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Monday Morning Memo

 

“I find myself increasingly shocked at the unthinking and automatic rubbishing of men which is now so part of our culture that it is hardly even noticed. …I was in a class of nine- and 10-year-olds, girls and boys, and this young woman was telling these kids that the reason for wars was the innately violent nature of men. You could see the little girls, fat with complacency and conceit, while the little boys sat there crumpled, apologising for their existence, thinking this was going to be the pattern of their lives. …The most stupid, ill-educated and nasty woman can rubbish the nicest, kindest and most intelligent man and no one protests. … Men seem to be so cowed that they can’t fight back, and it is time they did.”
       – Doris Lessing, at the Edinburgh Book Festival in 2001.
           She received the Nobel Prize in Literature in 2007.

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Random Quote:

“

Warren Buffett:
We at Berkshire will spend more than our depreciation this year. We spent more than our depreciation last year. We spent more than our depreciation the year before that. Depreciation is a real expense just as much as the expenditure for lights. It’s not a non-cash expense. It’s a cash expense. You just spend it first. The cash is gone. It’s a delayed recording of a cash expense. How anybody can turn that into something they use as a metric that talks about earnings is beyond me. Charlie?

Charlie Munger:
Yeah. I think you would understand any presentation using the word EBITDA – if every time you saw that word – you just substituted the phrase ‘bullshit earnings.’

“

- transcribed from a video of Warren and Charlie addressing a crowd from behind an elevated countertop.

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