2020 - TYIL

TYIL – This Year I Learnt 

2020 AD – certainly one of the weirdest years in history since the World Wars with restrictions in place almost across the globe. But that also meant more time locked up trawling the interwebs. Which in turn provided an opportunity to capture and store the occasional bit of trivia which came up in covid-filled minefield that the web had become. So here goes, my sampling of the interesting (at least for me) learnings from 2020 

1. Swami Vivekananda had a 7-wicket haul in Eden Gardens (New Indian Express)
2. Gini Index - is a measure of inequality of wealth distribution in a country (Wikipedia)
3. 8,549,176,320 – the only number with all ten digits arranged in alphabetical order (Braingle)
4. Kuuki o yomu – Japanese for the art of “reading the air” – knowing the unspoken societal rules with comprehensive understanding of the environment including non-verbal communication. Should be more interesting in these masked times. (BBC) 
5. Larry Tessler – the inventor of cut, copy, paste commands. The key reason why the volume of material on the internet keeps growing! (BBC) 
6. Pitt-Hanks Continuum – describing the likelihood of an actor winning the Academy Award based on how much their performance is like Brad Pitt or Tom Hanks in the roles they play. The more like Pitt an actor’s style and roles are, the less likely he is to win. Although now that Brad Pitt has won an Acting Oscar, maybe something to be relooked at! (Vanity Fair) 
7. Pheme (or Ossa) – Greek Goddess of Gossip – they have one for everything! (Theoi)
8. Nintendo started as manufacturer of playing cards in 1889 in Kyoto. They still are in business of creating fun for people. (BBC)
9. Shireen Kiash represented India in Cricket, Hockey and Basketball – a triple international. (Parsi Khabar). Learnt this from the Book "The Fire Burns Blue"
10. Leavism – Trend of working on holidays. Need a new adaptation for 2020, where the very concept of a leave has gone for a toss. (The Guardian) 
11. Herfindahl Index - measure of market concentration (calculated by squaring the market share of each of the companies in the industry and then summing the resulting numbers) (Wikipedia)
12. Exter’s Pyramid – for visualizing organization of asset classes in terms of risk and size. (Miles Franklin) 
13. Fernweh – German word for an “ache for travel” – especially relevant for all those afflicted by #wanderlust in the times of coronavirus. (BBC) 
14. Hunter’s Moon – A phenomenon creating another object bright as the Sun in the sky (Universe Today)
15. Letteral Words – A word which can be pronounced using a few letters (e.g. Queue has same pronunciation as Q) (Link)
16. In the 1970s there was a bus service between London & Sydney and London & Calcutta! (Indiatimes) 
17. Margherita pizza is named in honour of Queen Margherita’s visit to Naples in 1889. Also, pizza is a corruption of the word pita (the bread) (BBC)
18. India Syndrome - described as the delusional behaviour which “hits people from developed Western countries who are looking for a cultural space that is pure and exotic, where real values have been preserved” (Firstpost)
19. Veblean Good – Luxury goods whose demand increases as its price increases. (Investopedia)
20. Hybris – Greek for outrageous arrogance that makes for abuse of power, which leads to the imposition of your will at all costs. (Wikipedia)
21. Pointillism – creating an image from dots (Britannica)
22. Hing – India is the largest consumer & yet is not grown in India at all (till now) (BBC)
23. Aan (1952)- first Indian movie to get a global release. Thanks to Ruskin Bond’s “Journey Down the Years”  (MovieMahal) 
24. King of Hearts is the only King in a standard suit of cards without a mustache (Technology)
25. Daddles is the name of the cricketing duck created by Channel 9. All these years of seeing it didn't realise it had a name (Wikipedia

So this was the random trivia list for 2020. Lets see what 2021 has in store. 

P.S. Here is the list for 2019 

Corona Chronicles: The Word List

The year 2020 A.D. was to put it mildly a bit different! And that difference, among other things, introduced more than a few words into the everyday lexicon. So, in keeping with the theme of the year, presenting my word list for 2020! 

1. Virus – after years the biological virus once again became a primary global threat regaining its crown from the digital version. (Also, Covid & Corona) 
2. Pandemic – the virus went global truly establishing how the world has shrunk and turned into a global village! 
3. Lockdown – to keep the virus in check, governments across the world, imposed lockdowns of varying severity & duration and yielding mixed results. There was a major dispute between the economists & medical professionals on who suffered more – the economy or the health! The dispute remains unresolved in this race to bottom 
4. WFH – Many worked from home or anywhere (WFA). Some took workcations. Whatever the form the way we work has changed. Work is anywhere you place your laptop and have an internet connection! 
5. Zoom – Connecting the working world virtually (alongwith its siblings MS Teams, Webex, JioMeet, Google Meet etc). Also bringing office into home & vice versa! And on a related topic lead to “Zoom Fatigue” setting in as well from being in and out of meetings/calls throughout the day. 
6. Unmute – It’s a meeting, you raise your point and realise that no one is noticing you. Mostly because you had kept yourself on Mute and forgot to “unmute” yourself. 
7. Social distancing – To maintain lockdowns governments asked us to practice social distancing. Shouldn’t they have rather termed it physical distancing! 
8. Bubble – Sports figured a way to get back in action. It was replicated by other agencies as well. Just put the required people in a bubble life with breaches being severely dealt with. But only after making them spend considerable time in Quarantine (been through one – not particularly a fan) 
9. Superspreaders & Hotspots – the anti-bubble, places with multiple cases and causing exponential growth in the infected. (Also, Contact Tracing) 
10. Covidiot – Individuals who don’t bother following simple guidelines – no Masks or necessary PPE using non-essential services! Making themselves a easy prey for the virus as well as potentially becoming a spreader while making contact tracing difficult.
11. Pandemic fatigue – And to round up this word list – pandemic fatigue, from being locked down, attempting to balance household work with office work, sanitizing everything, no general entertainment avenues and the prevailing news environment. The fatigue had to set in! And there were many more variants of above!

Word List as per WHO

Corona Chronicles – The DJ Playlist

So here I am quarantining prior to making an entry into the bubble life. The pandemic and consequent precautions have killed the to & fro day trips. Now any work visit is strictly monitored and becomes a month-long exercise starting with tests and quarantine. But that is not something worth blogging about (or maybe it is, after all, there suddenly seems a bit more time to do nothing). 

So there I am minding my business when from across the safety of the window I hear the sounds of some function going on nearby, probably a reception. Which for some reason also had a DJ, who was trying desperately to throw some life into the small gathering (another collateral impact of the virus, no big, fat public functions anymore). 

Well, lets just say, the playlist was quite an interesting mix. And me, utilizing the solitude, diligently noted down the entire playlist as the songs came on. There were a few repeats as well. I guess some sort of musical chairs was also on, where the participation seemed, to put it gently, less than enthusiastic! But I digress, so coming back here is the playlist. 

