Laos was not really thought of as a tourist destination until the 1990s, when people realized it had more to offer than just pachyderms and Buddhist monks. Even as elephants and religion continue to drive the country, there are also dramatic landscapes, ancient architectural ruins and much history to be discovered, making it a wonderful spot for the inquisitive traveler.
Take a Walk: A blend of traditional architecture and urban structures, Luang Prabang is made for ambling around in. Make a stop at the Royal Palace Museum before heading on to discover the War Nong, Wat Sene, and Wat Khili temples. Chill for a bit at Dara Market, and later catch the sunset from the boat pier.
Do a Temple Run: Visit one of the oldest temples in Luang Prabang—Wat Visounnarath, which is home to the incredible That Mak Mo stupa. However, the most beautiful temple in Luang Prabang has to be Wat Xieng Thong, whose tiered roofs sweep low almost to touch the ground. The temple is considered a archetypal example of the Luang Prabang style of architecture.
A Different Treat: Jump straight into the native experience and try a serving of fried crickets. These crunchy snacks are available both at street-side stalls and in some cafes and eateries, and are best eaten hot, and with an open mind! Khop Chai Deu in Vientiane is a safe place at which to try crickets and other local delicacies.
Buddha Says: The Pak Ou Caves are a short trip upstream from Luang Prabang. This network of caves at the convergence of the Mekong and Nam Ou rivers is where you will find hundreds of Buddha statues left by devotees over the centuries.
Explore Hidden Caves: The capital of the Khammouane province in south-central Laos, Thakhaek is a small municipality dotted with lots of lovely French architecture. However, its main draw lies in its limestone mountains—the site of hundreds of unexplored caves, including some that are believed to keep undiscovered treasures. How is that for adventure? The most well known among these is the 7.5km-long Kong Lor Cave. Also worth a dekko is the Buddha Cave, which holds, as the name suggests, rows and rows of gorgeous Buddha statues.
Take a Cooking Class: If you have fallen in love with Lao food, take a cooking class so that you can whip up some of your favorite dishes back home. Tamarind offers cooking classes that give you a crash course in Lao cuisine, followed by a visit to the market to pick out fresh ingredients. You can learn to make mok pa, a dish of herbed fish steamed in banana leaves, or laab, a minced-meat and herb salad, among other tasty treats.
Fun in the Water: Drive, trek, or hitchhike your way past forests, villages, and rice fields to the cascading waters of the Kwang Si Waterfalls. Dive in for a bit of a paddle, walk up for pretty views, and then dig into your picnic basket for a well-deserved meal. Remember to stop at the Asiatic Black Bear Rescue Centre that looks after bears rescued from poachers.
Mountain Shrines: Bang in the heart of Luang Prabang’s old town, Mount Phou Si is a small hill of religious significance to the locals. It is sandwiched between the Nam Khan and Mekong Rivers, and offers great vistas over the city. Two shrines call Mount Phou Si home, namely War Phou Si, halfway up to the top, and Wat Chom Si, which sits at the peak.
Night Owls: While Luang Prabang has no dearth of charms through the day, its night market is worth exploring, too. With what is possibly the largest collection of Lao handicrafts available for sale in one place, it is a great place at which to buy souvenirs to take home.
Contact with friends, family, and well-wishers was limited: Mandela was allowed one visitor a year for thirty minutes. He could write and receive one letter every six months.
Despite the trying times, Robben Island became the crucible which transformed him. Out of his intellect, charm, and decorous disobedience, Mandela in due course bent the most atrocious of prison officials to his will, took up to command his jailed comrades and developed into the master of his prison.
Eventually in the late 1980s, the South African President FW de Klerk and the African National Congress (ANC) initiated large-scale political reforms by relaxing apartheid laws and revoking the ban on black rights party. Nelson Mandela was freed on 11-Feb-1990. He emerged from the jail as a mature leader who would fight and win the great political battles that would create a new democratic South Africa.
Inspiring Quotations from Nelson Mandela from his Autobiography, “Long Walk to Freedom”
Here are seven inspiring quotations from ‘Long Walk to Freedom’, Nelson Mandela‘s autobiography, which was recently made into a biopic with an inspiring performance from British actor, producer, and musician Idris Elba.
“In my country we go to prison first and then become President.”
“No one truly knows a nation until one has been inside its jails. A nation should not be judged by how it treats its highest citizens but its lowest ones.”
“Prison itself is a tremendous education in the need for patience and perseverance. It is above all a test of one’s commitment.”
“I always knew that someday I would once again feel the grass under my feet and walk in the sunshine as a free man.”
“It was during those long and lonely years that my hunger for the freedom of my own people became a hunger for the freedom of all people, white and black. I knew as well as I knew anything that the oppressor must be liberated just as surely as the oppressed. A man who takes away another man’s freedom is a prisoner of hatred, he is locked behind the bars of prejudice and narrow-mindedness. I am not truly free if I am taking away someone else’s freedom, just as surely as I am not free when my freedom is taken from me. The oppressed and the oppressor alike are robbed of their humanity.”
“When I walked out of prison, that was my mission, to liberate the oppressed and the oppressor both. Some say that has now been achieved. But I know that that is not the case. The truth is that we are not yet free; we have merely achieved the freedom to be free, the right not to be oppressed. We have not taken the final step of our journey, but the first step on a longer and even more difficult road. For to be free is not merely to cast off one’s chains, but to live in a way that respects and enhances the freedom of others. The true test of our devotion to freedom is just beginning.”
“I have walked that long road to freedom. I have tried not to falter; I have made missteps along the way. But I have discovered the secret that after climbing a great hill, one only finds that there are many more hills to climb.”
Recruiting is the hardest part of a manager’s job. Many managers do not hire people who are better than they themselves are. It might be subconscious—managers do not want to be disgraced by one of their direct reports—or perhaps managers do not know how to identify talent.
How is a manager or recruiter to know in his/her gut that a particular candidate is an excellent person for a role, after an interview? Silicon Valley investor, business advisor, and author of twelve excellent books on business and entrepreneurship, Guy Kawasakiproposes the “Shopping Center Test.”
As the last step in the recruiting process, apply the Shopping Center Test.
It works like this: Suppose you’re at a shopping center, and you see the candidate. He is fifty feet away and has not seen you. You have three choices:
beeline it over to him and say hello;
say to yourself, “This shopping center isn’t that big; if I bump into him, then I’ll say hello, if not, that’s okay too;”
get in your car and go to another shopping center.
My contention is that unless the candidate elicits the first response, you shouldn’t hire him.
Nelson Mandela is celebrated around the world for his personal struggle against apartheid, a system devised by the National Party controlled by the minority white in South Africa to oppress the black majority. He led the decades-long struggle to replace the apartheid regime with a multi-racial democracy and advocated for reconciliation in spite of being imprisoned for 27 years.
After becoming South Africa’s first black president in 1994, Mandela was the driving force behind the peaceful transition of one of the most racist societies in modern times to a nonviolent and democratic society where acceptance reigns and there were no recriminations. He was one of the world’s most respected political leaders of his time.
Nelson Mandela shared the 1993 Nobel Peace Prize with Frederik Willem de Klerk, the last white President of South Africa, “for their work for the peaceful termination of the apartheid regime, and for laying the foundations for a new democratic South Africa.”
Here are sixteen inspiring quotations from ‘Long Walk to Freedom’, autobiography of Nelson Mandela, which was recently made into a biopic with an inspiring performance from British actor, producer, and musician Idris Elba.
“When a man is denied the right to live the life he believes in, he has no choice but to become an outlaw.”
“No one is born hating another person because of the colour of his skin, or his background, or his religion. People must learn to hate, and if they can learn to hate, they can be taught to love, for love comes more naturally to the human heart than its opposite.”
