Yet another Berkshire Hathaway annual meeting is in the books. This year I didn't feel like waking up early enough to get there before the doors opened at 7am, so I didn't get there until around 8am. The downside to this was an upper deck seat for the 8:30am company movie and morning session, and no time to look at the exhibition hall beforehand. The upside was more sleep, there were still plenty of complementary breakfast danishes and beverages at my super-secret place behind the stage, and I got a great seat for the afternoon session anyway.
This year's observations:
There was only one side-question about CEO succession. I guess everyone has become bored with that. However, Warren Buffett went out of his way this year to have a couple of questions each answered by the Vice-Chairs, Ajit Jain and Greg Abel. One of these guys will be the next CEO. I've heard Abel answer energy questions before, but it was unusual to hear Jain speak on insurance issues.
Charlie Munger was as engaged and funny as ever with his comments, at least until later in the afternoon when he nodded off. (That was not unprecedented, I've seen it before.) I thought the best exchange of the day happened when a questioner identified himself as a 27-year-old from San Francisco who fancied the idea of starting his own investment fund. Buffett took him quite seriously, to my surprise, talking about how he was young when he started his investment partnership. But Charlie didn't bite -- he instead told a joke, which was classic Munger, and maybe the highlight of my day:
"Let me tell you a story that I tell young lawyers who frequently come to me and say, 'How can I quit practicing law and become a billionaire instead?' So I say well, it reminds me of a story they tell about Mozart. A young man came to him, and he said, 'I want to compose symphonies. I want to talk to you about that.' And Mozart said, 'How old are you?' And the man said, 'Twenty-two.' And Mozart said, 'You're too young to do symphonies.' And the guy says, 'But you were writing symphonies when you were ten years old!' Mozart says, 'Yes, but I wasn't running around asking other people how to do it.
It used to be the meeting questions were dominated by Europeans who traveled to Omaha, but now they are dominated by Asians, more specifically, Chinese-Asians. There's even a room at the arena complex that has a Mandarin-language translator. Not sure how this came to be, but Munger especially keeps tabs on China, and has encouraged Berky to invest more there.
This was the first year I can recall that the Omaha World-Herald newspaper wasn't distributed free to those entering the meeting. It was most noticeable before the meeting in that the paper sections couldn't be used by those trying to save seats. In that regard, it was kind of nice, and anyone wanting to read the paper can get use their smartphone anyway.
Thursday, May 23, 2019
Friday, May 10, 2019
Post #400
This is my 400th blog entry since I started it almost 10 years ago(!) (I'll have to throw a party in July when the actual 10th anniversary arrives.) I'm going to do what I've done in past 'century' posts, which is to review some of what I wrote about since my 300th entry. The time gap between the 300th and 400th is going to expose how I don't write as much as I used to -- it's taken me twice as long as the prior 100.
I wrote about several recurring annual topics, including the Berkshire Hathaway Annual Meeting (soon to be post #410), my advice to graduating seniors, RAGBRAI musings, and things for which I'm not thankful.
I wrote about how smart people have many advantages in the world, but are disadvantaged by a lack of numbers, and so many stupid people holding them back.
I wrote about new cities and regions of the country I visited, including attending the Rose Bowl.
I wrote about how great social media technology and platforms could be, if not for the all of the people who use social media for evil and not for good.
I wrote more about our country's slow, inexorable march toward decriminalization and legalization of marijuana, which can't come soon enough.
I wrote a few more times about financial issues, and starting my own firm.
I wrote a handful of times about great songs and songwriters, a dying breed with the exception of a few hip-hop and country artists, to which I rarely listen.
Nearly 100 entries apart, I wrote about my observations at the funerals of my father and mother.
I wrote about how religion separates people (and in many cases, harms people) at least as much as it brings people together.
I wrote about the dysfunction and hatred of this decade's politics and politicians, which is in many ways related to the last item.
I wrote about how today's baby boomer parents are ruining not only their kids' lives, but society in general, with their awful parenting.