Presenting the 2020 Corona Chronicles DJ mix 

1. We will rock you – Queen (YouTube) Great song but for opening the reception party? 
2. Sapne me milti hai – Satya (YouTube) Much better. 
3. Bala bala – Housefull 4 (YouTube)  I don’t like the song
4. Gangnam style – PSY (YouTube)  Why why why? 
5. Aankh Maare - Simbaa (YouTube) Anything to embarrass the couple on stage! I liked the older version though
6. Bolo tara ra ra – Daler Mehndi (YouTube) They are getting into the groove now
7. Khaike paan banaraswala - Don (YouTube) Where did this come from? 
8. Zingaat – Sairat (YouTube) I liked this one 
9. Kajra re – Bunty Aur Babli (YouTube) Heard this one after ages! 
10. Dil chori sada ho gaya – Sonu Ke Titu Ki Sweety (YouTube) Another appropriate one 
11. Ishq tera tadpave – Sukhbir (YouTube) The Grand Finale - had to end with this one. After all which party in India doesn’t play this one & which DJ does not mute the oh ho ho bit.

Mile Sur Mera Tumhara could have done with this cultural mix - songs in English, Hindi, Punjabi, Marathi and Korean! A proper pot pourri of songs. But who am I to judge, it certainly kept yours truly engrossed for a while (and more).

BookMarks #76: The Unusual Billionaires

Title: The Unusual Billionaires 

Author: Saurabh Mukherjea 

Genre: Non-fiction, Business 

Published: 2016 

BookMarks 

The book’s key message is how to build the best performing long term portfolio. To drive home its message, the book uses the example of eight of India’s best performing companies. Alongside the author brings out his own stock-picking methods following the principles of Coffee Can investing and John Kay’s IBAS framework. 

The book has a selection of stories of India’s leading corporates and how they came out to be such. These are 

1. Asian Paints – focused on identifying gaps and how to fill them. Continuity in ownership. Building high entry barriers to competition. 
2. Berger Paints – steadily grown to be #2 in India, despite constantly changing ownership. Steady management provides the right guidance. Having paint industry experience is the key factor. 
3. Marico – took on the might of HUL and ended up buying their competitor product which had been launched to once buy-out Marico’s flagship products. Right innovations and timely product diversifications while holding on to their core strengths has been the key to success. 
4. Page Industries – Bringing an international brand to India and capturing the market share. 
5. Axis Bank – overcoming debacles to become a trusted name in Banking sector 
6. HDFC Bank – rising to the top of banking sector 
7. Astral Polyteknik – creating a new market space & constant innovation & scaling in the same. 
8. ITC – distribution network & diversifications.

The author has also presented John Kay’s IBAS framework, namely innovation, brands and reputation, architecture, and strategic assets and how this framework has been applied by these companies. Timely IT systems upgrade, investments in people, a truly independent Board with people having relevant experience have been the key for success. 

As per the author – “An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative”. With this objective the author has given three broad themes on picking the companies. 

Theme A: Focus on the long term (more than ten years) without being distracted by short term gambles; 

Theme B: Constantly deepen the moat around the core franchise using the IBAS framework and 

Theme C: Sensibly allocate capital whilst studiously avoiding betting the balance sheet on expensive and unrelated forays. 

Additionally, the following checklist for evaluating businesses is provided 

1. Industry Attractiveness 
• Dependency on government regulation 
• Competition – number of competitors & intensity of competition 
• Overall industry size & growth potential 
• Proportion of value addition in the industry 
• Capital intensity & efficiency – lower capital intensity generally generates higher returns 
• Dependency on country’s broad economic cycle 
• Generates excess returns for shareholders (cost of capital >15%) 
2. Management Quality 
• Track record of good governance and clean accounting 
• Political connections 
• Track record of efficient capital allocation 
• Track record of focussing on core operations 
3. Competitive Advantage 
• Brand & Reputation 
• Company’s architecture strength 
• Ownership of strategic assets 
• ROCEs higher than industry average 

Overall, an interesting book which has tried to send the message of investing for the long run with the aid of narratives from some of India’s most successful companies. 

Previously on BookMarks: The Tales Next Door

Maradona – the Hand of God with a touch of the devil

Diego Armando Maradona - a once in a century player, he was a maverick, a genius, a maestro with the ball guiding a football with his left foot, drugs. Taking mediocre teams to glory not seen before or since (Argentina & Napoli). Worshipped as a deity by not just his countrymen but fans all over the world (there is even a Church of Maradona). And yet also embroiled in all sorts of controversies – drugs issues, tax problems, violent behavior, health issues, the company of not so good men! 

And yet all through this time he remained someone who continued being loved and adored by fans across the world. Probably because he was more open about his flaws than many famous ones. 

The bare stats first – he has trophies at the biggest stages - World Cup, Youth World Cup, World Cup Golden Ball, La Liga, Copa del Rey, Serie A (twice), UEFA Cup, Argentine Primera Division and many others. However, even this list glittering doesn’t some close to describe what a phenomenon he was. After all, not many players transcended the game the way he did and managed to enhance the beauty of the beautiful game! 

That game against England (World Cup 86) put on display the contradictions of this maverick. On one side there was the stealth of the “Hand of God” punching in the ball over the keeper and just four minutes later, single-footedly leaving the entire England defense stupefied. The ball dancing along with his foot is one of the most mesmerizing pieces of wizardry seen on a football field. Did he have a wand with him? Not for nothing is it the Goal of the Century! Have read so much of this event in the past few days that I don’t even have to see the footage anymore of this goal! 

Just how big an influence was he on a tiny me? For all my pretense to be a big sports fan, the only sports shirt I own is a replica “La Albiceleste” shirt! Italia 90 was the event which introduced the biggest single sport tournament to me. And he was the God there, even though his powers had started waning. Somehow dragged Argentina into the final where they lost to West Germany and haven’t won since. But that hasn’t stopped me supporting Argentina ever! Now this is the impact on someone who did not see him play at his peak. No wonder why the whole world paused to grieve his passing away. 

Finally, no Maradona tribute can be complete without a video displaying his almost non-human skills. So here is my favorite bit – not of him in action but just warming up! And hope that Asif Kapadia documentary comes soon! 

Farewell Diego Armando Maradona! You have gone to a better place. 

P.S. The best article I read on Maradona - From The Guardian

BookMarks #75: The Tales Next Door

Title: The Tales Next Door: A Collection of Short Stories 

Author: Ranjana Joshi 

Genre: Fiction, Anthology 

Published: 2020 

BookMarks 

A collection of ten short stories covering a variety of themes. Most cover the common, everyday life. Quite a few of these have a twist in the tail. Even when you can see the twist coming, it still provides an engaging read. And I liked the fact that most of the stories do not have a finality but leave on a note pregnant with possibility of developing into a bigger story by itself. 

My favorite of the ten stories is the last one “The Station Artist” which depicts the full circle of life! 

Overall, quite an engaging read. 

