Holy cow, we’ve been busy. The good news is that the tile in the kitchen is all done. Now, we are waiting for the counters to show up. After that, we’ll tile the back-splash and install some LED, under cabinet lighting and be done with it. I’ll show you some pictures and also tell you some of my favorite kitchen remodeling tips when the whole thing is done.
Also, the Thursday rant will be back next week. I have a good one brewing, but it’s not yet ready for prime-time.
But I digress.
Some people enjoy going to beaches or mountains on vacation. However, I’m a bit of a money nerd and one of my favorite weekend getaways with the wife is the Berkshire Hathaway shareholder meeting. This weekend, we head to Omaha to see Mr. Buffett and Mr. Munger in person.
Now, this is no ordinary shareholder meeting. Bill Gates and many other billionaires are in attendance. The atmosphere is electric. Best of all, the audience gets to pepper Buffett and Munger with questions all day. Some of the questions are awful*, but others give you little windows into the minds of these financial titans.
Making the experience even better, we’re meeting up with Mr. and Mrs. PoP of Planting our Pennies fame. I had the pleasure of meeting Mrs. PoP last year and I’m really looking forward to meeting Mr. PoP this year. Hopefully, the ladies don’t get bored with NSX chatter**.
Buffett and I go way back
Well, not really. I don’t even remember exactly how I became interested in Warren Buffett. I vaguely remember reading something about a decade ago that caused me to pick up some Berkshire Hathaway shares. I then promptly forgot about them for at least 5 years. On a whim, one day I decided to see how they were doing and I was pleasantly surprised to see that they had more than doubled. It was at that time that I realized I needed to pay more attention to Warren and Charlie.
I started reading the annual reports which I used to deposit straight into the recycling bin. I read Buffett’s biography and other books. The picture became clear; Buffett provided instructions on how to handle your investments and I had been doing a lot of things wrong. Buffett set me straight***.
Anyway, if you haven’t, do check out Buffett’s annual letter. Go on, I’ll wait. OK, if you didn’t read it, let me entice you with some of my favorite passages from this year’s letter. If nothing else, please do read the last one. It’s pretty great.
Late in 2009, amidst the gloom of the Great Recession, we agreed to buy BNSF, the largest purchase in Berkshire’s history. At the time, I called the transaction an “all-in wager on the economic future of the United States.”
Charlie and I have always considered a “bet” on ever-rising U.S. prosperity to be very close to a sure thing.
America’s best days lie ahead.
Buffett and Munger are very optimistic about the future of America. This is refreshing considering all of the doom and gloom news spit out by the mainstream media.
Keep things simple and don’t swing for the fences. When promised quick profits, respond with a quick “no.”
Great investing advice. There are no quick riches, but there are riches for those who are patient and consistent.
Forming macro opinions or listening to the macro or market predictions of others is a waste of time. Indeed, it is dangerous because it may blur your vision of the facts that are truly important. (When I hear TV commentators glibly opine on what the market will do next, I am reminded of Mickey Mantle’s scathing comment: “You don’t know how easy this game is until you get into that broadcasting booth.”)
I love this one. There is so much garbage out there. A smart investor learns to ignore the noise.
A climate of fear is your friend when investing; a euphoric world is your enemy.
Fantastic advice. The long term market trajectory is up, but there will be short term setbacks. When the next recession hits, stay put. Better yet, take advantage of some of the deals out there and put cash to work. The PoP’s duplex purchase in 2009 is a stellar example of this mentality.
Anyway, see you in Omaha at this Berkshire meeting or a future one. I guarantee you’ll have an awesome time. After the meeting, I’ll even buy you a pint! However, be prepared to listen to me yap on about Buffett, Munger and Berkshire.
*Someone asked,’When are you going to split the A shares?’ Ummm, that is what the B shares are for.
**Mr. PoP and I share a love for the Acura NSX, one of the coolest automobiles of all time. (Mrs. 1500 note: I never get sick of hearing about cars. Or motorcycles. Or computers. Or stocks. Or investing. OK, those last two are true…)
***This is still a work in progress. I still own shares in companies (cough, cough facebook) that Buffett would never, ever touch.
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