“Education is the great engine of personal development. It is through education that the daughter of a peasant can become a doctor, that the son of a mineworker can become the head of the mine, that a child of farmworkers can become the president of a great nation. It is what we make out of what we have, not what we are given, that separates one person from another.”
“A good head and a good heart are always a formidable combination.”
“I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear.”
“A nation should not be judged by how it treats its highest citizens but its lowest ones.”
“There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.”
“The greatest glory in living lies not in never falling, but in rising every time we fall.”
“You may succeed in delaying, but never in preventing the transition of South Africa to a democracy.”
“The authorities liked to say that we received a balanced diet; it was indeed balanced—between the unpalatable and the inedible.”
“There is no easy walk to freedom anywhere, and many of us will have to pass through the valley of the shadow of death again and again before we reach the mountaintop of our desires.”
“A man who takes away another man’s freedom is a prisoner of hatred, he is locked behind the bars of prejudice and narrow-mindedness. I am not truly free if I am taking away someone else’s freedom, just as surely as I am not free when my freedom is taken from me. The oppressed and the oppressor alike are robbed of their humanity.”
“I have walked that long road to freedom. I have tried not to falter; I have made missteps along the way. But I have discovered the secret that after climbing a great hill, one only finds that there are many more hills to climb.”
“If you want to make peace with your enemy, you have to work with your enemy. Then he becomes your partner.”
“Part of being optimistic is keeping one’s head pointed toward the sun, one’s feet moving forward.”
“There were many dark moments when my faith in humanity was sorely tested, but I would not and could not give myself up to despair. That way lays defeat and death.”
“I even take care to tear-off single sheets of toilet paper. Because I’m cheap? No. Because it’ll help the environment? No. I just think wasting is wrong.”
“If you relentlessly pursue a big goal with laser-beam focus, you will likely like your life and be a most worthy person.”
“Where at all ethically possible, we must give others hope. Without it, a person figuratively or even literally dies.”
“Exploring what your parents did to you may provide insight but, often, your life is no better. It just legitimizes your malaise, maybe even increases your stuckness..”
“Facing our parents’ aging forces us to confront our own mortality. It reminds us to appreciate and live each moment wisely.”
“Keep it simple: Reasonable diets all distill to: Lots of vegetables and legumes, some fruit, and small portions of everything else.”
“Be kind where you can, tough where you should.”
“If you have a clearly good idea, to avoid getting talked out of it, get input only on how to better execute it.”
“As we age, we may accrue a creeping bitter wisdom.”
“Telling people I can’t lose weight may make me eat more—to prove myself right. Perhaps if I told people, “‘I’m gonna lose 20.'””
“There’s cost and benefit each time you criticize or suggest. Sometimes, it’s worth the price. Make the choice consciously.”
“That a partner ‘gets’ you, this is what above all cements love: love as accurate (but still benevolent) interpretation.”
“A desire to “give back” needn’t imply giving to the neediest. It could mean giving to those with the most potential to benefit.”
“We dun perfectionism, e.g., as causing procrastination. Yet haven’t your perfectionist efforts yielded the most good & satisfaction?”
“A mantra to cure procrastinators: It needn’t be perfect; it needn’t be fun; it just has to get done.”
“Far better than a course is self-study + a tutor to get you past your trouble spots.”
“Far more of life’s pleasures are in the process than in the outcome. Be in the moment.“
“Whatever bad awaits, don’t let it spoil the present moment.”
“Scratch the surface of any thinking ideologue and you’ll find doubts. Ask, “Ever wondered whether the other side might be right?””
“Might you be wise to focus more on self-acceptance than self-improvement? That might even motivate you to self-improve.”
“More than a little “processing” of past bad experiences is often counterproductive.”
“No matter how brilliant you are, if your style is too intense, most people will dismiss you.”
“It’s easy to be liked: listen more than talk, praise often, and disagree rarely. The question is, is it worth the loss of integrity? “
“Long-winded? Constantly ask yourself, “Does the person really need & want to know this phrase?” And keep utterances to <30 sec.”
“I used to think most people are intrinsically motivated to work hard. But I’m finding that many if not most people need monitoring.”
“The key to a well-led life is maxing your contribution. Happiness, less key, is most likely found in simple pleasures.”
“How feeble are we that we’re swayed more by dubious flattery than by valid suggestions.”
“Key to being liked: While retaining integrity, do more agreeing, amplifying, empathizing. do less arguing, one-upping, yes-butting.”
“Why do so many people prefer a silly, manipulative, games-playing, selfish hottie over an ugly, intense, honest, kind person?”
“When you think you can nail someone with your argument, take a breath & see if you can phrase it as a face-saving question.”
“Some people are nice as a way of compensating for their not being good.”
“If possible, slightly under-schedule yourself. That gives you the time to make your work higher-quality.”
“Ever get tired of being nice? Tempted to throw caution to the wind and say what you really think? If deserved, even yell? “
“Winners do not let themselves succumb to anything. They distract themselves by immersing themselves in their most engaging work.”
“Good conversationalists choose a topic that enables each participant to contribute. “
“It worked for me, it can work for you books aren’t helpful because typical readers are less smart & driven than book authors.”
“To broaden your horizons, mix with people other than people from your own background (professional, cultural, social, academic, racial, ethnic, etc.) Most people prefer the company of other people from similar backgrounds. Birds of a feather do flock together.”
“Most of us think ourselves bold, individualistic thinkers when in fact we’re tepid if not downright lemmings.”
“Good, simple conversation starter, “What’s doing in your life?” or “Whatcha been thinking about these days?””
“What skill of yours has given you the must success? Use it more.”
“The most valuable way to spend a dollar? A memo pad. Keep it with you at all times. Think of ideas. Write them down. Implement them.”
“Successful, productive people fuel themselves with their work & accomplishment, unsuccessful people through recreation.”
“The desire to be right usually trumps the desire for truth.”
“The only God resides within us: It is our our wisest attitudes and actions.”
“We hear stories of persistence rewarded yet for each of those, hundreds have pressed on only to end up broken and/or broke.”
“If the risk/reward ratio of taking an action is good, even if you may fail, it’s usually wise to follow Nike’s advice: Just do it!”
“Sometimes, a problem has both a rational and an irrational component. It may help to try to solve those separately.”
“People see counselors when they could journal on their own. People take classes when they could read on their own. Why? They’re forced to act.”
“Don’t give up prematurely. Your continued efforts will iterate, improve based on lessons learned from your past failures.”
Value Investing Conference and Genius of Warren Buffett Course
On 01-May-2014, Thursday and 02-May-2014, Friday, business owners, investment professionals, business journalists, authors of business and Berkshire-specific books, private investors, and other luminaries present at the Value Investing Conference. $1395 before 31-Mar and $1670 after 31-Mar. Location: College of Business, University of Nebraska at Omaha, 6708 Pine Street, Omaha, NE 68106 [map]. Registration and information at: http://valueinvestorconference.com
1:00 PM to 5:00 PM: Participants of the Berkshire Hathaway-Brooks 5K can pick up their participant packets (consisting of identification, runner’s shirt, and other promotional materials.) The Berkshire Hathaway-Brooks 5K is scheduled for 04-May-2014, Sunday. Participant packet pick-up location: Peak Performance, Bakers Shopping Center, 563 N 155th Plaza Circle, Omaha NE 68154 [map], Phone: (402) 398-0100
6:00 PM to 9:00 PM: Cocktail Reception at Borsheim’s Fine Jewelry. Borsheim’s is Berkshire’s flagship jewelry retailer and the second biggest jewelry store in the world. This cocktail reception is exceptionally crowded. And Borsheim’s also sets a tent in the parking lot to accommodate the swarms of people enjoying the dinner buffet, open bar, and live musical entertainment, all complimentary. Vegetarians can get their fill of broccoli, cauliflower, carrots, and crackers. Location: Borsheim’s, 120 Regency Parkway, Omaha NE 68114 [map], (800) 642-4438.