Previously on BookMarks: Journey Down the Years

BookMarks #74: Journey Down the Years

Title: Journey Down the Years 

Author: Ruskin Bond 

Genre: Non-fiction, Memoirs 

Published: 2017 

Summary 

A collection of 25 “tales” by the maestro Mr. Bond (as I like to read his name) 

BookMarks 

It is always a pleasure going back to the writings of Ruskin Bond. The stories are simplistic and yet fill with an unadulterated joy. While the book’s title suggests that it is Mr. Bond’s autobiography and thats how the initial stories start off but then the book takes its own course into nature. A constant theme of the stories is the lament of nature losing its battle against human development but everywhere hope springs up. This is a tale of the adventurous wind which the writer first encountered in his childhood and which has taken him places. 

Mr. Bond (I like saying the name) says that it is easier to write without being constrained by a subject. And that is how the book flows flitting from one subject to another - a collection of tales traversed by that adventurous wind. Some on his own life, some his observations. Sometimes the writer is the hero of his tale and sometimes he is just a commentator providing us the "aankhon dekha haal". 

Its the same adventurous wind which brings in that restlessness in the humans so that they are not satisfied with what they have. Rural folk want the hustle bustle of the city life and the urban folks crave  the tranquil of the hills. People come to see the Taj while a young fellow who has lived there ignores the monument and sees the people. 

Yes, the Taj Mahal. As the author writes - it doesn’t change. Therein lies its beauty. For the effect on the traveller is the same today as it was three hundred years ago when the Frenchman, Bernier, wrote: ‘Nothing offends the eye….… No part can be found that is not skillfully wrought, or that has not its peculiar beauty.’ Oh, and I haven't seen it yet! 

The book is filled with tales from the nature - the peacocks of Mathura, the crows who follow humans everywhere, the bat with a misguided radar, a spring making its way into a river. The garden lizard’s story has all the thrills of an Animal Planet documentary with a narration at par with Attenborough. 

A couple of interesting lines about boredom and loneliness that I cherish - ‘Lonely! Why should I feel lonely? Is not our planet in the Milky Way?’ and 'Find a book to read & you will never be bored!' Both lines hold a profound meaning in these weird times. And the book has given me two tasks – Read Kipling’s Kim and re-read Jerome K Jerome’s “Three Men in a Boat”. 

Finally, there was a passage quoted from Farmer's Glory by AG Street which is quite relevant in the covid-19 times 

It is perhaps nothing to boast about, but there is little doubt that the present prosperity of British farming is mainly due to one man, who is now dead. His name was Adolf Hitler. There is no disputing that it was the fear of famine during the early 1940s which taught the British nation that despite all man’s cleverness and inventions, when real danger comes an island people must turn for succour to the only permanent asset they possess, the land of their own country. It has never, and will never, let them down; always provided they realize and obey this eternal truth—that to make the land serve man, man must first be content to serve the land. 

A better analogy of self-sufficiency (or becoming aatm-nirbhar) can’t be provided. 

Overall, a truly wonderful read! 

Previously on BookMarks: My India

Other works of Ruskin Bond on BookMarks 

#59 - The Perfect Murder – An anthology compiled by Mr. Bond.  

#53 - A Gathering of Friends - A collection of short stories.

T20 cricket as seen by a 20-month old

It was the IPL 2020 season, thus presenting an apt time to introduce the gentleman’s game, albeit in its shortest official format to the kiddo. 

But how do you explain the rules and nuances of this most complex game to a toddler. I mean how does one even start. But turns out it is not required. The game gets to you as you watch. So here is how the play goes as per the little one. 

One "uncle" has the ball, does “run run run”. Another "uncle" has bat. The ball moves all over the place making everyone go “run run run”. Sometime ball is “catch”. And many a times somebody or the other goes "gir gaya". 

Overall, resulting in a completely entertaining spectacle at par with "Baby Shark". 

And it's not just uncles, aunty and didi also play on some evenings.

Meanwhile, the little one has also attempted to delay sleep time by asking Papa to watch some cricket! Not for nothing is T20 complete family entertainment!

BookMarks #73: My India

Title: My India 

Author: Jim Corbett 

Genre: Non-fiction, Memoirs 

Published: 1952 

Summary 

The story of India and its people as seen by Jim Corbett. 

BookMarks 

Jim Corbett has been one of my favorite authors since my childhood days. His narration was always thrilling, to say the least. Don’t think any other writer has brought in words the thrill of a hunt as Mr. Corbett did. 

However, My India is not one of his usual hunting tales. Yes, the guns, game, tracking in the jungle is there. But this book is more about the stories of the people he encounters in his twin roles as a railway contractor based at Mokameh Ghat (modern day Mokama in Bihar) and his “home base” in Kaldhungi (now in Uttarakhand). The people are poor, but very honest and if you do good to them, they will return and repay you in every way possible. 

In his writings Corbett displays a better understanding of Indian traditions, caste system and village life than many of our own writers. Understanding and depiction of caste hierarchy, the money-lending system, social standing of different people – some of it can be compared to the writings of Munshi Premchand. The fact that he lived with the villagers and spoke the language of the people certainly helped. 

Of course, reading the book almost a hundred years later does bring a different perspective. Corbett and his people live in a kind of cocoon. There is no resentment of any kind against the British rule and no mention of the freedom struggle which was underway in the time. Quite a surprising omission when one reads it now. And did Corbett never face any ill-treatment? But these do not take anything away from the simple yet gripping tale of My India. 

The book ends with a story of “Snake” in the chapter “Life at Mokameh Ghat”. Incidentally this story was in my Std 6 Gulmohar graded Reader, which was my first experience of Corbett’s writing. So quite an interesting end! 

Previously on BookMarks: Veerappan: Chasing the Brigand

BookMarks #72: Veerappan: Chasing the Brigand

Title: Veerappan: Chasing the Brigand 

Author: K. Vijay Kumar 

Genre: Non-fiction, Biography 

Published: 2017 

Summary 

Narrative of the how the reign of terror of the dreaded bandit Veerappan ended. 

BookMarks 

A slick narrative of how the Special Task Force led by the author, K. Vijay Kumar, managed to finally hunt down Veerappan, the dreaded bandit – who had spread his reign of terror for over two decades across the states of Tamil Nadu and Karnataka. 

The best thing about the book – the author keeps his focus on Veerappan. Every chapter, every anecdote builds up towards the end. Crime finally does not pay, even though criminals take a lot of toll on the state machinery. And everyone’s luck finally runs out even though they may have survived many close brushes with fate. 

The book keeps the narrative taut and avoids all controversy trying to focus on the facts as much as possible. Leaders are shown in positive light or not mentioned at all. (The contrast between Jayalalitha & Karunanidhi in this case). Even the nefarious elements of the society are not named (Mr. X). Instead the focus is solely on the STF personnel who waged decades long operations, making huge personal sacrifices in the process. We get a glimpse of the hardships faced by these extra-ordinarily brave men who put everything in line for their mission, in return getting meager rewards. 

My favorite line from the book – “Activity should not be confused with progress”. 

