1500 Days takes a slight diversion this week. Ask the Reader will return next week as we turn our focus to our last major home project.
Munger and Buffett
Before I tell you about that though, I must tell you just a bit about the Berkshire Hathaway shareholders’ meeting that we got back from just hours ago.
The Berkshire meeting is rightfully called the Woodstock of Capitalists. Folks come from all over the world to hear the wisdom of Charlie Munger and Warren Buffett.
This was our 3rd year and it couldn’t have been better. We met up with the Penny Planters, Steve (and his wife) from Kapitalust, and Jason (and his wife) from Dividend Mantra. We all had dinner on Friday night and shot the breeze for quite a while.
On Saturday, we woke up at 5am to try to get a good seat. Despite arriving at the CenturyLink Center at 6am, hours before the event, we still ended up in the nosebleed section. Sigh…
The best part of the meeting is the question and answer session. A panel of journalists, investment managers and members of the audience ask Buffett and Munger questions for hours and hours. Some audience members asked really stupid questions and were shot down by Buffett. Others asked better ones that generated minutes of banter between Warren and Charlie.
Buffett gets all of the attention and is brilliant, but I’ve come to believe that Munger is just as important to the success of Berkshire Hathaway. Buffett says so himself, starting on page 26 of this year’s letter.
Munger is one of my heroes. He is ethical, generous and brilliant. He is a man influenced only by his internal moral compass that always points in the right direction, never compromising his principals. I could write volumes about Charlie, but I’ll save that for another time.
My favorite quote of the meeting came from Munger at the very end of the Question and Answer session. Someone asked, “What is the most important thing in life?” (I may be butchering this a bit). Munger’s answer went something like this:
Be as rational as you can possibly be. Rationality is a moral duty. It is dishonorable to be stupider than you have to be.
Only from Munger.
We have one major home project left and it is rebuilding our home’s original bathroom. This ugly tribute to the worst of the 70s is nasty and ugly. Goodbye shower doors with mirrors. Goodbye ugly vanity. Goodbye icky tile.
Similar to the kitchen remodel we did a while ago, Mrs. 1500 and I are going to try to finish the project in 5 days. I have taken the week off of work to tackle this beast.
Here is what I have to do:
- Remove all fixtures including light, tub, toilet and vanity.
- Remove all plaster from the walls and ceiling, gutting it down to the studs.
- Remove all floor tile.
- Fix rotted floor. The bathroom doors were not installed correctly which resulted in a leak.
- Reframe wall to accommodate a bigger door. The current door is very narrow.
- Fix the plumbing: There is a clog somewhere in the sink’s pipes…
- Hang and finish drywall.
- Install new tub/shower enclosure.
- Tile and grout floor.
- Install toilet.
- Install new vanity and cabinet.
- Tile backsplash and install light fixture.
I’ll post an update at the end of every day through Friday so you can follow my progress. Wish me luck! Anyone know where the band-aids are? I’m sure going to need them.
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