More Like 60 To 70 Years

The rich are always going to say that, you know, just give us more money and we’ll go out and spend more and then it will all trickle down to the rest of you.  But that has not worked the last 10 years, and I hope the American public is catching on.
—     Warren Buffett
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On This Day In:
2021	Hold That Thought
	Got Love?
2020	Everyone I’ve Ever Met
	A Secret Chord
2019	A Big “IF”
2018	Silence Presence
2017	Feeling Small Standing In Front Of My Shelves
2016	Show Willing
2015	If He Only Knew…
2014	Dared To Love
2013	Strong Kung-Fu
2012	Two Tribes
2011	Made Any Assumptions Lately?

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At Least Pay A Fair Share

If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further.  But I think that people at the high end – people like myself – should be paying a lot more in taxes.  We have it better than we’ve ever had it.
—    Warren Buffett
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On This Day In:
2021	Still Dangerous
	My Destiny
2020	Explaining And Gilding
	That Way
2019	Lead To Action
2018	Listen And See
2017	The Big Illusion
2016	What Are You Thinking About?
2015	What The Framers Chose
2014	Lost Anything Lately?
	A Life Of Science
2013	Serve The World
2012	Acquaintance, n.
2011	On Why His Father Was A Great Teacher
	A Baker’s Dozen

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Three Reasons Why #45 Was Too Much For America To Handle

We’ve read management treatises that specify exactly how many people should report to any one executive, but they make little sense to us.  When you have able managers of high character running businesses about which they are passionate, you can have a dozen or more reporting to you and still have time for an afternoon nap.  Conversely, if you have even one person reporting to you who is deceitful, inept or uninterested, you will find yourself with more than you can handle.
—     Warren Buffett
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On This Day In:
2021	Feeling Humble
	Laughter And Loving
2020	Mostly Dry, With A Chance Of Late Rain
	And The Same Goes For Blogs / Posts
2019	Not Enough
2018	One Thing We Do Know
2017	Preservation
2016	Going Back
2015	Just For Today
2014	Reaching For Destiny
2013	Still Just Passing Through
2012	Live Or Die
2011	On Secession
2010	A Rocky Weekend

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Recovering From The #45 / COVID Induced Inflation / Recession

Americans are in a cycle of fear which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear.  We’ll break out of it.  It takes time.
—     Warren Buffett
It’s never paid to bet against America.  We come through things, but its not always a smooth ride.
—    Warren Buffett
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On This Day In:
2021	Sift And Stir
	Some Oaktown Beat
2020	Role Reversal
	Time To Defend The Constitution (Part I)
	Time To Defend The Constitution (Part II)
2019	Right Or Wrong
2018	Open Doors
2017	When It Deserves It
2016	Expiation For Rest
2015	You’ll Get Through It
2014	A Special Kind Of Fall
2013	Very Rewarding
2012	MIB3 – The Team Is Closer Than Ever
	Yet
2011	Little By Little

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Widening The Moat

Every day, in countless ways, the competitive position of each of our businesses grows either weaker or stronger.  If we are delighting customers, eliminating unnecessary costs and improving our products and services, we gain strength.  But if we treat customers with indifference or tolerate bloat, our businesses will wither.  On a daily basis, the effects of our actions are imperceptible;  cumulatively, though, their consequences are enormous.
When our long-term competitive position improves as a result of these almost unnoticeable actions, we describe the phenomenon as “widening the moat.”  And doing that is essential if we are to have the kind of business we want a decade or two from now.  We always, of course, hope to earn more money in the short-term.  But when short-term and long-term conflict, widening the moat must take precedence.  If a management makes bad decisions in order to hit short-term earnings targets, and consequently gets behind the eight-ball in terms of costs, customer satisfaction or brand strength, no amount of subsequent brilliance will overcome the damage that has been inflicted.  Take a look at the dilemmas of managers in the auto and airline industries today as they struggle with the huge problems handed them by their predecessors.  Charlie [Munger] is fond of quoting Ben Franklin’s “An ounce of prevention is worth a pound of cure.”  But sometimes no amount of cure will overcome the mistakes of the past.
—     Warren Buffett
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On This Day In:
2021	Core Strength
	Thinking Of You
2020	Rising Danger
	210 Day Health / Weight Update (Apr 2020)
2019	Never Let ‘Em See You Sweat
2018	Just Two?
2017	Living Without Love
	Good News!
2016	At This Moment
2015	Still Dreaming
2014	Good Wins
2013	Before
2012	Look To This Day
2011	One View Of Man

