Our strict system of accounting enabled us to detect the great waste possible in heating large masses of iron. This improvement revealed to us a valuable man in a clerk, William Borntraeger, a distant relative of Mr.…
Our strict system of accounting enabled us to detect the great waste possible in heating large masses of iron. This improvement revealed to us a valuable man in a clerk, William Borntraeger, a distant relative of Mr.…
Adam Smith:The Wealth of Nations, Book V, Chapter II, Paragraph 1879
Adam Smith《The Wealth of Nations》· Book V, Chapter II · Investing
The canton of Berne derives a considerable revenue by lending a part of its treasure to foreign states, that is, by placing it in the public funds of the different indebted nations of Europe, chiefly in those of France and England. The security of this revenue must depend, first, upon the security of the funds in which it is placed, or upon the good faith of the government which has the management of them; and, secondly, upon the certainty or probability of the continuance of peace with the debtor nation. In the case of a war, the very first act of hostility on the part of the debtor nation might be the forfeiture of the funds of its credit. This policy of lending money to foreign states is, so far as I know peculiar to the canton of Berne.
Our strict system of accounting enabled us to detect the great waste possible in heating large masses of iron. This improvement revealed to us a valuable man in a clerk, William Borntraeger, a distant relative of Mr.…
The operating-room of a telegraph office is an excellent school for a young man. He there has to do with pencil and paper, with composition and invention. And there my slight knowledge of British and European affairs…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 2021 Letter, Excerpt 2
Warren Buffett《Berkshire Hathaway 2021 Letter to Shareholders》· 2021 Chairman's Letter · Investing
Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.
Our strict system of accounting enabled us to detect the great waste possible in heating large masses of iron. This improvement revealed to us a valuable man in a clerk, William Borntraeger, a distant relative of Mr.…