Work

1989 Chairman's Letter

Warren Buffett · Passages from the same work, in order.

Career · 沃伦·巴菲特《伯克希尔·哈撒韦 1989 年致股东信》· Mistakes of the First Twenty-five Years (A Condensed Version)

The Institutional Imperative

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

Businesses go astray less from greed or stupidity than from the inertia of institutional dynamics.

Decision · Cognition · Leadership · Human nature · Learning · Modern investor letters

Investing · 沃伦·巴菲特《伯克希尔·哈撒韦 1989 年致股东信》· Mistakes of the First Twenty-five Years (A Condensed Version)

A Wonderful Company at a Fair Price

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

A wonderful business at a fair price beats a fair business at a bargain price.

Investing · Wealth · Decision · Modern investor letters