Shareholder Events on 03-May-2014, Saturday
7:00 AM: Doors Open at CenturyLink Center for the annual meeting. Shareholders, young and old, assemble hours before the opening of the doors to the CenturyLink center and, as soon as the doors are unlocked, run as quickly as they can to get the best seats in the house.
7:00 AM: Complementary breakfast: free pastries and bottled drinks in the stands at CenturyLink Center.
7:30 AM: The third International Newspaper Tossing Challenge. Challenge Warren Buffett in folding (no rubber bands allowed) and tossing a 36 to 42 page-newspaper 35 feet away into a Clayton Home porch. If you get the newspaper closer to the doorstep than Warren can, he’ll buy you a Dilly Bar. Location: Clayton Home store in the shopping area.
12:00 PM to 5:00 PM: NetJets Display. “Signature Flight Support” on the east side of the Omaha airport. Collect passes to the NetJets display at the NetJets stall in the shopping area. Shuttle busses leave the northwest corner of the CenturyLink Center. On display are a fleet of NetJets aircraft “sure to set your pulse racing. Warren urges, “Come by bus; leave by private jet. Live a little.”
12:00 PM to 1:00 PM: Buy-your-own lunch at CenturyLink’s stands.
3:30 PM to 3:45 PM: Recess / regrouping
3:45 PM to 4:00 PM: “Official business” part of the Berkshire Hathaway annual shareholders meeting.
1:15 PM: Warren Buffett begins clerking at Borsheim’s. Ask for the “Crazy Warren” quote on the item of your choice. Warren beckons, “As I get older, my pricing gets ever more ridiculous. Come take advantage of me.”
Norman Beck, a remarkable magician from Dallas, will bewilder onlookers.
Bob Hamman and Sharon Osberg, two of the world’s top bridge experts, will take on challengers at bridge, Warren’s favorite pastime. Warren warns, “Don’t play them for money.”
1:00 PM to 10:00 PM: One of Warren’s favorite restaurants, Gorat’s is open exclusively for Berkshire shareholders. Warren has said he will eat both at Gorat’s and Piccolo’s. Location: 4917 Center St, Omaha, NE 68106 [map.] By reservations only. Call (402) 551-3733 on or after April 1-Apr-2014, Tuesday for reservations.
4:00 PM to 10:00 PM: One of Warren’s favorite restaurants, Piccolo Pete’s Restaurant is open exclusively for Berkshire shareholders. Warren has said he will eat both at Gorat’s and Piccolo’s. Warren recommends getting giant root beer float for dessert. “Only sissies get the small one,” he provokes. Location: 2202 S. 20th Street Omaha NE 68108 [map.] For reservations, call 402-342-9038 anytime.
Throughout the Week: Shareholder Discounts and Shopping
At Borsheim’s Fine Jewelry, shareholder prices will be available from Monday 28-Apr-2014 through Saturday 10-May-2014. Borsheim’s is usually open 10:00 AM to 8:00 PM on Mondays and Thursday, 10:00 AM to 6:00 PM on Tuesdays, Wednesdays, and Fridays, and 10:00 AM to 5:30 PM on Saturdays. Borsheim’s is located at 120 Regency Parkway, Omaha NE 68114 [map]. Most of the items in Borsheim’s are discounted no less than 30% for Berkshire shareholders.
At Nebraska Furniture Mart (NFM,) shareholder prices will be available from Monday, April 28th through Saturday, May 10th. Nebraska Furniture Mart is located at 700 S 72nd St, Omaha NE 68114 [map]. NFM is open 10:00 AM to 9:00 PM Monday through Saturday and 10:00 AM to 6:00 PM on Sundays. Shareholder discounts are also available at Nebraska Furniture Mart’s stores in Kansas City and Des Moines (no furniture; just appliances, electronics, and flooring.)
Getting Meeting Credentials
Meeting credentials are required to enter the CenturyLink Center for the Berkshire Hathaway meeting or the adjoining area to hit the stores of the many Berkshire subsidiaries. Meeting credentials are also required to get special shareholder pricing at Borsheims, Nebraska Furniture Mart, and other stores that might offer shareholder discounts.
Berkshire Hathaway meeting credentials are no more than a plastic identification card and an associated lanyard. The identification card is not personalized and does not contain the shareholder’s or attendee’s name.
Here’s how to get your meeting credentials:
If you are a shareholder, your brokerage will send you the annual shareholders’ packet along with a postcard to request a maximum of four passes for the Berkshire annual meeting. Fill this postcard and drop it in the mail. Berkshire will send you passes and lanyards.
If you are a shareholder, but do not have time to request the passes, did not receive the passes, or did not receive the shareholder packet from your broker, take proof of your ownership of Berkshire Hathaway stock. Take a statement of your holdings from your broker to the annual meeting at the CenturyLink Center on the Friday afternoon or Saturday morning of the annual meeting to get your meeting credentials.
Many years ago, Berkshire Hathaway shareholders started auctioning the annual meeting passes on eBay for a premium. To hinder this premium, Berkshire Hathaway started directly selling two passes for $5 on eBay, with free shipping. “We decided to sell them ourselves on EBay at a nominal price to keep people from getting stung. We hope nobody pays more than what we charge which is basically to cover mailing charges,” a Berkshire Hathaway representative had informed Omaha World-Herald. Buyers could provide a mailing address when you checkout or just collect their passes from the CenturyLink Center on the Friday afternoon or Saturday morning of the Berkshire meeting.
If you are straining at the leash to go to the annual meeting and don’t have passes, just show up early on Saturday morning at the CenturyLink Center. I have seen shareholders in the line obliging to requests for passes from devoted fans of Berkshire; this practice needs to be discouraged.
Recommended Reading: “The Oracle & Omaha, How Warren Buffet and His Hometown Shaped Each Other”
I learned most of the thoughts in this investment discussion from Ben’s book The Intelligent Investor, which I bought in 1949. My financial life changed with that purchase.
And:
A couple of interesting sidelights about the book: Later editions included a postscript describing an unnamed investment that was a bonanza for Ben. Ben made the purchase in 1948 when he was writing the first edition and—brace yourself—the mystery company was GEICO. If Ben had not recognized the special qualities of GEICO when it was still in its infancy, my future and Berkshire’s would have been far different.
And,
When I was first introduced to GEICO in January 1951, I was blown away by the huge cost advantage the company enjoyed compared to the expenses borne by the giants of the industry. That operational efficiency continues today and is an all-important asset. No one likes to buy auto insurance. But almost everyone likes to drive. The insurance needed is a major expenditure for most families. Savings matter to them—and only a low-cost operation can deliver these.
Warren Buffett’s 1951 Analysis Article: “The Security I Like Best”: GEICO
In the 06-Dec-1961 (Thursday) edition of The Commercial and Financial Chronicle, a weekly business newspaper in the United States, Warren Buffett published an article on his analysis of the GEICO stock. He described GEICO, Government Employees Insurance Company, as the “The Security I Like Best.” Warren E. Buffett was then the principal of Omaha, NE, Buffett-Falk & Co. Below is a copy of Warren’s article; a facsimile of the article is also available in the PDF format: Warren_Buffett_-_The_Security_I_Like_Best.pdf.
This article is educational because it clearly shows the considerations that Buffett used to probe the company and evaluate its stock. The way of thinking of how Buffett and Berkshire Hathaway came to own GEICO provides a pattern of how to find and research any investment.
The Security I Like Best: The Government Employees Insurance Co. (GEICO)
Full employment, boom time profits and record dividend payments do not set the stage for depressed security prices. Most industries have been riding this wave of prosperity during the past five years with few ripples to disturb the tide.
