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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 43
But it so happened that my intention of writing and publishing this comment was never fulfilled. I did, indeed, from time to time, put down short…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 44
In this piece it was my design to explain and enforce this doctrine, that vicious actions are not hurtful because they are forbidden, but forbidden…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 45
And this mode, which I at first put on with some violence to natural inclination, became at length so easy, and so habitual to me, that perhaps for…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 46
I mention this affair chiefly for the sake of recommending that branch of education for our young females, as likely to be of more use to them and…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 47
I have already mention'd that I had only one year's instruction in a Latin school, and that when very young, after which I neglected that language…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 48
My first promotion was my being chosen, in 1736, clerk of the General Assembly. The choice was made that year without opposition; but the year…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 49
On the whole, I proposed as a more effectual watch, the hiring of proper men to serve constantly in that business; and as a more equitable way of…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 50
My business was now continually augmenting, and my circumstances growing daily easier, my newspaper having become very profitable, as being for a…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 51
When the company separated, and the papers were collected, we found above twelve hundred hands; and, other copies being dispersed in the country, the…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 52
My being many years in the Assembly, the majority of which were constantly Quakers, gave me frequent opportunities of seeing the embarrassment…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 53
It was in allusion to this fact that, when in our fire company we feared the success of our proposal in favour of the lottery, and I had said to my…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 54
An ironmonger in London however, assuming a good deal of my pamphlet, and working it up into his own, and making some small changes in the machine,…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 55
Peace being concluded, and the association business therefore at an end, I turn'd my thoughts again to the affair of establishing an academy. The…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 56
In 1751, Dr. Thomas Bond, a particular friend of mine, conceived the idea of establishing a hospital in Philadelphia (a very beneficent design, which…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 57
At length he came to me with the compliment that he found there was no such thing as carrying a public-spirited project through without my being…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 58
I have since had doubts of the practicability of the latter part of this proposal, on account of the narrowness of some streets, and the difficulty…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 59
The business of the postoffice occasion'd my taking a journey this year to New England, where the College of Cambridge, of their own motion,…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 60
By this plan the general government was to be administered by a president-general, appointed and supported by the crown, and a grand council was to…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 61
The Board of Trade therefore did not approve of it, nor recommend it for the approbation of his majesty; but another scheme was form'd, supposed to…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 62
"I apprehended that the progress of British soldiers through these counties on such an occasion, especially considering the temper they are in, and…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 63
I received of the general about eight hundred pounds, to be disbursed in advance-money to the waggon owners, etc.; but that sum being insufficient, I…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 64
In their first march, too, from their landing till they got beyond the settlements, they had plundered and stripped the inhabitants, totally…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 65
As soon as the loss of the waggons and horses was generally known, all the owners came upon me for the valuation which I had given bond to pay. Their…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 66
It was the beginning of January when we set out upon this business of building forts. I sent one detachment toward the Minisink, with instructions to…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 67
The next day being fair, we continu'd our march, and arriv'd at the desolated Gnadenhut. There was a saw-mill near, round which were left several…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 68
This gave me occasion to observe, that, when men are employ'd, they are best content'd; for on the days they worked they were good-natur'd and…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 69
This silly affair, however, greatly increased his rancour against me, which was before not a little, on account of my conduct in the Assembly…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 70
Notwithstanding the continual wrangle between the governor and the House, in which I, as a member, had so large a share, there still subsisted a…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 71
In 1746, being at Boston, I met there with a Dr. Spence, who was lately arrived from Scotland, and show'd me some electric experiments. They were…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 72
What gave my book the more sudden and general celebrity, was the success of one of its proposed experiments, made by Messrs. Dalibard and De Lor at…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 73
Shirley was, I believe, sincerely glad of being relieved from so burdensome a charge as the conduct of an army must be to a man unacquainted with…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 74
I mention'd, but without effect, the great and unexpected expense I had been put to by being detain'd so long at New York, as a reason for my…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 75
Our captain of the paquet had boasted much, before we sailed, of the swiftness of his ship; unfortunately, when we came to sea, she proved the…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 76
Even in the simple operation of sailing when at sea, I have often observ'd different judgments in the officers who commanded the successive watches,…
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Career · 本杰明·富兰克林《本杰明·富兰克林自传》· The Autobiography of Benjamin Franklin
The Autobiography of Benjamin Franklin, Excerpt 77
The Assembly looked into my entering into the first part of the engagement, as an essential service to the Province, since it secured the credit of…
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Investing · 查理·芒格《《关于基本世俗智慧的演讲》》· The models: multiple models
Multiple Models and the Hammer
What are the models? Well, the first rule is that you've got to have multiple models—because if you just have one or two that you're using, the…
Using only one or two models makes you distort reality to fit them.
Cognition · Decision · Learning · Modern investor letters
Career · 查理·芒格《《关于基本世俗智慧的演讲》》· The models: multiple disciplines
Models from Many Disciplines
And the models have to come from multiple disciplines—because all the wisdom of the world is not to be found in one little academic department.
