Recent Articles
2026-02-15 Gemini.Forced Errors/Institutional Imperative/Unforced Errors
Institutional Imperative，表面上看应该是Unforced Errors，但事实上这种人的心理状态在1岁以前就有问题，对现实世界没有基本信任，每次遇到问题的第一反应是回避，回避事实的心理动机是不想重返事故现场（1岁以前的痛苦经历），这种回避是强制性的，不然巴菲特也不会想出这个词：Institutional Imperative，当然，巴菲特自己的心理状态不是这样的，但他所指的Unforced Errors，前提是这个人的心态是正常的，有平常心。 ...
2016-02-27 Warren Buffett.Auto insurance
Refer To：《2016-02-27 Warren Buffett's Letters to Berkshire Shareholders》。 ‹ A bit more than a century ago, the auto was invented, and around it formed an industry that insures cars and their drivers. Initially, this business was written through ...
2008-02 Warren Buffett.Businesses – The Great, the Good and the Gruesome
Refer To：《2008-02 Warren Buffett's Letters to Berkshire Shareholders》。 Businesses – The Great, the Good and the Gruesome 企业类型——极佳、良好与糟糕 Let’s take a look at what kind of businesses turn us on. And while we’re at it, let’s also discuss what we wish to ...
1992-02-28 Warren Buffett.H. H. Brown
Refer To：《1992-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 H. H. Brown We made a sizable acquisition in 1991—the H. H. Brown Company—and behind this business is an interesting history. In 1927 a 29-year-old businessman named Ray ...
1992-02-28 Warren Buffett.See’s Candy
Refer To：《1992-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 Twenty Years in a Candy Store 糖果店里的二十年 We’ve just passed a milestone: Twenty years ago, on January 3, 1972, Blue Chip Stamps (then an affiliate of Berkshire and later merged ...
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