The auto insurance business has not shared in the boom. After the staggering losses of the immediate postwar period, the situation began to right itself in 1949. In 1950, stock casualty companies again took it on the chin with underwriting experience the second worst in 15 years. The recent earnings reports of casualty companies, particularly those with the bulk of writings in auto lines, have diverted bull market enthusiasm from their stocks. On the basis of normal earning power and asset factors, many of these stocks appear undervalued.
The nature of the industry is such as to ease cyclical bumps. The majority of purchasers regards auto insurance as a necessity. Contracts must be renewed yearly at rates based upon experience. The lag of rates behind costs, although detrimental in a period of rising prices as has characterized the 1945-1951 period, should prove beneficial if deflationary forces should be set in action.
Other industry advantages include lack of inventory, collection, labor and raw material problems. The hazard of product obsolescence and related equipment obsolescence is also absent.
Government Employees Insurance Corporation was organized in the mid-30’s to provide complete auto insurance on a nationwide basis to an eligible class including: (1) Federal, State and municipal government employees; (2) active and reserve commissioned officers and the first three pay grades of non-commissioned officers of the Armed Forces; (3) veterans who were eligible when on active duty; (4) former policyholders; (5) faculty members of universities, colleges and schools; (6) government contractor employees engaged in defense work exclusively, and (7) stockholders.
The company has no agents or branch offices. As a result, policyholders receive standard auto insurance policies at premium discounts running as high as 30% off manual rates. Claims are handled promptly through approximately 500 representatives throughout the country.
The term “growth company” has been applied with abandon during the past few years to companies whose sales increases represented little more than inflation of prices and general easing of business competition. GEICO qualifies as a legitimate growth company based upon the following record:
Year—
Premiums Written
Policy Holders
1936
$103,696.31
3,754
1940
768,057.86
25,514
1945
1,638,562.09
51,697
1950
8,016,975.79
143,944
Of course the investor of today does not profit from yesterday’s growth. In GEICO’s case, there is reason to believe the major portion of growth lies ahead. Prior to 1950, the company was only licensed in 15 of 50 jurisdictions including D. C. and Hawaii. At the beginning of the year there were less than 3,000 policyholders in New York State. Yet 25% saved on an insurance bill of $125 in New York should look bigger to the prospect than the 25% saved on the $50 rate in more sparsely settled regions.
As cost competition increases in importance during times of recession, GEICO’s rate attraction should become even more effective in diverting business from the brother-in-law. With insurance rates moving higher due to inflation, the 25% spread in rates becomes wider in terms of dollars and cents.
There is no pressure from agents to accept questionable applicants or renew poor risks. In States where the rate structure is inadequate, new promotion may be halted.
Probably the biggest attraction of GEICO is the profit margin advantage it enjoys. The ratio of underwriting profit to premiums earned in 1949 was 27.5% for GEICO as compared to 3.7% for the 135 stock casualty and surety companies summarized by Best’s. As experience turned for the worse in 1950, Best’s aggregate’s profit margin dropped to 3.0% and GEICO’s dropped to 13.0%. GEICO does not write all casualty lines; however, bodily injury and property damage, both important lines for GEICO, were among the least profitable lines. GEICO also does a large amount of collision writing, which was a profitable line in 1950.
During the first half of 1951, practically all insurers operated in the red on casualty lines with bodily injury and property damage among the most unprofitable. Whereas GEICO’s profit margin was cut to slightly above 9%, Massachusett’s Bonding & Insurance showed a 26% loss, New Amsterdam Casualty an 8% loss, Standard Accident Insurance a 9% loss, etc.
Because of the rapid growth of GEICO, cash dividends have had to remain low. Stock dividends and a 25-for-1 split increased the outstanding shares from 3,000 on June 1, 1948, to 250,000 on Nov. 10, 1951. Valuable rights to subscribe to stock of affiliated companies have also been issued.
Benjamin Graham has been Chairman of the Board since his investment trust acquired and distributed a large block of the stock in 1948. Leo Goodwin, who has guided GEICO’s growth since inception, is the able President. At the end of 1950, the 10 members of the Board of Directors owned approximately one third of the outstanding stock.
Earnings in 1950 amounted to $3.92 as contrasted to $4.71 on the smaller amount of business in 1949. These figures include no allowance for the increase in the unearned premium reserve which was substantial in both years. Earnings in 1953 will be lower than 1950, but the wave of rate increases during the past summer should evidence themselves in 1952 earnings. Investment income quadrupled between 1947 and 1950, reflecting the growth of the company’s assets.
At the present price of about eight times the earnings of 1950, a poor year for the industry, it appears that no price is being paid for the tremendous growth potential of the company.
In 1951, Warren Buffett made his first purchase of GEICO stock. In 1996, Warren Buffett purchased all outstanding stock of GEICO, and folded GEICO into the Berkshire Hathaway umbrella as a subsidiary company. GEICO is part of the most noteworthy of Berkshire Hathaway’s businesses: the insurance business.
Insurance ‘Float’: A Significant Enabler of Berkshire Hathaway’s Success
Berkshire Hathaway’s insurance operations provides Warren Buffett the ‘float’ that has been critical to his success as an investor. This float is money that Berkshire Hathaway holds to pay insurance claims at some point in the future, but in the intervening time can be put to work in stocks and long-term investments that earn returns for Berkshire. In effect, float constitutes borrowed funds at little or no cost. It enables Berkshire Hathaway to purchase businesses and assets beyond what Berkshire Hathaway’s cash and capital would allow. Other than GEICO, Berkshire Hathaway’s major insurance operations include Berkshire Hathaway Reinsurance Group and General Re.
GEICO is today the second largest auto insurer in the United States. GEICO’s mascot is a Gold dust day gecko with a Cockney accent. GEICO is well known in popular culture for its advertising, having made a large number of commercials that aim to amuse viewers. The GEICO gecko is voiced by English actor Jake Wood.
Famed management guru Peter Ferdinand Drucker spent his life contemplating and writing about how business interests, politics, and human nature interact at companies, non-profits, and governments all over the world. His consultations had an almost legendary reputation in business circles.
Peter Drucker wrote influential works about management since the 1940s. He has written about 30 books, and from 1975 to 1995 he was an editorial columnist for the Wall Street Journal.