Another bit I liked is the use of relevant anecdotes from situations around the globe to compare with the hunt in the jungle. However, the bits when the author gives an insight into conversations and thoughts of Veerappan is a bit jarring – I mean how would he have known, unless there was a telepathic connect! But overall a great narrative! 

Previously on BookMarks: Born in the Purple 

ax^2 + bx + c

The phone buzzes, providing a necessary distraction from the tedium of another online meeting (a parallel pandemic in these Covid times).

It was a whatsapp forward!

For some odd reason, instead of focusing on the joke, decided to attempt the problem asked by Ms. Bethanie. The mind jogged back to days of engineering preparation, using integral calculus to solve the area bounded by curves. After managing to correctly remember the rules of integration, found myself staring at an equation. And came to realization that the limits were missing.

The attempt to get the limits/intersection points ended up in a quadratic equation. And howsoever much I wracked my brains, had no recollection of the formula for calculating the roots of a quadratic equation! And as with most small issues Google came to the help it and I reconnected with an old friend. 

Pic – roots of a quadratic equation 

Roots of a Quadratic Equation derivation

Realized that this particular equation could not be solved as the parabola and the line do not intersect. Hence the area bound is zero (or infinity), depending on how you look at it! (Link)

But what happened to the simple formula of quadratic equations which was a constant companion in those years of struggle - for admission to an engineering college and during engineering days. I know it has been a while but how could something just slip off (I could remember the integration part)

Most of the formulae, derivations and theorems which had been hammered in as a student has been so rarely used that they have been forgotten. Wonder what kind of commentary this is about our higher education! Or maybe forgetting the quadratic equation roots is symbolic of how disconnected we are becoming with our roots.

Hopefully the roots of the quadratic equation are now firmly back in place inside the brain. It was good to go back (with a little help from the omniscient google) to these problems instead of the real-world ones

BookMarks #71: Born in the Purple

Title: Born in the Purple 

Author: Dora Ilieva 

Genre: Historical Fiction 

Published: 2020 

Summary 

The tumultuous life story of Princess Anna of Constantinopole, a learned woman who could have been the Empress, yet had to live away in exile. 

BookMarks 

The book is set in the Byzantine empire in the late 11th & early 12th centuries. It is the era of turbulence in European history with Crusades going on under the direction of the Pope. The story gives an interesting insight into the motives of the knights of the Crusades. They were mostly second sons, who were looking at an opportunity the take a fiefdom of their own in the guise of this holy war! We also learn a bit about the knowledge of the era and the political machinations of the Byzantine courts. 

The story is told in a series of flashbacks and herein lies the biggest flaw of this book. There is a disconnect in the narrative. Characters are built up as interesting and when we get back to them, often they are long dead in the very next passage! 

The story also presents the take on the place of woman in the society (of that time). An educated woman is considered the biggest threat by those in power, especially the religious leaders. And they set in all sorts of manipulations to keep them in control. Well, maybe not too different from the current time! 

Everything is about power. And a fight in the battlefield is the least preferred way of gaining one. Manipulations, marriage alliances, coups, treachery, revolts and religion are the most effective ways to gain power! And there is the uneasy alliance between religion and politics, both using each other for backing but also at the same time wary of each other! To reiterate, the more things change, the more they remain the same! 

Born in the Purple is one of those books which tells an interesting narrative yet falls a bit short in the narration. 

Previously on BookMarks: The Ickabog

MovieNotes: The Test

After a brief hiatus, I am back on my journey into the world of sports documentary series. And this time I foray into the world of Cricket! 

The Test is a 8-part documentary chronicling the journey of the Australian Men’s cricket team over a period of 18 months from the lows of the ball-tampering scandal in 2018 to the high of retaining the Ashes away from home in late-2019. For a cricket tragic like yours truly, all the events depicted are familiar. Yet, that doesn’t take away any of the excitement of re-living the events. 

These were extra-ordinary times for Australian cricket. Over the years Australian teams had been pushing the lines of the sportsman spirit – something which Steve Waugh famously called “mental disintegration”. But in Newlands, they were caught literally with their hands in their pants! The repercussion of being branded cheats in public were huge. Long bans for Smith, Warner & Bancroft and resignation of head coach Lehmann. Cricket Australia needed a thorough overhaul of the system. 

It is at this point which “The Test” begins. No doubt a good PR exercise in collaboration with Amazon to redeem the image of Australian cricket. On the cricketing front, Justin Langer took over as coach, with Tim Paine as the captain. After a while Paine, who was surplus to the limited overs set-up handed over the ODI & T20I reins to Aaron Finch. Retired legends like Ponting, Steve Waugh, Gilchrist, Haddin came into consulting roles. 

Initially the team struggles in filing the voids caused by the bans of their best players. But over time, new players put up their hands and take the place. The path is difficult, and they take baby steps. They celebrate their little successes – a hard-earned draw, a home Test victory, a Home Test series victory, an away ODI series victory in India, a semi-final finish in the World Cup and finally retaining the Ashes taway from home! And it’s not just the on-field performances, there is also a change in the approach to the game. As Harsha Bhogle said, you can’t keep any Australian team down for too long! 

And there is the parallel track of Steve Smith – relieved from captaincy and banned for a year, makes a comeback, faces the boos of the crowds, but with his on-field exploits manages to turn the jeers into cheers. In between also gets knocked out while batting! Quite a phoenix like rise from the ashes for him. 

Then there is the story of the rise of Tim Paine. From being seen as a stand-in captain to becoming an Ashes winning captain, earning the respect of a nation in a job considered as the second-most important in Australia after the Prime Minister. 

Throughout the series, there is a recurring narrative of being together and helping each other out. Someone even remarks that this was a happy & united team despite continuously losing! “Elite Mateship” is a term which they come up with. However, Adam Zampa & Marcus Stoinis take it to a different level altogether! 

They take potshots at Virat Kohli for his on-field gestures & in your face aggression in Australia. But for some reason they miss the footage of him asking Indian fans not to boo Smith during the World Cup. Sometimes when you get too worked up into building a narrative that you forget the balance in it. However, Eoin Morgan’s interview is shown where he responds in negative when asked whether he would ask the fans to stop booing Warner & Smith! 

Massive defeats are easier to live with than the ones that slipped away. England running 481 in an ODI and beating Australia by 200+ runs margin was easier to accept. While Ben Stokes’ heist at Edgbaston was a bitter pill to swallow! 

There were a couple of lines which stood out for me. And this is something which we can incorporate in our everyday life (and work). 

1. Nathan Lyon talking about how celebrating every win is important. Because you never know if that would be your last win. 
2. Ricky Ponting berating David Warner, asking him what he had won that he was afraid of losing. 

So that was “The Test”. A must-watch for every cricket tragic! 

Previously on MovieNotes: Le Mans: Racing Is Everything 

India @ 73

Independence Day is here, and alongwith it comes the 14th edition of the Annual India post. 