I wrote a few items of self-reflection, on what happened in the past, and what I might do differently if I knew then what I know now.
400 posts.....bring on the next 100!
I wrote about several recurring annual topics, including the Berkshire Hathaway Annual Meeting (soon to be post #410), my advice to graduating seniors, RAGBRAI musings, and things for which I'm not thankful.
I wrote about how smart people have many advantages in the world, but are disadvantaged by a lack of numbers, and so many stupid people holding them back.
I wrote about new cities and regions of the country I visited, including attending the Rose Bowl.
I wrote about how great social media technology and platforms could be, if not for the all of the people who use social media for evil and not for good.
I wrote more about our country's slow, inexorable march toward decriminalization and legalization of marijuana, which can't come soon enough.
I wrote a few more times about financial issues, and starting my own firm.
I wrote a handful of times about great songs and songwriters, a dying breed with the exception of a few hip-hop and country artists, to which I rarely listen.
Nearly 100 entries apart, I wrote about my observations at the funerals of my father and mother.
I wrote about how religion separates people (and in many cases, harms people) at least as much as it brings people together.
I wrote about the dysfunction and hatred of this decade's politics and politicians, which is in many ways related to the last item.
I wrote about how today's baby boomer parents are ruining not only their kids' lives, but society in general, with their awful parenting.
I wrote a few items of self-reflection, on what happened in the past, and what I might do differently if I knew then what I know now.
400 posts.....bring on the next 100!
Saturday, April 27, 2019
Too Many Goodbyes
I've had one of the longest, if not the longest, time gaps since my last blog entry. The main reason is, the past month has been consumed by my mother's failing health, death, and burial. She was 90 years old, long enough that she survived not only her spouse, but every other sibling and and in-law of her generation.
More on her life later. When my dad passed away not quite four years ago, I made some observations about the overall funeral experience. All of those observations held true again with my mom's passing, but now I have more to add:
Unlike for my dad, I had a chance to preview my mom's obituary and suggest changes. While I did provide my two cents worth, we should have been more focused on adding a sentence that any memorials be made to one or more designated charities. I'm not sure why that wasn't done, but anyone who's ever had to later help sort out the flowers and wind chimes and cash (for Catholic mass intentions) should know it's needed. There are better ways for others to help leave a legacy.
I have new respect for the embalming skills of funeral home staff. Toward the end of her life, a variety of afflictions had turned my mom's body into a hand-clenched, hunched-over state. But in the casket, she appeared straight and calm. Having said that, the better way to go about a burial is still cremains, eliminating the unnecessary and ridiculous cost of caskets and vaults.
The burial service at the cemetery was unique, at least for me. This time we were not asked if we wanted to stay to watch the casket / vault lowered into the ground. I didn't need to see it, but I'd never seen it done before, and I paid attention to how it was accomplished. My main takeaway was that there was a lot of pressure on the funeral directors, because there were a lot of things to move around, and so much could have gone wrong with a lot of mourners watching.
There were too many 'goodbye' moments for me before, during, and after the funeral. I said goodbye to my mom before she died (on more than one occasion) when she was facing imminent death. Then our family said goodbye to my mom's body before the service when the casket was closed, then again during the service at the final blessing, and then again at the end of the service when the casket was lowered. Then later, we had to start saying goodbye to relatives and friends who had attended. These final salutations all come at a small emotional cost. I would have preferred not to say goodbye that many times in such a short period, especially to the dead.
As with my father's death, I've been very contemplative about my mom's life, and how she spent it. I certainly don't want to dwell on the past couple of years, which she basically spent losing motor function, and dying inch by inch in a nursing home. And I kind of hate that most of my memories of her relate to taking care of her spouse's and children's domestic needs, even in retirement.
In the end, though, her family's happiness was her happiness. So I've concentrated on that, and the fact that she no longer needs to be concerned about others' welfare, or by the limitations of her own body. I'm going to miss Mom, but I will always carry a piece of her and Dad with me.