Books by Peter F. Drucker
“The End of Economic Man” (1939)
The End of Economic Man is Drucker’s first full-length book. It is a diagnostic study of the totalitarian state and the first book to study the origins of totalitarianism. He describes the reasons for the rise of fascism and the failures of established institutions that led to its emergence. Drucker develops an understanding of the dynamics of the totalitarian society and helps us to understand the causes of totalitarianism in order to prevent such a catastrophe in the future. Developing social, religious, economic, and political institutions that function effectively will prevent the emergence of circumstances that frequently encourage the totalitarian state. Buy “The End of Economic Man” by Peter Drucker
“The Future of Industrial Man” (1942)
Drucker describes the requirements for a functioning society by developing a social theory of society in general and of the industrial society in particular. In The Future of Industrial Man, Peter Drucker presents the requirements for any society for it to be both legitimate and functioning. Such a society must give status and function to the individual. The book addresses the question: “How can individual freedom are preserved in an industrial society in light of the dominance of managerial power and the corporation?” Written before the entrance of the U.S. into World War II, it is optimistic about post-World War II Europe and reaffirms its hopes and values through a time of despair. The book dared to ask, “What do we hope for the postwar world?” Buy “The Future of Industrial Man” by Peter Drucker
“Concept of the Corporation” (1946)
This classic book is the first to describe and analyze the structure, policies, and practices of a large corporation, General Motors. The book looks upon a “business” as an “organization,” that is, as a social structure that brings together human beings in order to satisfy economic needs and the wants of a community. It establishes the “organization” as a distinct entity, and management of an organization as a legitimate subject of inquiry. The book represents a link between Drucker’s first two books on society and his subsequent writings on management. Detailed information is provided regarding such management practices as decentralization, pricing, and the roles of profits and of labor unions. Drucker looks at General Motors’ managerial organization and attempts to understand what makes the company work so effectively. Certain questions are addressed, such as: “What are the company’s core principles, and how do they contribute to the success of the organization?” The principles of organization and management at General Motors described in this book became models for organizations worldwide. The book addresses issues that go beyond the borders of the business corporation, and considers the “corporate state” itself. Buy “Concept of the Corporation” by Peter Drucker
“The New Society – The Anatomy of Industrial Order” (1950)
In The New Society, Peter Drucker extends his previous works The Future of Industrial Man and Concept of the Corporation into a systematic, organized analysis of the industrial society that emerged out of World War II. He analyzes large business enterprises, governments, labor unions, and the place of the individual within the social context of these institutions. Following publication of the of The New Society, George G. Higgins wrote in Commonweal, “Drucker has analyzed, as brilliantly as any modern writer, the problems of industrial relations in the individual company or ‘enterprise.’ He is thoroughly at home in economics, political science, industrial psychology, and industrial sociology, and has succeeded admirably in harmonizing the findings of all four disciplines and applying them meaningfully to the practical problems of the ‘enterprise.’ Drucker believes that the interests of the worker, management, and corporation are reconcilable with society. He advances the idea of “the plant community” in which workers are encouraged to take on more responsibility and act like “managers.” He questions whether unions can survive in their present form if the worker is encouraged to act as a manager. Buy “The New Society – The Anatomy of Industrial Order” by Peter Drucker
“The Practice of Management” (1954)
This classic is the first book to define management as a practice and a discipline, thus establishing Drucker as the founder of the discipline of modern management. Management has been practiced for centuries, but this book systematically defines management as a discipline that can be taught and learned. It provides a systematic guide for practicing managers who want to improve their effectiveness and productivity. It presents Management by Objectives as a genuine philosophy of management that integrates the interests of the corporation with those of the managers and contributors to an organization. Illustrations come from such companies as Ford, GE, Sears, Roebuck & Co., GM, IBM, and AT&T. Buy “The Practice of Management” by Peter Drucker
“America’s Next Twenty Years” (1957)
In this collection of essays, Peter Drucker discusses the issues that he believes will be significant in America, including the coming labor shortage, automation, significant wealth in the hands of a few individuals, college education, American politics, and perhaps most significantly, the growing disparity between the “haves” and the “have nots.” In these essays, Drucker identifies the major events that “have already happened” that will “determine the future.” “Identifying the future that has already happened” is a major theme of Drucker’s many books and essays. Buy “America’s Next Twenty Years” by Peter Drucker
“Landmarks of Tomorrow” (1957)
Landmarks of Tomorrow identifies “the future that has already happened” in three major areas of human life and experience. The first part of the book treats the philosophical shift from a Cartesian universe of mechanical cause to a new universe of pattern, purpose, and configuration. Drucker discusses the need to organize men of knowledge and of high skill for joint effort, and performance as a key component of this change. The second part of the book sketches four realities that challenge the people of the free world: an educated society, economic development, the decline of the effectiveness of government, and the collapse of Eastern culture. The final section of the book is concerned with the spiritual reality of human existence. These are seen as basic elements in late-twentieth-century society. In his new introduction, Peter Drucker revisits the main findings of Landmarks of Tomorrow and assesses their validity in relation to today’s concerns. Buy “Landmarks of Tomorrow” by Peter Drucker
“Managing for Results” (1964)
This book focuses upon economic performance as the specific function and contribution of business and the reason for its existence. The effective business, Peter Drucker observes, focuses on opportunities rather than problems. How this focus is achieved in order to make the organization prosper and grow is the subject of this companion to his classic, The Practice of Management. The earlier book was chiefly concerned with how management functions as a discipline and practice, this volume shows what the executive decision-maker must do to move his enterprise forward. One of the notable accomplishments of this book is its combining of specific economic analysis with the entrepreneurial force in business prosperity. For though it discusses “what to do” more than Drucker’s previous works, the book stresses the qualitative aspect of enterprise: every successful business requires a goal and spirit all its own. Managing for Results was the first book to describe what is now widely called “business strategy” and to identify what are now called an organization’s “core competencies.” Buy “Managing for Results” by Peter Drucker
“The Effective Executive” (1966)
The Effective Executive is a landmark book that develops the specific practices of the executive that lead to effectiveness. It is based on observations of effective executives in business and government. Drucker starts by reminding executives that the measure of effectiveness is the ability to “get the right things done.” This involves five practices: (1) managing one’s time, (2) focusing on contribution rather than problems, (3) making strengths productive, (4) establishing priorities, and (5) making effective decisions. A major portion of the book is devoted to the process of making effective decisions and the criteria for effective decisions. Numerous examples are provided of executive effectiveness. The book concludes by emphasizing that effectiveness can be learned and must be learned. Buy “The Effective Executive” by Peter Drucker
“The Age of Discontinuity” (1968)
Peter Drucker focuses with great clarity and perception on the forces of change that are transforming the economic landscape and creating tomorrow’s society. He discerns four major areas of discontinuity underlying contemporary social and cultural reality: (I) the explosion of new technologies resulting in major new industries, (2) the change from an international to a world economy, (3) a new sociopolitical reality of pluralistic institutions that poses drastic political, philosophical, and spiritual challenges, and (4) the new universe of knowledge work based on mass education along with its implications. The Age of Discontinuity is a fascinating and important blueprint for shaping a future already very much with us. Buy “The Age of Discontinuity” by Peter Drucker
“Men, Ideas, and Politics” (1970)
Technology, Management, and Society presents an overview of the nature of modern technology and its relationships with science, engineering, and religion. The social and political forces, which increasingly impinge on technological development, are analyzed within the framework of broad institutional change. Scholars and students troubled by society’s growing reliance on technological solutions to complex social and political problems will welcome Peter Drucker’s critical perspective. Buy “Men, Ideas, and Politics” by Peter Drucker
“Technology, Management, and Society” (1971)
This book is a compilation of thirteen essays addressing the issues of society “people, politics, and thought. Included are essays on Henry Ford, Japanese management, and effective presidents. Two articles in particular show aspects of Drucker’s thinking that are especially important. One is an essay on “The Unfashionable Kierkegaard,” which encourages the development of the spiritual dimension of humankind. The other is on the political philosophy of John C. Calhoun, describing the basic principles of lsowo0 America’s pluralism and how they shape government policies and programs. Buy “Technology, Management, and Society” by Peter Drucker