There was a tiny little change to our political map. The Union Territories of “Dadra and Nagar Haveli” and “Daman and Diu” have been merged into a single Union Territory of “Dadra and Nagar Haveli and Daman and Diu”. The bureaucracy seriously lacks imagination! 

Like the rest of the world, we have also been brought to a halt by the Covid-19 pandemic. Although we started a bit late, but our densely packed massive population has enabled us to climb very high in the infections chart! And this rise has been aided by our strong "Indianness" – remember the WhatsApp forwards boasting of our “extra-strong” immunity system built over years of living in unhygienic environment or of dthe virus not surviving in our summer heat. and similar others. But even a strict and seemingly never-ending lockdown couldn’t stop us from taking the No.3 spot globally. It has resulted in an already creaking health infrastructure stretched beyond its limits, and a stumbling economy being further crippled down. There has also been the struggle of trying to convince people to follow the social distancing protocols, the reason why the virus is now making inroads into the hinterland (although in this respect we are still much better than the likes of USA). 

We went from Lockdown 1.0 to 4.0 & then started the Unlocks (currently at ver 3.0). But the way our populace behaves it is more like Bhagwan Bharose 1.0 that we live in. 

Apart from the virus, we have had cyclones battering both the East & West coasts, a locust attack from the North, landslides in Kerala, flooding in Bihar & Assam. Nature seems to have taken out its entire arsenal to batter us puny humans. And we have also made our share of the contribution in getting rid of ourselves – the migrant labour disaster, a plane crash, an oil well blowout, a deadly skirmish with China all contributing to making this a terrible 2020. 

Sports the usual saving grace has been the biggest casualty of the pandemic. Before the pandemic hit, we were all set to be sending our biggest ever contingent for the Olympics. Unfortunately, the Games themselves have been postponed by a year! Since the Women’s T20 World Cup Final, there hasn’t been a single event of Indian presence since March! Although our enterprising fellows have managed to conduct a fake match with masked players in Chandigarh pretending to be Sri Lankan veterans playing in their home country. And there was huge betting on it too! This was literally a fantasy league!

Coming to India’s other favorite pastime – politics. The country is presided a by a party whose biggest strengths are how to grab power by hook or by crook. They also know how to take “strong” decisions with scarce a thought on its implementation. And the less said about the Opposition party the better – it still is lead by an interim president for more than a year now! In short, a recipe for ensuring that the common man better become “aatm nirbhar”! 

Enough of the negativity now, because it is a day to celebrate. Happy Birthday India! Because next year will be better! Because we are a resilient lot!

The 2019 edition is here (Link)

Road To Tokyo: Episode 15

24 July, 2020 - In normal times, today would have been the Opening Ceremony of the Tokyo Olympics and also the culmination of the 4-year long Road To Tokyo series. Instead in these unprecedented times (am I the only one tired of this phrase?), we have to wait 52 weeks more. 

Sports will not change the ongoing crisis, it will certainly not create a vaccine or a cure but it does generate a feel-good factor in these depressing times. Just look at how the ongoing England-West Indies series has riveted the cricketing world together, or how the conclusion of the various European football leagues has brought back a tiny sense of normalcy. After all, as Mr. Nelson Mandela once said “Sport has the power to change the world. It has the power to inspire. It has the power to unite people in a way that little else does. It speaks to youth in a language they understand.” 

With the coronavirus pandemic showing no signs of receding any time soon, and potential vaccines still at very early trials stage, there is a big cloud on the Games taking place next year as well. And it is not just the actual event itself. Multiple Qualifiers to be held globally are still to take place. Quite a few nations might not even be able to send a team at this juncture. But we can wait and watch and hope that everyone is able to participate! 

In the meantime, the organizers have been busy preparing the contingencies including alternate Qualifying schedules. There is a growing spectre of the events being held without spectators and with strict quarantine & bio-secure bubble rules in place! But all this is a still a matter of conjecture. 

In India News, the 3x3 Basketball Qualifiers have been moved away from Bangalore and will be held in Graz, Austria, thus dropping India out of the Qualification race as well! 

Meanwhile lets all stay home and stay safe, so that we are all still part of the Olympics movement! 

Links: Road To Tokyo: Episode 14 

BookMarks #70: The Ickabog

Title: The Ickabog

Author: JK Rowling

Genre: Fantasy, Children Fiction

Published: 2020

BookMarks

In these corona times comes a new story by JK Rowling, who unfortunately is currently mired in a social media controversy over some of her views. But that is a separate matter altogether.

The Ickabog is a children’s tale set long ago in a fictional happy land of Cornucopia. The story narrates how Cornucopia fell into despair and then rallied back. And how a creature whom many believed to be a myth turned out to be their savior through the heroic actions of some very brave children. Despite being essentially a children’s tale, the narrative covers contemporary themes like an incompetent leadership living in their own bubble filled with sycophants; use of fake news and propaganda to fill some private coffers; using a mythological figure for personal gain; voices of dissent being ruthlessly silent; flow of news choked; et al. 

However, for a children’s tale, it is quite grim, with the story riddled with multiple character deaths either through overwork or accident or even plain murder. In my opinion, a tad too violent for small kids. 

The serialized aspect of the story was what kept one hooked. A chapter or two, at times three dropped in every day. Each ending in a cliffhanger, which made you come back the next day. Although I did find it funny how the chapters released only on weekdays and never on Saturday or Sunday. I guess Ms. Rowling also believes in and strictly abides by a 5-day work week.

Overall, the Ickabog was a good entertaining ride. 

Previously on BookMarks: 281 And Beyond

LearnNBlog #18: Ubuntu

umuntu ngumuntu ngabantu

“a person is a person through other persons” 

"Ubuntu is the profound sense that we are human only through the humanity of others; that if we are to accomplish anything in this world, it will in equal measure be due to the work and achievements of others. – Nelson Mandela 

“Ubuntu speaks particularly about the fact that you can’t exist as a human being in isolation. It speaks about our interconnectedness. You can't be human all by yourself, and when you have this quality – ubuntu – you are known for your generosity.” – Desmond Tutu 

In a world increasingly divided on the lines of race, religion, caste, nationality, ethnicity, politics – ubuntu is feeling which we should always keep in mind. After all we are what we are because of all of us. Covid-19 has shown us that we are in it together, the virus is not discriminating amongst us, so why are we? 

Links:

• The article from the BBC website which I had bookmarked sometime back
• Wikipedia

Previously on LearnNBlog: Okhil Chandra Sen's Letter

Road To Tokyo: Episode 14

June 23rd – Olympics Day! Appropriate time to get this blog series back on track. 

“Coronavirus Stopped Play”. And the Games have been postponed to 2021 (will still be called Tokyo 2020 though!) exactly 52 weeks later. 

“Hope Lights Our Way” – that was the concept of the Olympic Torch relay. And in these uncertain times, the Olympic flame has come to symbolize the hopes of the entire world. After all, if we can have a “normal” Games in Tokyo next year, it would mean that humankind has emerged out of this Covid-19 crisis. After all, the Olympics are the greatest sporting spectacle and we are all in it together. 

