BERKSHIRE HATHAWAY INC. SHAREHOLDER LETTERS 2012

錯過許多。Recap。

保險業的基本四要求 ((對比投資，根本就是異曲同工))

• understand all exposures that might cause a policy to incur losses; 
• conservatively assess the likelihood of any exposure actually causing a loss and the probable cost if it does; 
• set a premium that, on average, will deliver a profit after both prospective loss costs and operating expenses are covered;
• be willing to walk away if the appropriate premium can’t be obtained.

Many insurers pass the first three tests and flunk the fourth. They simply can’t turn their back on business that is being eagerly written by their competitors. That old line, “The other guy is doing it, so we must as well,” spells trouble in any business, but none more so than insurance.

別人做什麼，我們不必跟著做。這恐怕除了投資也能對用人生，特別是能夠引起自身欲望的玩意兒，例如爬山對我看到山兒那麼美別人也去過，實在要克制那種莫名奇妙的慾望就算行程不難但昏頭的腦兒容易翹屁股的驕傲。

戒之。

繼續看下去。