Friday, March 29, 2019
The View From My Back Window
A few years ago, I made a blog entry about the neighbors across my back yard, whom I often observe from my deck during the summer. At that time, I noted some issues they each had with family members who just didn't want to move out.
Now that I'm working from home, I have a chance to observe these neighbors more frequently -- not by choice, but by virtue of simply looking out my window a few times a day. My update on them is, so much has changed, yet so much remains the same.
My elderly widowed neighbor to the east is rarely seen outside anymore, but there's more activity there than ever. Her disabled son is no longer around, and neither is her prodigal granddaughter and boyfriend, but they've been replaced by others. Now her recently separated or divorced adult grandson lives there, and from time-to-time, he's joined by his kids and girlfriend. You'd think this living arrangement would have the grandson taking care of their house and yard, but this would only be true if you defined 'taking care of'' as letting the property look like an unkempt trailer park.
My neighbors to the northeast haven't changed the number of occupants (unless you count the dog dying), but therein lies the problem. Their adult, mostly unemployed, high-school dropout daughter still lives there. In the past year, in addition to the usual shouting matches, there have been multiple visits by police, fire, and rescue units. Her dad has admitted these are attributable to the daughter's addictive lifestyle, but he and his wife won't kick her out, because, well, they're bad at parenting. Their house and yard were TP'd this week, which I thought was only a high school thing, but at least it's better than hearing gunshots.
Like I said, much has changed, yet much remains the same, and none of it is good for my property value.
Now that I'm working from home, I have a chance to observe these neighbors more frequently -- not by choice, but by virtue of simply looking out my window a few times a day. My update on them is, so much has changed, yet so much remains the same.
My elderly widowed neighbor to the east is rarely seen outside anymore, but there's more activity there than ever. Her disabled son is no longer around, and neither is her prodigal granddaughter and boyfriend, but they've been replaced by others. Now her recently separated or divorced adult grandson lives there, and from time-to-time, he's joined by his kids and girlfriend. You'd think this living arrangement would have the grandson taking care of their house and yard, but this would only be true if you defined 'taking care of'' as letting the property look like an unkempt trailer park.
My neighbors to the northeast haven't changed the number of occupants (unless you count the dog dying), but therein lies the problem. Their adult, mostly unemployed, high-school dropout daughter still lives there. In the past year, in addition to the usual shouting matches, there have been multiple visits by police, fire, and rescue units. Her dad has admitted these are attributable to the daughter's addictive lifestyle, but he and his wife won't kick her out, because, well, they're bad at parenting. Their house and yard were TP'd this week, which I thought was only a high school thing, but at least it's better than hearing gunshots.
Like I said, much has changed, yet much remains the same, and none of it is good for my property value.
Thursday, March 14, 2019
A Taxing Occupation
It’s tax time, meaning more work for me both personally and professionally. This year more than ever, I find myself talking to – and about -- tax preparers.
Tax preparers are a little bit like financial advisors, in that some are better than others, and credentials matter. If you need help doing taxes, you probably get what you pay for.
Alternatively, though, most tax preparers are alike in one major way. That is, they are concerned with minimizing their clients’ taxes in the current year. Seems like a good idea for everyone, right?
The thing is, not everyone should be worried about minimizing taxes now; they ought to be worried about minimizing taxes later. While always subject to change, it’s a fact that the current tax law expires in 2026. Without changes, this means tax rates will go back to the higher 2017 brackets.
In this environment, tools like a Roth IRA can be of great use, where you pay taxes now in return for not paying taxes later. Unfortunately, when tax preparers do suggest an IRA, it’s almost always a traditional IRA, since they want the immediate tax deduction.
Part of this is that some tax preparers are compensated in part by the amount of refund they generate. Gosh, imagine that, doing something that’s better for them than for the client.