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Following His Own Path

The big question about how people behave is whether they’ve got an Inner Scorecard or an Outer Scorecard.  It helps if you can be satisfied with an Inner Scorecard.
—     Warren Buffett
[Happy birthday, Bro!  You demonstrated the meaning of an “Inner Scorecard” for me long before it was ever a thing or had a name.   —    KMAB]
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On This Day In:
2021	Show A Brother Some Love
	Beyond Words
2020	Especially You, Bro
	Words Without Explanation
2019	Enjoy!
2018	Happy Birthday, Bro!
2017	Love Can Change The World In A Minute
2016	60, Little Bro!
2015	Vision and Courage
2014	58 – Little Bro
2013	New Adventures And Old Hopes
	Caving In
2012	Bits And Bobs And Birthdays
	Always Hope
2011	Wet Snow And Long Hills

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Yo-yo Management

We neither understand the adding of unneeded people or activities because profits are booming, nor the cutting of essential people or activities because profitability is shrinking.  That kind of yo-yo approach is neither business-like nor humane.
—     Warren Buffett
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On This Day In:
2021	DIY: Outdoor Gym Modifications
	First Hammock Hang Of 2021
	Slow Moving Trains And Squirrels
	Just Chillin’… Why?
2020	Still Crazy After All These Years…
2019	20 / 20 Foresight
	He Knew Damned Well…
2018	Be Someone’s Kindling
2017	When The Moment Comes
2016	Changed Clothes Lately?
2015	Like Stone
2014	Resistance Is Futile
2013	Subtle Humor
	To Look Behind Green Eyes
2012	The Path Is Endless
2011	Happy MLK, Jr Day!!!
	A Factor Of Ten
	Better Late Than Never?
	Whoops!
	Acceptable Beginnings
	Slow Progress
	Useful Confrontation
	When Phenomena Are Different
	Creative Avoidance
	Thinking
	Fast And Flexible
	Surrender Certainty
	Techniques
	Vive La Difference
	Destiny
	Completeness
	Art

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Historians, Not Librarians

If past history was all there was to the game, the richest people would be librarians.
—    Warren Buffett
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On This Day In:
2021	Inshallah
	Leave No Doubt
2020	A Choice
2019	Fill It Up
2018	Can We Talk About Me?
2017	About Change
	Gordian
2016	Are Your Prayers Functioning?
2015	Expressing Love
2014	Cyclical Attitudes
2013	Footprints
2012	Broken Resolutions
	Bin It

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It Still Isn’t

A public-opinion poll is no substitute for thought.
—    Warren Buffett
[We are a republic because the “Founders” did NOT believe in the shared ignorance of the common man to run a government.  They believed representatives could gain expertise, but would fundamentally vote their conscious for a common good.  It is not at all clear the latter assumption remains true.  It is increasingly difficult to vote out of office ANYONE who no longer represents the electorate, because of the massive amounts of monies required to conduct modern campaigns.  Without the check of a suitable AND viable alternative replacing you at every election cycle, today’s politicians tend to vote in their interest and not in the interest of the electorate.  This is both the power of and threat from office holder incumbency.
In fairness to the “Founders”, it is also highly unlikely they imagined modern medicine would extend the lives (and working careers) of an average politician into their 70’s and 80’s.  The working assumption was political office would be a part-time thing or a crowning lifetime achievement, and not a life-long career.  The expectation was that most would HAVE to go back to look after their families, their farms / land, or their businesses.  This is obviously no longer the case – as long as you can retain the power of your elected office.    —    KMAB]
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On This Day In:
2020	One Is Not Plural
	On And On…
2019	I Think I’ve Just Been Argoted
2018	Good-Bye AG Jeff Sessions
2017	On Our Wall (Part 2)
2016	I Beg The Question
2015	By Their Fruit
2014	Proven Worth
2013	From Missouri
2012	Recipe To Write: Start With One Aching Urge
2011	Ip And Rib
	Real Things
2010	Final Competition

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It Also Helps To Marry Well

It’s better to hang out with people better than you.  Pick out associates whose behavior is better than yours and you’ll drift in that direction.
—    Warren Buffett
Happy Birthday, Hil!!  Our friendship / marriage has definitely made me a better person…
All my love,
Always!
Your Kev
XXX
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On This Day In:
2021	It Also Helps To Marry Well
	Holding Hands And Thinking
2020	A Mandelbrot Set
	I Still Can’t…
2019	Proposing A Happy Birthday
	35 Years Later
2018	Forever
2017	Too Good To Be True
	Plain Speaking
2016	She Is Still Singing
2015	Don’t Complain
2014	Nothing Is The Same
	Orange October (XII) – Giants Win Game 7 (3 To 2) And World Series (4 To 3)
2013	Hours, Days, And Years
2012	In Kev Are In Hil
2011	No Game, Didn’t Really Happen
	A Good Post

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Givin’ It All Away

The only way to get love is to be lovable.  It’s very irritating if you have a lot of money.  You’d like to think you could write a check:  ‘I’ll buy a million dollars’ worth of love.’  But it doesn’t work that way.  The more you give love away, the more you get.
—    Warren Buffett
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On This Day In:
2021	Givin’ It All Away
	Memories Will Remind You
2020	Does Blogging Count?
	Just Like You
2019	None Absolutely Certain
	Destroying The Republic
2018	Maps For Those Difficult Times
2017	A True American Hero
	Or Desserts
2016	What #AmnestyDon Is Really Afraid Of
2015	What Are You Doing?
2014	The Ideal Man
2013	Daring Ripples
2012	Evermore
2011	Unpredictable Opportunity
2010	Giants Fall In Game 2 (1 to 6) – Leave PA With 1-1 Split !!

