Recent Articles
1936 John Maynard Keynes.The State of Long-Term Expectation
Refer To：《1936 John Maynard Keynes.The State of Long-Term Expectation》。 I We have seen in the previous chapter that the scale of investment depends on the relation between the rate of interest and the schedule of the marginal efficiency of capital ...
1991-03-01 Warren Buffett.Wells Fargo
Refer To：《1991-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Lethargy bordering on sloth remains the cornerstone of our investment style: This year we neither bought nor sold a share of five of our six major holdings. The exception was ...
1991-03-01 Warren Buffett.Measuring Insurance Performance
Refer To：《1991-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Measuring Insurance Performance 衡量保险业绩 In the previous section I mentioned “float,” the funds of others that insurers, in the conduct of their business, temporarily hold. ...
1936 Ben Graham.US Steel Announces Sweeping Modernization Scheme
An unpublished satire by Ben Graham, written in 1936 and given by the author to Warren Buffett in 1954. Myron C. Taylor, Chairman of U. S. Steel Corporation, today announced the long awaited plan for completely modernizing the world's largest ...
2026-02-28 Greg Abel VS Warren Buffett
Greg Abel 的性格特质中具备高能量的执行力，这跟“狂热就是在忘记目标后加倍努力”有一些相似的成分。心理学强调高能量的特质比低质量更危险，但在商业实践中，尤其是在 Berkshire 这样的大型成熟企业里，这类人反而更容易取得成功。 原因并不复杂：跑道是既定的，“因为—所以”的主干链条（商业模式、企业文化）已经搭好。CEO 的主要工作，不是重建这条链，而是在这条链上高速运行。对这种场景来说，高能量的特质反而容易转化为优势： 先入为主的结论，不再完全是噪音，而可能与既定跑道的方向一致； ...
We are what we repeatedly do.
Take a simple idea and take it seriously.