Back from California

Have just returned from a few days in Santa Monica where I attended a Renaissance Weekend. These events are private and confidential (some information is available on the web). My takeaway is to just keep learning everything you can about everything that interests you, whether or not it has an immediate payoff. Build the Mental File Cabinet.

This experience made me think back to Omaha, when I was staggered at the size and quality of the files that Warren Buffett had accumulated over his career. His observation is that he didn't save much (!) if so a lumber mill should be erected in his honor. The point is that he makes such fast decisions today partly because he stored the information years ago.

Warren's range of interests is quite narrow, and he would be the first to say this. There is nothing wrong with being a specialist if that is your true calling. Someone who has a shot at being the world's best fencer (I am thinking of the daughter of a friend) should focus their energy in that direction. For most people there's a lot to be said for educating yourself about the broader world. Why not, if you have the chance, seek out time with experts in science, technology, philosophy, the social sciences, and the arts. I came back from California feeling smarter for having been surrounded by brilliant people who excel at critical thinking, which can only make me a better investor.