New additions to the Personal Bible: Warren Buffett, Robert Greene, and a Hacker News comment

I created a Personal Bible for myself so I could re-read and re-re-read my favorite essays, poems, and passages of text. Below are new additions including a snippet from a Warren Buffett shareholder letter, a raw and honest comment on Hacker News, and some small snippets from other writers that I like.

Here’s my latest version as a PDF. Hope one day you can create one for yourself!

**

Warren Buffett’s 1989 letter to shareholders
http://www.berkshirehathaway.com/letters/1989.html

My most surprising discovery: the overwhelming importance in business of an unseen force that we might call ‘the institutional imperative.’ […] I thought that decent, intelligent, and experienced managers would automatically make rational business decisions. But I learned over time that isn’t so. Instead, rationality frequently wilts when the institutional imperative comes into play.

For example: (1) As if governed by Newton’s First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.

[…] After making some expensive mistakes because I ignored the power of the imperative, I have tried to organize and manage Berkshire in ways that minimize its influence. Furthermore, Charlie and I have attempted to concentrate our investments in companies that appear alert to the problem.

**

I was the ambitious one, the one that strayed far from home, chasing the dream, getting caught up in the consumerism. I’m glad that by the age of 38 I have come to realize that I had everything that was important before I left. The remainder was a constant cycle of churn, want more, want bigger, want better, want newer, want more convenient. Except it’s hard when it’s being fed to you every day by every billboard, every sign, every menu, every advert, every press release, every news story, every TV show to differentiate between want and need. When you stop to analyze what you actually need – I mean really need: Clean air, clean water, shelter, nutrition, sanitation, family, community, companionship; how much of what you’re being sold every day is truly “needed” and how much of it is a want to fulfill some notion that has been sold to you by the media? – a Hacker News commenter

**

David DeAngelo: Prove to yourself over and over that you can cope with rejection

**

From Robert Greene’s The 48 Laws of Power [Amazon]

Law 28: Enter Action with Boldness
When […] entering any kind of negotiation, go further than you planned. Ask for the moon and you will be surprised how often you get it.

Hi! I write about habits and spirituality and random whatevers. Click here to see the daily habits that I track. Find me on Twitter @kgao.