Human Senses And Economics

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I wonder how life would be like if the law of diminishing marginal utility applied to our five senses.

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Marry the best who will have you and other wisdom from Munger and Buffett

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I spent the last weekend in Omaha, Nebraska with two of the my heroes- Charlie Munger and Warren Buffett . After attending the Berkshire Hathaway (BH) for a few years, I still get amazed how a shareholder meeting attracts 40,000+ people and the meeting is about two guys having fun. Everyone else  enjoys watching them have fun. The format is six hours of open Q&A. There is no preparation by Munger and Buffett. Anyone can ask anything about anything expect what BH is going to buy/sell next. You will see it in the notes  that a wide variety of topics are covered. Notes from previous years are available here . The David Sokol issue was covered by Buffett and that part of the meeting has been recorded so I have not covered it in my notes. You can see it here. Munger talked more this year compared to previous years. I just love this man. He is brilliant! Following are my random notes from the meeting: Buffett does two things in his job- 1) keep operating manag...
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Systems Thinking as taught by Ackoff

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One of my heroes is Dr. Russell Ackoff . I have read a few books he has written and have learned Systems Thinking from him. I am surprised that the field of Systems Thinking is not well understood. Following is my attempt to share what I learned from one of Ackoff's recent lectures. Albert Einstein once said, "You can't solve a problem with the same mind that created it." According to Dr. Russell Ackoff most managers agree with Einstein's statement but not many know what it means. It is easy to agree with something whose meaning is vague. In the Renaissance era, when the science as we know it today was born, a scientific inquiry method called Analysis was developed. Analysis comes naturally to us. Just watch kids breaking new things and being curious about the parts. The understanding of something follows a three step process in analytical thinking: 1. Take it apart 2. Understand (function, role, behavior) what the parts do 3. Assemble the understanding of the pa...
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In Memory of Ralph Abraham: A Friend, Teacher, and Exemplary Human

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My dear friend, Ralph Abraham , passed away on September 19th, 2024. He was 88. It is one of the greatest honors of my life that Ralph considered me his friend. In my entire life, I have never met anyone whose intellectual depth, openness, and kindness matched Ralph's. My family and my parents feel the same.  I met Ralph in November 2009 at Esalen where I attended a workshop he taught on Human Potential . Since then, I met him regularly every three to four months for lunch. I cherished my time with him. I often joked that I didn’t understand half the things Ralph said, and the half I did understand made me rethink everything I knew. There is some truth in that joke.  Ralph discussing Consciousness  Ralph profoundly influenced me. Here are some of the ways: 1. Consciousness: This was probably the most discussed topic between the two of us. He shared with me that there are three levels of consciousness :  (i) Individual (humans and other sentient beings)  (i...
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