Worldly wisdom requires models drawn from many disciplines, not one department.
Learning · Cognition · Philosophy · Modern investor letters
Investing · 查理·芒格《《关于基本世俗智慧的演讲》》· Accounting and its limitations
Accounting Is Only an Approximation
But you have to know enough about it to understand its limitations—because although accounting is the starting place, it's only a crude approximation.
Accounting is the starting point of analysis, but only a crude approximation.
Investing · Cognition · Decision · Modern investor letters
Investing · 查理·芒格《《关于基本世俗智慧的演讲》》· Microeconomics: commodity businesses and competition
Competition in the Airline Business
Competition was so intense that, once it was unleashed by deregulation, it ravaged shareholder wealth in the airline business.
Intense competition in a commodity industry can destroy shareholder wealth.
Investing · Growth · Human nature · Modern investor letters
Career · 查理·芒格《《关于基本世俗智慧的演讲》》· Circle of competence
The Circle of Competence
Every person is going to have a circle of competence. And it's going to be very hard to advance that circle.
Everyone has a circle of competence, and expanding it is hard.
Investing · Character · Decision · Modern investor letters
Career · 查理·芒格《《关于基本世俗智慧的演讲》》· Incentives and human behavior
Incentives Drive Behavior
So what makes sense for the investor is different from what makes sense for the manager. And, as usual in human affairs, what determines the behavior…
Investor and manager interests diverge; incentives drive behavior.
Human nature · Leadership · Decision · Modern investor letters
Career · 查理·芒格《《南加州大学法学院2007年毕业典礼演讲》》· Deserving what you want
Deserve What You Want
The safest way to try and get what you want is to try and deserve what you want.
The surest path to getting what you want is to deserve it.
Character · Philosophy · Action · Modern investor letters
Career · 查理·芒格《《南加州大学法学院2007年毕业典礼演讲》》· The iron prescription
The Iron Prescription
I’m not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people do who are supporting…
Earn the right to an opinion by stating the opposing case better than its supporters.
Cognition · Decision · Character · Modern investor letters
Investing · 本杰明·格雷厄姆《《聪明的投资者》》· Introduction
Defensive vs. Enterprising
The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of…
The enterprising investor is defined by the willingness to do the work of selection.
Investing · Character · Action · Modern investor letters
Investing · 本杰明·格雷厄姆《《聪明的投资者》》· Chapter 2, The Investor and Inflation
Inflation and Stock Prices
There is no close time connection between inflationary (or deflationary) conditions and the movement of common-stock earnings and prices.
Inflation does not move stock earnings and prices on a predictable timetable.
Investing · History · Cognition · Modern investor letters
Investing · 本杰明·格雷厄姆《《聪明的投资者》》· Chapter 8, The Investor and Market Fluctuations
Mr. Market
If you are a prudent investor or a sensible businessman, will you let Mr. Market’s daily communication determine your view of the value of a $1,000…
The market's daily quote should not determine your view of value.
Investing · Human nature · Decision · Modern investor letters
Investing · 本杰明·格雷厄姆《《聪明的投资者》》· Chapter 20, Margin of Safety as the Central Concept of Investment
Diversification and Margin of Safety
Diversification is an established tenet of conservative investment. By accepting it so universally, investors are really demonstrating their…
Diversification is the practical companion of the margin-of-safety principle.
Investing · Decision · Wealth · Modern investor letters
Investing · 本杰明·格雷厄姆《《证券分析》》· Chapter IV, Distinctions Between Investment and Speculation
Investment vs. Speculation
An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these…
Investment requires thorough analysis, safety of principal, and a satisfactory return; otherwise it is speculation.
Investing · Decision · Philosophy · Modern investor letters
Investing · 本杰明·格雷厄姆《《证券分析》》· Chapter I, The Scope and Limitations of Security Analysis. The Concept of Intrinsic Value
Intrinsic Value Needs Only Approximation
The essential point is that security analysis does not seek to determine exactly what is the intrinsic value of a given security.
Security analysis seeks an adequate approximation of value, not an exact number.
Investing · Cognition · Decision · Modern investor letters
Investing · 本杰明·格雷厄姆《《证券分析》》· Introduction, The Factor of Timing
The Limits of Market Timing
It is our view that stock-market timing cannot be done, with general success, unless the time to buy is related to an attractive price level, as…
Market timing only works when tied to analytically attractive prices, not to market signals alone.
Investing · Decision · Cognition · Modern investor letters
Investing · 本杰明·格雷厄姆《《证券分析》》· Chapter VII, The Selection of Fixed-Value Investments: Second and Third Principles
Withstanding Adversity
The rule that a sound investment must be able to withstand adversity seems self-evident enough to be termed a truism.
A sound investment must be able to survive adversity, not just prosper in good times.
Investing · Character · Decision · Modern investor letters