This is why many people would be better served by a credentialed, fiduciary, financial / tax planner instead of the run-of the-mill tax preparer.
Tax preparers are a little bit like financial advisors, in that some are better than others, and credentials matter. If you need help doing taxes, you probably get what you pay for.
Alternatively, though, most tax preparers are alike in one major way. That is, they are concerned with minimizing their clients’ taxes in the current year. Seems like a good idea for everyone, right?
The thing is, not everyone should be worried about minimizing taxes now; they ought to be worried about minimizing taxes later. While always subject to change, it’s a fact that the current tax law expires in 2026. Without changes, this means tax rates will go back to the higher 2017 brackets.
In this environment, tools like a Roth IRA can be of great use, where you pay taxes now in return for not paying taxes later. Unfortunately, when tax preparers do suggest an IRA, it’s almost always a traditional IRA, since they want the immediate tax deduction.
Part of this is that some tax preparers are compensated in part by the amount of refund they generate. Gosh, imagine that, doing something that’s better for them than for the client.
This is why many people would be better served by a credentialed, fiduciary, financial / tax planner instead of the run-of the-mill tax preparer.
Friday, February 22, 2019
The Catholic Reformation
Looking back on the label-tags on this blog site, I'm surprised to see that 'religion' is one of the most used. I didn't recall writing much about the topic, I suppose because it's been a few years since I've made more than a passing reference to it, and frankly, I haven't been a big fan of religion for a while.
That streak gets broken today, in order to write about the sexual abuse scandals that are (still) engulfing the Catholic Church. We've known for many years now that some of the clergy have used their positions to abuse children. It's widespread enough that I had to reflect on whether I, a product of Catholic schooling and a former mass server, may have been abused. (I decided No.)
We've known for a lesser time, however, that despite promises to the contrary, the church has done virtually nothing to stop the perpetrators, nor to keep it from happening further. And now we're finding out that nuns have also been part of the abused, and part of the abusers.
Of course, this is outrageous. As I write this, the church hierarchy is meeting in Rome at the pope's request, trying to figure out how to stop the cover-ups, and somehow move forward. No one knows what's going to happen, if anything, but it seems one thing that must happen isn't even on the table -- publicly identifying and prosecuting those known to have committed abuse in the past.
Of course, this is even MORE outrageous. The old men who collectively run the Catholic Church, including the pope, continue to close ranks to protect their own. They somehow seem to think this is a winning strategy, as they have for the past decade or two. They continue to fiddle while Rome burns, semi-literally.
This inaction is immoral at the least, and criminal at the most. Speaking for myself (but probably parroting others), Catholics aren't going to come back to the church unless the abusers and their protectors are arrested, placed in handcuffs, prosecuted, and jailed if proven guilty.
In the meantime, since the church is a benevolent (or maybe malevolent?) dictatorship and the leaders can't be voted out, I believe there's only one thing true Catholics can do to effect change: Reduce or cut off the money supply. In other words, limit alms giving to non-monetary or specified local needs.
The fact is, in today's modernized world, institutions fail without funding. Therefore, to remain viable, such institutions are motivated to reform.
Make no mistake, stopping the flow of money to dioceses and the Vatican will reform them, and fast.
Unfortunately for the needy, doing this will create collateral damage, no doubt. But at this point, does anyone what to argue it's better to serve a vulnerable population with unchecked, potential pedophiles than it is to simply reduce services?
Desperate times call for desperate measures. The Catholic Church needs swift and permanent reform, and it's going to take more prosecution and/or less money for it to happen.
That streak gets broken today, in order to write about the sexual abuse scandals that are (still) engulfing the Catholic Church. We've known for many years now that some of the clergy have used their positions to abuse children. It's widespread enough that I had to reflect on whether I, a product of Catholic schooling and a former mass server, may have been abused. (I decided No.)
We've known for a lesser time, however, that despite promises to the contrary, the church has done virtually nothing to stop the perpetrators, nor to keep it from happening further. And now we're finding out that nuns have also been part of the abused, and part of the abusers.