This book is a compendium of Drucker on management. It updates and expands upon The Practice of Management. It is an essential reference book for executives. Management is an organized body of knowledge consisting of managerial tasks, managerial work, managerial tools, managerial responsibilities, and the role of top management. According to Peter Drucker, “This book tries to equip the manager with the understanding, the thinking, the knowledge, and the skills for today’s and also tomorrow’s jobs.” This management classic has been developed and tested during more than thirty years of management teaching in universities, executive programs, seminars, and through the author’s close work with managers as a consultant for large and small businesses, government agencies, hospitals, and schools. Buy “Management: Tasks, Responsibilities, Practices” by Peter Drucker
“The Pension Fund Revolution” (1976)
In this book, Drucker describes how institutional investors, especially pension funds, have become the controlling owners of America’s large companies, and the country’s “capitalists.” He explores how ownership has become highly concentrated in the hands of large institutional investors, and that through the pension funds, “ownership of the means of production” has become “socialized” without becoming “nationalized.” Another theme of this book is the aging of America. Drucker points to the new challenges this trend will pose with respect to health care, pensions, and social security’s place in the American economy and society, and how, altogether, American politics would increasingly become dominated by middle-class issues and with the values of elderly people. In the new epilogue, Drucker discusses how the increasing dominance of pension funds represents one of the most startling power shifts in economic history, and examines their present-day impact. Buy “The Pension Fund Revolution” by Peter Drucker
“Adventures of a Bystander” (1978)
Adventures of a Bystander is Drucker’s collection of autobiographical stories and vignettes, in which he paints a portrait of his life, and of the larger historical realities of his time. Drucker conveys his life story “from his early teen years in Vienna through the interwar years in Europe, the New Deal era, World War II, and the postwar period in America” … “through intimate profiles of a host of fascinating people he’s known through the years. Along with bankers and courtesans, artists, aristocrats, prophets, and empire builders, we meet members of Drucker’s own family and close circle of friends, among them such prominent figures as Sigmund Freud, Henry Luce, Alfred Sloan, John Lewis, and Buckminster Fuller. Shedding light on a turbulent and important era, Adventures of a Bystander also reflects Peter Drucker himself as a man of imaginative sympathy and enormous interest in people, ideas, and history. Buy “Adventures of a Bystander” by Peter Drucker
“Managing in Turbulent Times” (1980)
This important and timely book concerns the immediate future of business, society, and the economy. We are, says Drucker, entering a new economic era with new trends, new markets, a global economy, new technologies, and new institutions. How will managers and management deal with the turbulence created by these new realities? This book, as Drucker explains it, “is concerned with action, rather than understanding, with decisions, rather than analysis.” It deals with the strategies needed to adapt to change and to turn rapid changes into opportunities, to turn the threat of change into productive and profitable action that contributes positively to our society, the economy, and the individual. An organization must be structured to withstand a blow caused by environmental turbulence. Buy “Managing in Turbulent Times” by Peter Drucker
“Toward the Next Economics” (1981)
These essays cover a wide-ranging collection of topics on business, management, economics, and society. They are all concerned with what Drucker calls “social ecology” and especially with institutions. These essays reflect ‘the future that has already happened.”, The essays reflect Drucker’s belief that, in the decade of the 1970s, there were genuine changes in population structure and dynamics, changes in the role of institutions, changes in the relation between sciences and society, and changes in the fundamental theories about economics and society, long considered as truths. The essays are international in scope. Buy “Toward the Next Economics” by Peter Drucker
“The Changing World of the Executive” (1982)
These essays from the Wall Street Journal explore a wide variety of topics. They deal with changes in the workforce “its jobs, its expectations” with the power relationships of a “society of employees,” and with changes in technology and in the world economy. They discuss the problems and challenges facing major institutions, including business enterprises, schools, hospitals, and government agencies. They look anew at the tasks and work of executives, at their performance and its measurement, and at executive compensation. However diverse the topics, these chapters have one common theme, the changing world of the executive “changing rapidly within the organization, changing rapidly with respect to the visions, aspirations, and even characteristics of employees, customers, and constituents, changing outside the organization, as well, economically, technologically, socially, politically. Buy “The Changing World of the Executive” by Peter Drucker
“Innovation and Entrepreneurship” (1985)
The first book to present innovation and entrepreneurship as a purposeful and systematic discipline. It explains and analyzes the challenges and opportunities presented by the emergence of the entrepreneurial economy in business and public service institutions. It is a major contribution to functioning management, organization, and economy. The book is divided into three main sections: (1) The Practice of Innovation, (2) The Practice of Entrepreneurship, and (3) Entrepreneurial Strategies. Drucker presents innovation and entrepreneurship as both practice and discipline, choosing to focus on the actions of the entrepreneur as opposed to entrepreneurial psychology and temperament. All organizations, including public-service institutions, must become entrepreneurial to survive and prosper in a market economy. The book provides a description of entrepreneurial policies and windows of opportunity for developing innovative practices in both emerging and well-established organizations. Buy “Innovation and Entrepreneurship” by Peter Drucker
“The Frontiers of Management” (1986)
This book is a collection of thirty-five previously published articles and essays, twenty-five of which have appeared on the editorial page of the Wall Street Journal. Featuring a new introduction, Drucker forecasts the business trends of what was then the next millennium. The Frontiers of Management is a clear, direct, lively, and comprehensible examination of global trends and management practices. There are chapters dealing with the world economy, hostile takeovers, and the unexpected problems of success. Jobs, younger people, and career gridlock are also covered. Throughout this book, Drucker stresses the importance of forethought and of realizing that “change is opportunity” in every branch of executive decision-making. Buy “The Frontiers of Management” by Peter Drucker
“The New Realities” (1989)
This book is about the “next century.” Its thesis is that the “next century” is already here, indeed that we are well advanced into it. In this book, Drucker writes about the “social superstructure” politics and government, society, economy and economics, social organization, and the new knowledge society. He describes the limits of government and dangers of “charisma” in leadership. He identifies the future organization as being information-based. While this book is not “futurism,” it attempts to define the concerns, the issues, and the controversies that will be realities for years to come. Drucker focuses on what to do today in contemplation of tomorrow. Within self-imposed limitations, he attempts to set the agenda on how to deal with some of the toughest problems we are facing today that have been created by the successes of the past. Buy “The New Realities” by Peter Drucker
“Managing the Non-Profit Organization” (1990)
The service, or nonprofit, sector of our society is growing rapidly (with more than 8 million employees and more than 80 million volunteers), creating a major need for guidelines and expert advice on how to lead and manage these organizations effectively. This book is an application of Drucker’s perspective on management to nonprofit organizations of all kinds. He gives examples and explanations of mission, leadership, resources, marketing, goals, people development, decision-making, and much more. Included are interviews with nine experts that address key issues in the nonprofit sector. Buy “Managing the Non-Profit Organization” by Peter Drucker
“Managing for the Future” (1992)
Bringing together the most exciting of Drucker’s many recent essays on economics, business practices, managing for change, and the evolving shape of the modern corporation, Managing for the Future offers important insights and lessons for anyone trying to stay ahead of today’s unremitting competition. Drucker’s universe is a constantly expanding cosmos composed of four regions in which he demonstrates mastery: (1) the economic forces affecting our lives and livelihoods, (2) today’s changing workforce and workplaces, (3) the newest management concepts and practices, and (4) the shape of the organization, including the corporation, as it evolves and responds to ever-increasing tasks and responsibilities. Each of this book’s chapters explores a business or corporate or “people” problem, and Drucker shows how to solve it or use it as an opportunity for change. Buy “Managing for the Future” by Peter Drucker
“The Ecological Vision” (1993)
The thirty-one essays in this volume were written over a period of more than forty years. These essays range over a wide array of disciplines and subject matter. Yet they all have in common that they are “Essays in Social Ecology” and deal with the man-made environment. They all, in one way or another, deal with the interaction between individual and community. In addition, they try to look upon the economy, upon technology, upon art, as dimensions of social experience and as expressions of social values. The last essay in this collection, The Unfashionable Kierkegaard, was written as an affirmation of the existential, the spiritual, and the individual dimension of the Creature. It was written by Drucker to assert that society is not enough “not even for society. It was written to affirm hope. This is an important and perceptive volume of essays. Buy “The Ecological Vision” by Peter Drucker
“Post-Capitalist Society” (1993)