Meanwhile all qualified athletes continue to remain qualified. However, for the remaining spots, the individual federations are trying to reschedule the Qualifying events/timelines. Given that sporting action has started resuming (albeit without spectators), we can hope for the Games to be held on track. 

A word for all the athletes. Keep safe, stay fit and stay focused on the big prize. The pandemic and the lockdowns have thrown their strict regimens off track. But not for nothing are they the crème de la crème of world sports. They will light up the competition and be a beacon of hope for the ailing world. 

Meanwhile, lets all stay home and stay safe and be there to celebrate the Games next year. 

And yes, since its Olympics Day, why not try this fitness regime as we stay home! 

Links 

• Road To Tokyo: Episode 13
• Revised Qualifying Principles

P.S. Hope to have the "Road To Tokyo" series back on track with better visibility of the road itself!

BookMarks #69: 281 And Beyond

Title: 281 And Beyond

Authors: VVS Laxman & R. Kaushik

Genre: Autobiography, Cricket

Published: 2018

BookMarks

The book narrates VVS Laxman’s cricketing journey, in his own words, from his early days in Hyderabad to becoming one of India’s all-time great batsmen. However, it was not all smooth sailing and the journey is full of ups and downs.

The book gives us a glimpse into the goings on within the Indian dressing room as well as the struggles of cricketers in India. This is also a story of the change that has been brought from the semi-professional 1990s to now, how various aspects of the game have evolved – from fitness, money, communication aspects etc.

The book is a joy to read for the Indian fan, especially someone like yours truly. Flipping through the pages, you relive your cricket-following career. Every tour is discussed. The book goes chronologically from the haphazard mid-90s, match-fixing saga, John Wright’s arrival, new lows under Greg Chappell and the troubles he caused, the away victories, the Monkeygate series, the heights under Kirsten all unfold as a highlights reel. Have to say this, the Indian team was quite inconsistent throughout the era. Only now do we have a relatively consistent winning record!

I liked how VVS doesn’t mince words about his relationships within the team and how he reacted to different situations. Also, he has been quite honest about the disappointments of never getting a fixed spot, being dropped from Tests on and off and never really getting a chance in the white ball format. He also touches upon the mental issues of the game as well. The book particularly highlights the lack of communication in the setup where individual players are often left to fend for themselves.

I loved the bit where he talks about getting admitted to an MBBS course post-retirement and becoming a doctor. Imagine being motivated to study for 5 years after having lived a superstar life! However, he was talked out of this dream by his family and had to concentrate on cricket related activities only!

The book is titled aptly. Begins with THAT innings and then goes about telling the rest of the story!

In summary, a good read for the India cricket fan!

Previously on BookMarks: We Are The Champions

BookMarks #68: We Are The Champions

Title: We Are The Champions

Authors: Devendra Tak & Rashmi Bansal

Genre: Social Issues. Children Rights

Published: 2020

BookMarks

These are inspiring tales of children who did not have much to begin with but never lost hope and their fight gave hope to those around them. 

Here are the children, some now young adults whose stories are highlighted in this book.

• Ayonara, once a victim herself now fighting against child trafficking in Bengal
• Anju campaigning for equal rights for girls in Haryana.
• Hasnain fighting against drugs in Kashmir
• Jhulima raising awareness against child marriage and also improving education in tribal areas of Odisha.
• Shailendra taking up social causes through a bal samooh in Tonk
• Kalavathi improving her school facilities in Karnataka.
• Sujanti fighting against the practice of dowry in Bihar
• Saleha teaching hygiene and health in Govandi
• Subhdeep Kaur re-enrolled for school and fighting for children's rights in Punjab.
• Roshani preventing child marriages in Tonk, Rajasthan
• Rumi education for tribal girls in Jharkhand
• Soni who found in cricket an opportunity to move up in life
• Salman starting his acting journey
• Sumit using rap music to generate social awareness

These young citizens have helped raise the living standards of their community at large as well. These inspiring tales also tell us how much more has to be done in our country to raise the living standards of all citizens and bring them on an equal footing. 

Previously on BookMarks: The Fire Burns Blue

BookMarks #67: The Fire Burns Blue

Title: The Fire Burns Blue: A History of Women’s Cricket in India

Authors: Karunya Keshav & Sidhanta Patnaik

Genre: Sports History

Published: 2018

BookMarks

The Fire Burns Blue – presents the story of the journey of Indian Women’s cricket in India from its difficult initial days in the 1970s to the highs of 2017 and its aftermath. When women’s cricket became cricket in India!

‘She pervades poetry from cover to cover; she is all but absent from history’ – a line which is apt for the average Indian cricket fan for whom women’s cricket barely registered even less than Cooch Behar trophy at times. And why blame fans, the game barely registered even with cricket statisticians. Just check cricinfo, which has a massive stats section. While random Men’s games dating back to mid-19th century have first-class status and are well documented in records, the women stats cover only internationals! So somebody like Ashleigh Barty has a profile on cricinfo but no stats to tell us about her on-field achievements!

Well I digress. Coming back to the book which is a treasure trove for the fans. The book begins with Haarmanpreet Kaur’s 171 in the 2017 World Cup Semi-Finals which finally captured the imagination of the cricket lovers in India for good. And then commences the journey from the very beginning.

The game had humble beginnings with small clubs in Bombay and other places sprouting in the 70s. This was followed by the founding of the Women’s Cricket Association of India and the first national championships. The book goes on to tell the stories of the first international touring teams and the first official matches. How Railways played a big part by first becoming the employer of choice of women cricketers and using that player base to maintain its hegemony on the Indian domestic circuit. And there were the long arduous train journeys and its accompanying travails. 

The journey is also a series of missed opportunities. There were times when the game could have taken off in India but for a variety of reasons did not. In fact there have been major controversies immediately after a high! Sometimes due to administrative apathy, sometimes cash crunch, sometimes infighting and player revolt, some personnel changes, and sometimes just not getting the results on field. India even missed playing a World Cup also. But always the game found a new benefactor somewhere!

The book does a good job in narrating the stories of individual cricketers while merging them with the specific issues facing women’s cricket and even women's sport in general.

A couple of passages from the book which stand out and also gives us a peek at how the journey has evolved.

"The Indian women’s team—skilfull, stylish, solid, shy, eager, kind, hungry, hard-working, driven, very good on so many days and frustrating on others—is yet to sort through everything it is and really define what kind of cricket it wants to play on the global stage."

And the second one on the leading lights of the game

"Shantha’s stature, Diana’s grit, Shubhangi’s steadiness, Sandhya’s skill, Purnima’s cheek, Neetu’s genius, Anjum’s fire, Mithali’s class, Rumeli’s promise, Jhulan’s warmth, Harman’s spark—these are the pillars of Indian women’s cricket that have held up the edifice so far. Now, as the journey gets ready to take another turn, add to it Smriti’s fearlessness."