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A Model Democrat

Whatever the future holds, I make you one promise:  I’ll keep at least 99% of my net worth in Berkshire for as long as I am around.  How long will that be?  My model is the loyal Democrat in Fort Wayne who asked to be buried in Chicago so that he could stay active in the party.  To that end, I’ve already selected a “power spot” at the office for my urn.
—    Warren Buffett
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On This Day In:
2021	A Model Democrat
	Listen Mister
2020	The Main Thing: Vote!
	No Other Reason
2019	A Big “IF”
2018	Committed To Thinking
2017	More Pictures From My (Family) Retirement Party
	A Fondness For Sins
2016	Are You Waiting?
2015	The Future Myth
2014	Hands
2013	Because You Have Lived
2012	47%
2011	Conservative Values: Low And Lax
2010	A Non-Zero Sum Game
	What If “c” Isn’t A Constant?
2009	Pictures from UCLA trip…

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Still Dangerous

Derivatives are dangerous.  They have dramatically increased the leverage and risks in our financial system.  They have made it almost impossible for investors to understand and analyze our largest commercial banks and investment banks.
—     Warren Buffett
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On This Day In:
2021	Still Dangerous
	My Destiny
2020	Explaining And Gilding
	That Way
2019	Lead To Action
2018	Listen And See
2017	The Big Illusion
2016	What Are You Thinking About?
2015	What The Framers Chose
2014	Lost Anything Lately?
	A Life Of Science
2013	Serve The World
2012	Acquaintance, n.
2011	On Why His Father Was A Great Teacher
	A Baker’s Dozen

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The Margin Of Safety

Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return.  The worst business to own is one that must, or will, do the opposite – that is, consistently employ ever-greater amounts of capital at very low rates of return.  Unfortunately, the first type of business is very hard to find:  Most high-return businesses need relatively little capital.  Shareholders of such a business usually will benefit if it pays out most of its earnings in dividends or makes significant stock repurchases.
Though the mathematical calculations required to evaluate equities are not difficult, an analyst – even one who is experienced and intelligent – can easily go wrong in estimating future “coupons.”  At Berkshire, we attempt to deal with this problem in two ways.  First, we try to stick to businesses we believe we understand.  That means they must be relatively simple and stable in character.  If a business is complex or subject to constant change, we’re not smart enough to predict future cash flows.  Incidentally, that shortcoming doesn’t bother us.  What counts for most people in investing is not how much they know, but rather how realistically they define what they don’t know.  An investor needs to do very few things right as long as he or she avoids big mistakes.
Second, and equally important, we insist on a margin of safety in our purchase price.  If we calculate the value of a common stock to be only slightly higher than its price, we’re not interested in buying.  We believe this margin-of-safety principle, so strongly emphasized by Ben Graham, to be the cornerstone of investment success.
—     Warren Buffett
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On This Day In:
2020	In The Path
	Hangin’ Out
	But I Won’t Do That
	Unless You Are #45
2019	Seeking Nobility
2018	My Family Calls It Hoarding
	Day 30: Done & Dusted
2017	Rogers’ Rules (Hexadecimal)
2016	But, It’s Such A Simple Mistake
2015	Crawl Towards The Light
2014	Sweet Songs
2013	The Wife Of An Ordinary Man
2012	Three Words
2011	Know Anyone Like This?
2010	Apoplexy??
	When Breaking Up Is Hard To Do…
	Sibling Awareness

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True Fervor

Our prototype for occupational fervor is the Catholic tailor who used his small savings of many years to finance a pilgrimage to the Vatican.  When he returned, his parish held a special meeting to get his first-hand account of the Pope.  ‘Tell us,’ said the eager faithful, ‘just what sort of fellow is he?’  Our hero wasted no words:  ‘He’s a forty-four, medium.’
—     Warren Buffett
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On This Day In:
2020	A Destructive Mistake
	I’d Rather Live In HER World
2019	And #IncompetentTrump Is A Failure At Both
2018	To Excel At Your Craft
	Day 12: Waiting
2017	Like When You Can Order Others To Fight For You
2016	Holding Fast
2015	Alms Or Balms
2014	A Day At The Beach
2013	Pillows
	Steppin’
2012	Invincible Summer
2011	Being Objective
2010	First Things First…
	Northwest Passages – Intro
	Northwest Passages – Day One
	Northwest Passages – Poetry
	Northwest Passages – Evening One
	Northwest Passages – Morning Two

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