In Post-Capitalist Society, Peter Drucker describes how every few hundred years a sharp transformation has taken place and greatly affected society “its worldview, its basic values, its business and economics, and its social and political structure. According to Drucker, we are right in the middle of another time of radical change, from the Age of Capitalism and the Nation-State to a Knowledge Society and a Society of Organizations. The primary resource in the post-capitalist society will be knowledge, and the leading social groups will be “knowledge workers.” Looking backward and forward, Drucker discusses the Industrial Revolution, the Productivity Revolution, the Management Revolution, and the governance of corporations. He explains the new functions of organizations, the economics of knowledge, and productivity as a social and economic priority. He covers the transformation from Nation-State to Megastate, the new pluralism of political systems, and the needed turnaround in government. Finally, Drucker details the knowledge issues and the role and use of knowledge in the post-capitalist society. Divided into three parts “Society, Polity, and Knowledge” Post-Capitalist Society provides a searching look into the future as well as a vital analysis of the past, focusing on the challenges of the present transition period and how, if we can understand and respond to them, we can create a new future. Buy “Post-Capitalist Society” by Peter Drucker
“Managing in a Time of Great Change” (1995)
This book compiles essays written by Drucker from 1991 to 1994 and published in the Harvard Business Review and the Wall Street Journal. All of these essays are about change: changes in the economy, society, business, and in organizations in general. Drucker’s advice on how managers should adjust to these tectonic shifts centers on the rise of the now-ubiquitous knowledge worker and the global economy. In this book, Drucker illuminates the business challenges confronting us today. He examines current management trends and whether they really work, the implications for business in the reinvention of the government, and the shifting balance of power between management and labor. Buy “Managing in a Time of Great Change” by Peter Drucker
“Drucker on Asia” (1995) with Isao Nakauchi
Drucker on Asia is the result of an extensive dialogue between two of the world’s leading business figures, Peter F. Drucker and Isao Nakauchi. Their dialogue considers the changes occurring in the economic world today and identifies the challenges that free markets and free enterprises now face, with specific reference to China and Japan. What do these changes mean to Japan? What does Japan have to do in order to achieve a “third economic miracle”? What do these changes mean to society, the individual company, the individual professional and executive? These are the questions that Drucker and Nakauchi address in their brilliant insight into the future economic role of Asia. Buy “Drucker on Asia” by Peter Drucker
“Peter Drucker on the Profession of Management” (1996)
This is a significant collection of Peter Drucker’s landmark articles from the Harvard Business Review. Drucker seeks out, identifies, and examines the most important issues confronting managers, from corporate strategy to management style to social change. This volume provides a rare opportunity to trace the evolution of great shifts in our workplaces, and to understand more clearly the role of managers in the ongoing effort to balance change with continuity, the latter a recurring theme in Drucker’s writings. These are strategically presented here to address two unifying themes: the first examines the “Manager’s Responsibilities,” while the second investigates “The Executive’s World.” Containing an important interview with Drucker on “The Post-Capitalist Executive,” as well as a preface by Drucker himself, the volume is edited by Nan Stone, longtime editor of the Harvard Business Review. Buy “Peter Drucker on the Profession of Management” by Peter Drucker
“Management Challenges for the 21st Century” (1998)
In this compilation of essays culled from published magazine articles and a lengthy essay appearing in The Economist in November 2001, and interviews during the period of 1996 to 2002, Drucker has expertly anticipated our ever-changing business society and ever-expanding management roles. In this book, Drucker identifies the reality of the ‘Next Society,” which has been shaped by three major trends: the decline of the young portion of the population, the decline of manufacturing, and the transformation of the workforce (together with the social impact of the Information Revolution). Drucker also asserts that e-commerce and e-learning are to the Information Revolution what the railroad was to the Industrial Revolution, and thus, an information society is developing. Drucker speaks of the importance of the social sector (that is, nongovernmental and nonprofit organizations), because NPOs can create what we now need: communities for citizens and especially for highly educated knowledge-workers, who increasingly dominate developed societies. Buy “Management Challenges for the 21st Century” by Peter Drucker
“Managing in the Next Society” (1999)
In his first major book since The Post-Capitalist Society, Drucker discusses the new paradigms of management “how they have changed and will continue to change our basic assumptions about the practices and principles of management. Drucker analyzes the new realities of strategy, shows how to be a leader in periods of change, and explains the “New Information Revolution,” discussing the information an executive needs and the information an executive owes. He also examines knowledge-worker productivity, and shows that changes in the basic attitude of individuals and organizations, as well as structural changes in work itself, are needed for increased productivity. Finally, Drucker addresses the ultimate challenge of managing oneself while meeting the demands on the individual during a longer working life and in an ever-changing workplace. Buy “Managing in the Next Society” by Peter Drucker
“The Daily Drucker” (2002)
Revered management thinker Peter F. Drucker is our trusted guide in this thoughtful, day-by-day companion that offers his penetrating and practical wisdom. Amid the multiple pressures of our daily work lives, The Daily Drucker provides the inspiration and advice to meet the many challenges we face. With his trademark clarity, vision, and humanity, Drucker sets out his ideas on a broad swath of key topics, from time management, to innovation, to outsourcing, providing useful insights for each day of the year. These 366 daily readings have been harvested from Drucker’s lifetime of work. At the bottom of each page, the reader will find an action point that spells out exactly how to put Drucker’s ideas into practice. It is as if the wisest and most action-oriented management consultant in the world is in the room, offering his timeless gems of advice. The Daily Drucker is for anyone who seeks to understand and put to use Drucker’s powerful words and ideas. Buy “The Daily Drucker” by Peter Drucker
“The Effective Executive in Action” (2004)
The Effective Executive in Action is a journal based on Peter F. Drucker’s classic and preeminent work on management and effectiveness “The Effective Executive“. Here Drucker and Maciariello provide executives, managers, and knowledge workers with a guide to effective action “the central theme of Drucker’s work. The authors take more than one hundred readings from Drucker’s classic work, update them, and provide provocative questions to ponder and actions to take in order to improve your own work. Also included in this journal is a space for you to record your thoughts for later review and reflection. “The Effective Executive in Action” will teach you how to be a better leader and how to lead according to the five main pillars of Drucker’s leadership philosophy. Buy “The Effective Executive in Action” by Peter Drucker
“Managing Oneself” (2007)
We live in an age of unprecedented opportunity: with ambition, drive, and talent, you can rise to the top of your chosen profession regardless of where you started out. However, with opportunity comes responsibility. Companies today are not managing their knowledge workers’ careers. Instead, you must be your own chief executive officer. That means it is up to you to carve out your place in the world and know when to change course. In addition, it is up to you to keep yourself engaged and productive during a career that may span some 50 years. In Managing Oneself, Peter Drucker explains how to do it. The keys: Cultivate a deep understanding of yourself by identifying your most valuable strengths and most dangerous weaknesses. Articulate how you learn and work with others and what your most deeply held values are. Describe the type of work environment where you can make the greatest contribution. Only when you operate with a combination of your strengths and self-knowledge can you achieve true and lasting excellence. Managing Oneself identifies the probing questions you need to ask to gain the insights essential for taking charge of your career. Buy “Managing Oneself” by Peter Drucker
Anthologies by Peter Drucker
“The Essential Drucker” (2001)
The Essential Drucker offers, in Drucker’s words, “a coherent and fairly comprehensive ‘Introduction to Management’ and gives an overview of my management work and thus answers the question I’ve been asked again and again: ‘Which writings is Essential?’ The book contains twenty-six selections on management in the organization, management and the individual, and management in society. It covers the basic principles and concerns of management and its problems, challenges, and opportunities, giving managers, executives, and professionals the tools to perform the tasks that the economy and society of today and tomorrow will demand of them. Buy “The Essential Drucker” by Peter Drucker
“A Functioning Society” (2003)
In these essays, Drucker has brought together selections from his vast writings on community, society, and the political structure. Drucker’s primary concern is with a functioning society in which the individual has status and function. Parts I and II identify the institutions that could recreate community, the collapse of which produced totalitarianism in Europe. These selections were written during World War II. Part III deals with the limits of governmental competence in the social and economic realm. This section is concerned with the differences between big government and effective government. Buy “A Functioning Society” by Peter Drucker
Novels by Peter Drucker
“The Last of All Possible Worlds” (1982)
This novel occurs in the world of upper-class European society of the transitional age just before World War I. At the center of this novel are the lives of four distinguished Europeans who reach their later years around the turn-of-the-century.
The aristocratic Polish Prince Sobieski, a wealthy landowner, businessperson, and the Austro-Hungarian diplomat to Great Britain
McGregor Hinton, a mathematics historian and an immensely successful banker, who faces an ethical crisis and reviews his life, his poor beginnings, his noble secret marriage to a prostitute after she bore his deformed child, and his brushes with aristocracy.