Fun Facts

1. Shireen Kiash represented India in cricket, hockey and basketball - a triple international!
2. The choice of attire was something the Women’s Cricket Association in England spent considerable time on, specifying that the skirts ‘should be no shorter than four inches from the ground when kneeling’.
3. India win their first Test against the West Indies in Patna in 1976 (a game which is often narrated to me by my father who was actually present aat the stadium)

Interestingly, I began this book around the time of the 2020 World T20 tournament where the Indian team reached another peak in its journey. While cornovirus may have stopped play, hopefully we will see the team go onward and upward.

Previously on BookMarks: University of Berkshire Hathaway

Road To Tokyo: Episode 13

“Coronavirus Stopped Play” 

Well, the dreaded thing has happened. The Tokyo 2020 Olympics have been postponed and will be held no later than the Summer of 2021. In short, no clarity on when the Games will happen. This was on expected lines with sports events being cancelled all over the world, training facilities closed and even athletes quarantined. So, our Road To Tokyo journey has its destination changed. However, the destination is unknown for now. Even the Olympic flame which had commenced its journey is now on hold. 

Since Episode 12, the Indian contingent showed an impressive increase. 

• 9 Indian Boxers made it through the Asian Qualifiers – a record high. And the World Qualifying event is still pending. Vikas Krishna Yadav, Ashish Kumar, Satish Kumar, Amit Panghal and Manish Kaushik among the Men and Lovlina Borgohain, Pooja Rani, Mary Kom and Simranjit Kaur amongst the Women qualified in their respective weight categories. 
• Athletics - Shivpal Singh joined Neeraj Chopra in Men’s Javelin Throw. 

Total Count – Sports - 7, Events – 35, Entries - 47, Participants – 74 

All other Qualifiers were abandoned. Meanwhile, we also await clarity on the status of already qualified athletes as well as future qualification events. We can just wait and watch as the world grapples with the Coronavirus. 

Sports has always been the biggest healer and will continue to do so. The Tokyo Games, whenever they happen, will be the symbol of the resilience of the human spirit and act as a balm to the embattled world. 

Links: Road To Tokyo: Episode 12

BookMarks #66: University of Berkshire Hathaway

Title: University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting 

Authors: Daniel Pecaut & Corey Wrenn 

Genre: Business Management, Compendium 

Published: 2017 

BookMarks 

The best investment is investing in yourself - Buffet 

The book is a collection of notes from the Q&A session of Warren Buffett and Charlie Munger at Berkshire Hathaway’s AGMs. The authors have compiled their takeaways over 30 years and put together this book. This has resulted in a few redundancies over the years e.g. investing in yourself, staying within your circle of competence,  Ajit Jain doing great things, having a float, portfolio theory not being the best et al. However, the book does provide a look into the growth trajectory of the company. 

The event itself grew from a “small” gathering of 500 investors with the Q&A done in a couple of hours to 30,000 attendees and even being live-streamed while taking place over 3 days and having its own mall to boot.

So, inspired by the authors have compiled my (bullet point) takeaways & favorite quotes from each years’ notes. 

1986 

• Value investing - having enough buffer between the value of the business and the price one buys it. Intrinsic value of the business is the key for investing. 

1987 

• Stocks can't outperform businesses indefinitely. 
• "attempt to be fearful when others are greedy and to be greedy when others are fearful" 
• Inflation has significant impact on fixed income investors. 
• “Be vaguely right than precisely wrong”
• Ideal business - “Something that costs a penny, sells for a dollar and is habit forming.” 

1988 

• Printing money is easy - hence inflation is inevitable. 
• Encyclopedias will see little change in 20 years [Well, even Mr. Buffett gets a few things wrong!]
• In case of a business getting obsoleted, move out of it altogether rather than going to a successor business. 
• “A biography is a way to make friends amongst the eminent dead”.

1989 

• Buying established brand names is a good idea. 
• “If investors only had to study the past, the richest people would be librarians.” 

1990 

• Buying wonderful businesses at a fair price. 

1991 

• Good economic characteristics of a business  - (i) Able and trustworthy management. (ii) We like what the company does. 
• Financial disasters happen as stupidity is not accompanied by immediate pain. 

1992 

• Executive compensation must be linked to business performance with no cap. 
• You can't time the market. 
• Airlines industry keeps losing money every year [Still true] 
• Book value determines what goes into a business, but the key is to determine what value one will get out of the business. 

1993 

• Long-term government bond rate is an appropriate discount factor for NPV calculations. 
• Computing power and data can lead to too much misspent effort on analysis. 
• Big brands have an edge in the market. They can operate at low margins due to their sheer volumes. 

1994 

• A company's reputation is a significant competitive advantage. 
• For evaluating the performance of management: 1) How well do they run the business? and 2) How well do they treat the owners? 
• The business of Berkshire Hathaway is to acquire other businesses. 
• What will happen vs when it will happen is a more efficient way to operate. 
• “We go where the probabilities are good.” 

1995 

• Projections are a pointless exercise - “Something with a lousy past record and a bright future… that’s an opportunity we’re going to miss.” 
• Derivatives, instead of transferring or moderating risk, create risk on a huge scale. 
• On knowing when to go away - “A stock does not know you own it, the price you paid, who recommended it, the prices someone else paid, the stock does not give a damn.” And “you do not have to make money back the way you lost it”. 
• When accounting appears confusing, avoid the company. The confusion may well be intentional and reveal the character of the management. 
• “Most men would rather die than think. Many have.” People are resistant to learning. 

1996 

• Berkshire Hathaway don't want to bet on technology, although they like Microsoft. 
• Corporate stock buybacks add to shareholder value only if the purchases are made at prices below intrinsic business value. 
• All kinds of information is available, but you have to read it yourself. Annual Reports are the best information source. 
• Diversification is a protection against ignorance, a confession that you do not know the businesses you own. [Something against modern portfolio theory] 
• Downsizing leads to efficiency and frees up people to do other jobs. 

1997 

• Key filters for investing - Opportunity Costs, Quality People & Good businesses 
• Stocks can't keep growing faster than the economy. 
• Overall, Berkshire seeks low-risk businesses with sustainable competitive advantages and strong capital structures. 
• Any systems work better when perceived as fair. 
• “Life is a whole series of opportunity costs.” 
• Keep learning. 
• “It’s an honor to die for your country. Make sure the other guys get the honor.”

1998 

• Unrealized capital gains are a potential income tax liability. 
• Giving a value to an internet company is a dangerous exercise. [prophesying the dotcom bust] 

1999 

• Find great businesses – ones with great management and great economics at a reasonable price. 
• Willingness to trade away big pay-offs for certainty. 
• One should stay within one's circle of competence. 
• There is a big difference between identifying a growth industry and minting money. E.g. Airlines, Telecom, automobiles. [Or start-ups in the modern era] 
• After you have enough for daily life, all that matters is your health and those you love. Likewise in work, what really matters is that you enjoy it and the people with which you work. 

