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Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are…

合抱之木，生於毫末；九層之臺，起於累土；千里之行，始於足下。

子曰：「學而時習之，不亦說乎？有朋自遠方來，不亦樂乎？人不知而不慍，不亦君子乎？」

子曰：「學而不思則罔，思而不學則殆。」

故曰：知彼知己，百戰不殆；不知彼而知己，一勝一負；不知彼不知己，每戰必殆。

諺曰：「千金之子，不死於市。」此非空言也。故曰：「天下熙熙，皆為利來；天下壤壤，皆為利往。」

For by these the mind doth turn and convert any impediment whatsoever, to be her aim and purpose. So that what before was the impediment, is now…

Men are disturbed not by things, but by the views which they take of things.

The safest plan, and the one most sure of success for the young man starting in life, is to select the vocation which is most congenial to his tastes.

There is a thinking stuff from which all things are made, and which, in its original state, permeates, penetrates, and fills the interspaces of the…

Men do not attract that which they want, but that which they are.

Sloth makes all things difficult, but industry all easy.

If you know the enemy and know yourself, you need not fear the result of a hundred battles.

it is much safer to be feared than loved, when, of the two, either must be dispensed with.

Is it not pleasant to learn with a constant perseverance and application?

The tree which fills the arms grew from the tiniest sprout; the tower of nine storeys rose from a (small) heap of earth; the journey of a thousand li…

Institutional dynamics, not venality or stupidity, set businesses on these courses, which are too often misguided.

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

We believe that a fundamental measure of our success will be the shareholder value we create over the long term.

We will make bold rather than timid investment decisions where we see a sufficient probability of gaining market leadership advantages. Some of these…

Day 2 is stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death.

We may never know where we're going, or when the tide will turn, but we had better have a good idea where we are.

Pain + Reflection = Progress. There is no avoiding pain, especially if you're going after ambitious goals.

Wealth is assets that earn while you sleep.

One of the most common types of advice we give at Y Combinator is to do things that don't scale.

买股票就是买公司。

市场的存在是为了你来服务的，不是来指导你的。

耐心，就是正视现实，承认很多事情需要时间慢慢发展，不轻易消耗自身资源强推。

指数增长的好投资，最大的回报往往是在后面几年。

子曰：「見賢思齊焉，見不賢而內自省也。」

知人者智，自知者明。勝人者有力，自勝者強。知足者富。強行者有志。不失其所者久。死而不亡者壽。

名與身孰親？身與貨孰多？得與亡孰病？是故甚愛必大費，多藏必厚亡，知足不辱，知止不殆，可以長久。

孫子曰：昔之善戰者，先為不可勝，以待敵之可勝。不可勝在己，可勝在敵。故善戰者，能為不可勝，不能使敵之必可勝。故曰：勝可知，而不可為。

上問魏徵曰：「人主何為而明，何為而暗？」對曰：「兼聽則明，偏信則暗。」

知是行的主意，行是知的功夫；知是行之始，行是知之成。

然後知生於憂患，而死於安樂也。

We do not have a very short time assigned to us, but we lose a great deal of it: life is long enough to carry out the most important projects

The best kind of revenge is, not to become like unto them.

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.

I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to…

Reading maketh a full man; conference a ready man; and writing an exact man.

Trust thyself: every heart vibrates to that iron string.

Operating earnings in 1977 of $21,904,000, or $22.54 per share, were moderately better than anticipated a year ago. Of these earnings, $1.43 per…

Most companies define “record” earnings as a new high in earnings per share. Since businesses customarily add from year to year to their equity base,…

Except for special cases (for example, companies with unusual debt-equity ratios or those with important assets carried at unrealistic balance…

We expect difficulty in matching our 1977 rate of return during the forthcoming year. Beginning equity capital is up 23% from a year ago, and we…

This full consolidation of sales, expenses, receivables, inventories, debt, etc. produces an aggregation of figures from many diverse businesses -…

With that preamble it can be stated that, with or without restated figures, 1978 was a good year. Operating earnings, exclusive of capital gains,…

For example, over the last three years - generally a bonanza period for the insurance industry, our largest profit producer - Berkshire’s per share…

In contrast to this cautious view about near term return from operations, we are optimistic about prospects for long term return from major equity…

Again, we must lead off with a few words about accounting. Since our last annual report, the accounting profession has decided that equity securities…

As you know, Blue Chip Stamps, our 60% owned subsidiary, is fully consolidated in Berkshire Hathaway’s financial statements. However, Blue Chip still…

We continue to feel that the ratio of operating earnings (before securities gains or losses) to shareholders’ equity with all securities valued at…

Measuring such results against shareholders’ equity with securities valued at market could significantly distort the operating performance percentage…

Operating earnings improved to $41.9 million in 1980 from $36.0 million in 1979, but return on beginning equity capital (with securities valued at…

Generally accepted accounting principles require (subject to exceptions, naturally, as with our former bank subsidiary) full consolidation of sales,…

Full inclusion of underlying earnings from another class of holdings, companies owned 20% to 50% (usually called “investees”), also normally occurs.…

Finally come holdings representing less than 20% ownership of another corporation’s voting securities. In these cases, accounting rules dictate…

Operating earnings of $39.7 million in 1981 amounted to 15.2% of beginning equity capital (valuing securities at cost) compared to 17.8% in 1980. Our…

In the 1980 annual report we discussed extensively the concept of non-controlled ownership earnings, i.e., Berkshire’s share of the undistributed…