Recent Articles
1989-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《1989-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1988 was $569 million, or 20.0%. Over the last 24 years (that is, since present management took ...
1991-03-01 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《1991-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Last year we made a prediction: “A reduction [in Berkshire’s net worth] is almost certain in at least one of the next three ...
1997-05-05 Warren Buffett.Share of mind
Refer To：《1997-05-05 Berkshire Hathaway Annual Meeting》。 51. “It’s not share of market. It’s share of mind that counts” “决定胜负的不是市场份额，而是心智份额” WARREN BUFFETT: Zone 1 again. WARREN BUFFETT：再次请1号区。 AUDIENCE MEMBER: Mike Assail (PH) from New York City. ...
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 ...
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