Long term vs. short term

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There is no long term if you don't survive short term. 

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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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Munger and Buffett: Wise Words with Peanut Brittle

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The first weekend of May just passed. That means I was in Omaha to attend  Berkshire Hathaway's  annual shareholder meeting along with 35.000 other people including  Bill Gates  and  George Lucas . The meeting always begins with two or three new humorous short films starring Charlie Munger and Warren Buffett, Vice-Chairman and Chairman of Berkshire Hathaway respectively. There is the same  serious short film  every year as well; Warren Buffett's 1991 testimony to the congressional committee on the  Salomon Brothers  scandal. The film has a famous line from Buffett," Lose money for the firm and I will be understanding. Lose a shred of reputation and I will be ruthless." I wish more firms followed this philosophy. See my summary of the 2012 meeting here .   Buffett and Munger on the stage. See the peanut brittle?      Both Munger and Buffett are my heroes. I like Munger more for his multi-disciplinar...
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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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