2000 

• “if share of mind exists, the market will follow.” specially true for consumer products. 
• the ability to monetize shareholders’ ignorance has never been greater” 
• Internet reduces profit margins and buyers are the winners. 
• For an investor the key is to know what you must avoid. 
• Having an interdisciplinary approach to problem solving. 

2001 

• The value of having a float or cash reserves. 
• Sugar stocks are a safe bet, as average annual consumption + no. Of humans + life span keeps increasing. 
• Impact of internet - lot of money got transferred from the gullible to the promoters with no real wealth created. 
• Extrapolating the past can be a stupid idea. 
• Biggest money made in Wall Street in recent years has not been made by great performance, but by great promotion. 
• Start early and invest in yourself. 
• Understand a company’s costs and why it’s got a sustainable edge against its competitors. 
• With the available float doing large transactions is easier for Berkshire & sellers have more faith in their ability to fund thus getting Berkshire a lower buying price at times. 

2002 

• Reference to 9/11 attacks. Technology has boosted the ability to inflict damage.
• Successful companies do not talk about EBITDA as a measure. Fraud groups do! Because Depreciation & Taxes are real costs! 
• Creative accounting is a curse e.g. the Enron fraud. 
• Most M&A deals turn out to be duds. 
• It is helpful to list the qualities you would want in a friend and then seek to instill those qualities in yourself. This is a matter of choice, not DNA. Anyone can develop good character and quality lifetime habits. 
• Mantra of investing - realism in defining one’s circle of competence and discipline to stay within the circle. 

2003 

• Cash generates cash - the power of compunding or the snowball effect. 
• Keep adding good businesses to the collection of good businesses. 
• Understand accounting. 
• Inequality in society is ok if it's seen to be fair 
• Having the ability to take criticism. 
• Accumulate a database of knowledge over a lifetime. 
• Opportunity Costs - alternative returns available should weigh on whether you make a investment. 
• Derivatives are financial WMDs.

2004 

• Simplest way to beat inflation – by increasing your earning power. Owning businesses that can price through inflation and have low capital expenditures to maintain the business. 
• the intrinsic value of an asset is the cash it will earn from here to eternity, discounted back to the present. However, if your estimated growth rate is greater than your discount rate, you get a value of infinity. 
• Having an investment temperament. Asking And then what? What are the consequences of consequences.

2005 

• Price behaviour gives a good view of the durability of the economics of a business. 
• For any asset, you need to have a buyer. Gold and physical assets are a refuge for a declining currency. 
• Mortgage terms got easier as housing prices got higher - counter to prudent thinking. Easy lending causes more building and higher prices. Eventually, when you have enough new anything, prices will decline. 
• Trying to grow at unrealistic levels and showing it through accounting was the cause of Fannie Mae and Freddie Mac collapses. 

2006 

• Berkshire finds great managers and does not train them 
• The board’s job is to 1) get the right CEO, 2) keep the CEO from overreaching and 3) exercise independent judgment on acquisitions. 
• Media offers a huge variety of sources, many of them free. Meanwhile, there has been no corresponding expansion of time for humans to acquire information and entertainment. Hence media economics will continue to deteriorate! [Truer now]
• Technology enables the unbalanced few to do unprecedented damage. 

2007 

• Electronic trading increases volatility and risk. 
• Subprime crisis will not have a major impact on the economy [Even the best can't predict everything]
• For buying stocks - ability to generate cash and reinvest is critical. Important to understand the competitive position and dynamics of the business and look into the future.

2008 

• Business schools should teach (1) How to Value a Business, and (2) How to Think about Market Fluctuations – that the market is there to serve you, not influence you.” 
• Act fast when the opportunity comes. 
• Companies need aging management and succession planning to keep growing. 
• Big advocacy for non-diversification and concentration. 
• Need to look for alternates to oil. 
• Risk management can't be farmed out 
• Financial innovations add to the market complexity. 
• Less information, when it’s the right information, is a key to good decision-making. 

2009 

• Focus on financial literacy. 
• Government should keep building the infrastructure. 
• Average investor will not be able to copy Berkshire 
• Newspapers are a dying business while Batteries and clean energy are on the upward trend 
• Berkshire owned 20% of Moody's yet saw their stocks downgraded. 

2010 

• How to handle crisis: “Get it right. Get it fast. Get it out. Get it over.” 
• Every system needs good referees to work 
• Learn about money basics early 
• Each business has a different KPI & different measure of building value. 
• Financial crisis was formed by a lack of integrity in management. 
• The main problems of civilization are technical and solvable, all with energy, with huge benefits for civilization. 
• REPEAT WHAT WORKS. 

2011 

• Chairman and CEO should be separate positions 
• The economy continues to grow albeit not always in a linear manner. 
• A company with a product which requires little capital to grow is the best bet against inflation. 
• Any currency investment is a bet on how government will behave. 
• Invest in assets that produce something. 
• Having cash reserves is always a good idea. 
• Develop yourself. Find your passion and improve your skills. 

2012 

• Risk cannot be delegated - a role Buffett does himself at Berkshire 
• If you buy businesses for less than they’re worth, you’re going to make money. 
• Investors should stay away from businesses they don’t understand well 
• Berkshire does not give dividend and suggests selling shares as a more tax efficient method of earning money. 
• All it takes is one competitor to ruin a business. 

2013 

• To ignore what you know to listen to someone else who doesn’t know, doesn’t make sense. 
• It is in nature sooner or later the leader is no longer the leader. 
• It’s a lot easier to buy things sometimes than to sell them. 
• Having lots of cash makes Berkshire the port of call for many distressed companies. 

2014 

• Allocation of capital is the key to future returns in the business world. 
• What public corporations can do with a dollar earned: (i) reinvest in the business, (ii) acquire other businesses or assets, (iii) pay down debt, (iv) pay dividends, and/or (v) buy in shares. Deciding how much to allocate to each of these five areas ideally is driven by “opportunity cost.” 
• Being able to think and invest very long term and not worry about current earnings can be a major competitive advantage in certain businesses. 

2015 

• “Efficiency is required over time in capitalism.” 
• Culture gets reinforced and becomes self-selecting over time. 

2016 

• Buffett’s formula for happiness: “Do what I like with people I like.” 
• To buy a stock is to buy part ownership of a business. Think about business performance and what you would pay for the business, just as you would a farm. 
• To a significant degree, size is the enemy of performance. 
• The surest way to make money is to buy dollar bills for less than a dollar. 
• CNBC - Cyber, nuclear, biochemical, and chemical attacks, 

2017 

• Unique aspects of a business need to be factored in calculating the intrinsic value. 
• Driverless cars are a threat to the transportation and insurance business 
• The biggest companies, all tech, require no equity capital to run them 
• Berkshire had a chance to acquire Google in its infancy but turned it down 
• There’s nothing like personal painful experiences to help you learn. 
• Artificial intelligence, Buffett observed that more change will be coming. Almost certainly it will cause less employment in certain areas while being good for society overall. 

Quite a few lessons in here. However applying them in real life holds the key for success. 

Previously on BookMarks: Why I Stopped Wearing My Socks