Of course, this is outrageous. As I write this, the church hierarchy is meeting in Rome at the pope's request, trying to figure out how to stop the cover-ups, and somehow move forward. No one knows what's going to happen, if anything, but it seems one thing that must happen isn't even on the table -- publicly identifying and prosecuting those known to have committed abuse in the past.
Of course, this is even MORE outrageous. The old men who collectively run the Catholic Church, including the pope, continue to close ranks to protect their own. They somehow seem to think this is a winning strategy, as they have for the past decade or two. They continue to fiddle while Rome burns, semi-literally.
This inaction is immoral at the least, and criminal at the most. Speaking for myself (but probably parroting others), Catholics aren't going to come back to the church unless the abusers and their protectors are arrested, placed in handcuffs, prosecuted, and jailed if proven guilty.
In the meantime, since the church is a benevolent (or maybe malevolent?) dictatorship and the leaders can't be voted out, I believe there's only one thing true Catholics can do to effect change: Reduce or cut off the money supply. In other words, limit alms giving to non-monetary or specified local needs.
The fact is, in today's modernized world, institutions fail without funding. Therefore, to remain viable, such institutions are motivated to reform.
Make no mistake, stopping the flow of money to dioceses and the Vatican will reform them, and fast.
Unfortunately for the needy, doing this will create collateral damage, no doubt. But at this point, does anyone what to argue it's better to serve a vulnerable population with unchecked, potential pedophiles than it is to simply reduce services?
Desperate times call for desperate measures. The Catholic Church needs swift and permanent reform, and it's going to take more prosecution and/or less money for it to happen.
Sunday, February 3, 2019
Small Pets And Large People
I'm not a frequent flyer, but over the past few years I've flown enough on passenger jets that I feel qualified to complain. Not about the airlines, but on other airline passengers.
There are two main, aggravating issues:
Why are small, non-service animals allowed on planes? When did this even become a thing? It's crazy that pets should occupy any space on a commercial airliner, even inside a carry-on case. Non-service pets shouldn't be allowed in the airport, much less on an actual plane with other passengers.
If you have a pet, and have to travel, then do what responsible pet owners do -- kennel it or leave it at home with someone else to watch it. If animals could talk, they'd agree with me and say they don't want fly anyway.
But even worse than pets are.....how should I say this.....obese people. There are few things worse on a plane than sitting next to someone so fat their body encroaches on your own seating area. You pay for your own space, but end up only getting part of it, while the weight-challenged person gets their own space plus some of yours.
Apparently, airlines do have obesity policies wherein large passengers are supposed to buy tickets for two seats. This is a rarely enforced subjective rule, however, because I've never been on a plane when this happened, yet there's never been a plane I've been on that didn't have obese passengers.
Sorry, pets. Sorry, obese people. Commercial jets aren't for you, without restrictions.
There are two main, aggravating issues:
Why are small, non-service animals allowed on planes? When did this even become a thing? It's crazy that pets should occupy any space on a commercial airliner, even inside a carry-on case. Non-service pets shouldn't be allowed in the airport, much less on an actual plane with other passengers.
If you have a pet, and have to travel, then do what responsible pet owners do -- kennel it or leave it at home with someone else to watch it. If animals could talk, they'd agree with me and say they don't want fly anyway.
But even worse than pets are.....how should I say this.....obese people. There are few things worse on a plane than sitting next to someone so fat their body encroaches on your own seating area. You pay for your own space, but end up only getting part of it, while the weight-challenged person gets their own space plus some of yours.
Apparently, airlines do have obesity policies wherein large passengers are supposed to buy tickets for two seats. This is a rarely enforced subjective rule, however, because I've never been on a plane when this happened, yet there's never been a plane I've been on that didn't have obese passengers.
Sorry, pets. Sorry, obese people. Commercial jets aren't for you, without restrictions.
Subscribe to:
Posts (Atom)