，為粟百五十石，除十一之稅十五石，餘百三十五石。食，人月一石半，五人終歲為粟九十石，餘有四十五石。石三十，為錢千三百五十，除社閭嘗新春秋之祠，用錢三百，餘千五十。衣，人率用錢三百，五人終歲用千五百，不足四百五十。不幸疾病死喪之費，及上賦斂，又未與此。

Source： https://zh.wikisource.org/wiki/%E6%BC%A2%E6%9B%B8/%E5%8D%B7024
卷二十四·上 食·第7则

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

對聖賢言語，必要我平時照樣行去，才算讀書 與其使鄉黨有譽言，不如令鄉黨無怨言

Source： https://zh.wikisource.org/wiki/%E5%9C%8D%E7%88%90%E5%A4%9C%E8%A9%B1
第204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.

Berkshire earned $42.5 billion in 2020 according to generally accepted accounting principles (commonly called “GAAP”). The four components of that figure are $21.9 billion of operating earnings, $4.9 billion of realized capital gains, a $26.7 billion gain from an increase in the amount of net unrealized capital gains that exist in the stocks we hold and, finally, an $11 billion loss from a write-down in the value of a few subsidiary and affiliate businesses that we own. All items are stated on an after-tax basis.

Source： https://www.berkshirehathaway.com/letters/2020ltr.pdf
2020 Chairman's Letter, excerpt 1

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