​Life is very busy these days. Although I am personally busy in my own life, I’m speaking much more broadly when I say this. I’m sure many of you are thinking, “well, life has always been busy.” Maybe that’s true, but I’ll go out on a limb here and say life is “busier” these days than it has historically been. The easiest answer for why this seems to be the case is our technology. We have access to 24-7 news streams, the oppression and allure of social media, at-your-fingertip purchases for anything we dream up, and the ability to immediately address any question or need we might have.

​I have, throughout my life, been a great procrastinator. You may remember that Kendall remarked on having this tendency many times in his own letters, and it also seems Carter has inherited the trait. I like to optimistically view it as a well-honed survival mechanism against aggressive deadlines, but that is just my coping excuse. I know why I procrastinate, and I assume it is the same for Kendall and Carter, as I’ve witnessed them both in action. We procrastinate because we view the problem before us in its entirety, including our perceived solution to the problem. That can be overwhelming, as most problems have so many facets, and solutions usually have many separate pieces and steps. The obvious cure for that overwhelming sensation is breaking things into smaller goals and steps and moving forward. Small achievable goals and successes make us begin to feel that the task is not insurmountable, and that feeling steamrolls and builds on itself until we attain completion victory.

​Even during the summer vacation, rules are in place and must be followed. I’m sure many of you understand the truth about children and the old saying concerning idle hands and the devil’s workshop. I don’t believe Carter is working for the devil, and maybe the milder, “an empty mind is a mischievous mind” suits better, but lately that son of mine has been on a carousel of “escapades” and “life lessons”. Depending on who you are, summer “vacation” is a matter of perspective. 

​We are in the summer months now. Even a quick trip to the car to get an umbrella leaves my clothes sticking to me. And while I hate the heat, I really enjoy the sporadic thunderstorms the summer brings. I do know that is not so for many people, especially those with old injuries and arthritis. I can see firsthand the discomfort and pain all the humidity and pressure bring my wife. 

​Carter and I recently had our combined hair cut appointment. An older gentleman was coming in behind us, and as we were holding the door for him, he was playfully commenting about his age. I am sure Carter viewed him as a much older person than I did. Strangely enough, I had never met the man, but knew exactly who he was because of the shirt he had on. It was the name of the business he used to own, which was also his, and his son’s, namesake. I reached out and shook his hand and asked if he had a son named David, and our trip down memory lane took off from there. 

Two good quotes from two of the most famous value investors, and ones we’ve referenced many times in our letters and meetings. That first quote by the father of value investing just means that in the short term the stock markets, and the individual companies that make up those markets, are valued hastily by people influenced by their emotions, the media, and their peers. However, over time, as more logical and common sensical evaluation methods are put to work, the true value of those companies and markets are more accurately represented.