A wealthy Jewish banker Julius von Mosenthal is planning a major restructuring of a bank while ruminating on the future meeting with partners Hinton and Sobieski
Baroness Rafaela Wald-Reifnitz—descended from the purest Sephardic Jews, painted by two great artists, devoted to music, in love with her problematic husband Arthur. Buy “The Last of All Possible Worlds” by Peter Drucker
“The Temptation to Do Good” (1984)
“The Temptation to Do Good”, like “The Last of all Possible Worlds”, is outstanding and brilliant. They are very important additions to Peter Drucker’s outstanding and comprehensive picture of management thinking and practice. The Temptation to Do Good features Father Heinz Zimmerman, the President of a Catholic university. Father Zimmerman faces all of the leadership challenges common to nonprofit CEOs: budgets, donors, staff conflicts, board members, and ethical issues. If you’d add to the mix student and faculty and their expectations, you’ll come to appreciate the sense and purpose of an organization more. Buy “The Temptation to Do Good” by Peter Drucker
Contact Carnival guest services no less than two weeks before embarkation to request Indian vegetarian or non-vegetarian food. Indian food is a fairly popular choice, especially with the increasing popularity of cruising among tourists from South Asia and the United Kingdom. Also contributing is the emergence of Indian food emerging as the de facto national cuisine in England. For this reason, even if guests do not pre-book Indian vegetarian food, Carnival’s ships tend to stock up on constituents of Indian food.
Carnival Cruise’s Typical 5-Day Rotation of Vegetarian Indian Food
Dinner on Day 1
Aloo Shimla Mirch: potatoes with green bell pepper
Khumb Matar Dahi Wale: mushroom and peas in yogurt sauce
Basmati Jeera Pulao: basmati rice with roasted cumin seasoning
Rajmah Raseela: red kidney beans in spicy gravy
Traditional Accompaniments: Raita (yoghurt relish), Achar (Indian pickle), Roasted Papad (crisps), and Kachumber Salad
Dinner on Day 2
Aloo Baingan: potatoes with eggplant
Malai Kofta: fried cheese-balls in creamy gravy
Basmati Matar Pulao: basmati rice with stir-fried peas
Channa Dal Masala: spicy yellow split peas
Traditional Accompaniments: Raita (yoghurt relish), Achar (Indian pickle), Roasted Papad (crisps), and Kachumber Salad
Dinner on Day 3
Boondi Kadi: fried chickpea pearls in thick chickpea-yoghurt gravy
Palak Paneer: spinach and Indian cheese
Basmati Safed Chawal: plain basmati rice
Sookhe Mattar Ki Subzi: green peas with spices
Traditional Accompaniments: Raita (yoghurt relish), Achar (Indian pickle), Roasted Papad (crisps), and Kachumber Salad
Dinner on Day 4
Green Beans Poriyal: curry of green beans in South Indian-style
Zucchini Kootu: stew of zucchini and lentils in South Indian-style
Dahi Bhath: basmati rice in yogurt in South Indian-style
Sambar: vegetable stew with tamarind in South Indian-style
Traditional Accompaniments: Raita (yoghurt relish), Achar (Indian pickle), Roasted Papad (crisps), and Kachumber Salad
Dinner on Day 5
Bhindi Masala: okra with spices
Jeera Aloo Matar: potatoes and peas garnished with cumin
Basmati Onion Pulao: basmati rice with glazed onions
Chole Pindi: chickpeas with spices
Traditional Accompaniments: Raita (yoghurt relish), Achar (Indian pickle), Roasted Papad (crisps), and Kachumber Salad
Carnival Cruise’s Typical 5-Day Rotation of Non-Vegetarian Indian Food
Dinner on Day 1
Murg Dahiwala: chicken in yoghurt sauce
Aloo Shimla Mirch: potatoes with green bell pepper
Basmati Jeera Pulao: basmati rice with roasted cumin seasoning
Great things do come in small packages, and Singapore is the ideal example. From quirky, obscure bookshops, gritty designers and excellent cuisine to exemplary street food and sophisticated bars and watering holes and even extraordinary wildlife encounters, this power-packed country offers you a holiday experience you will definitely never forget.
Down the River: If you always wondered what lies beneath the waters of the Mississippi, you need look no further than in Asia’s first river-themed wildlife park. At River Safari, you will meet over 5,000 aquatic animals, spread out over 300 species. Documenting life in eight river habitats, here you will learn about the giant river otter, the endangered Mekong giant catfish, and much more. This is one experience you will not want to miss.
Animal Magic: Known as one of the most spectacular zoos in the world, spread out over 26 hectares of intimate viewing platforms and sensitively constructed habitats, the Singapore Zoo is your ticket to wildlife wonderland. You could make friends with the free-ranging kangaroos in the Australian Outback, then head to the Great Rift Valley of Ethiopia to see the Hamadryas baboons.
Something Fishy: Singapore has some of the most superb seafood in the world, none more iconic than its chili crabs. Recognized as an unofficial national dish, this delightful dish involves crab slathered in a sweet-spicy sauce and served with fried mantou (buns) with which to mop up all of that extra sauce. No less well known are the pepper crabs. Served in a black-and-white pepper sauce, these are hugely enjoyable treats.
Love’s in the Air: What better way to proclaim or re-affirm your love than at 165m above the ground in the world’s largest observation wheel, the Singapore Flyer is one of the most beautiful ways to take in the magic of Singapore. If you are looking to spend a special evening, book the Moet and Chandon Champagne Flight. Raise a glass of bubbly in this especially themed capsule as you take in the sights of the city and splurge on a romantic four-course meal that comes with a personal butler.
Green Thumbs: If you are craving some open green space, this 101-hectare horticultural attraction with over 250,000 plants will give you just the breather you have been looking for. A mere five-minute walk from the city, the Gardens by the Bay are made up of three spaces—Bay Central, Bay South, and Bay East. The view from the promenade is resplendently beautiful and the grounds are a great spot for a stroll in the evening followed by a family picnic on the lush lawns amid plain trees.
Filmi Business: All you movie lovers, who are always dying to be part of the action, get to Universal Studios. Go on rides designed to take you through the worlds of Madagascar, Shrek 4, and The Mummy Returns. Scream your lungs out on the world’s tallest dueling coaster ride at Battlestar Galactica and prepare to be amazed by unbelievable special effects in the Transformers ride.
Flying High: Experience the heart-thumping rush of skydiving without the risks at IFly, the world’s first vertical wind tunnel for indoor skydiving. With a flying height of 17.22m (the equivalent of five storeys), anyone between seven to 106 years olds can fly. The technology ensures a high degree of safety, and the massive wind tunnel lets you try out free flying and even formation skydiving.
Something for Everyone: There is not much that Clarke Quay does not have. Whether you are looking to eat, drink, party, or shop for antiques, this colorful entertainment center will have it. At night, the entire zone is lit up and the fountain grooves to suit the mood of the moment. With loads of dining, dancing, and partying options, Clarke Quay is a meeting place for people from across the world.
Go Peranakan: Descendants of 17th century Chinese traders who migrated to the Malay Archipelago, the Peranakans, brought a rich convergence of Chinese and Malay cultures, with sparks of Dutch, Indonesian, and Portuguese influences, to Singapore. Along with religion and traditions, their food has distinguishing flavors, with recipes that have been handed down for generations, and is a must-try at restaurants like Blue Ginger on Tanjong Pagar Road.
Dining with the Stars: Marina Bay Sands houses some of the most exquisite restaurants and celebrity-chef outposts in Singapore. Here, you can sample culinary masterpieces cooked up by some of the world’s best-known chefs, including Mario Batali, Wolfgang Puck, and Daniel Boulud.