Sounds like Papaji is serving up some wisdom and a healthy dose of existential reality. I mean, who needs happiness when we're all just floating around on this fleeting experience-filled rock?
But seriously, the idea that memories can't truly bring us satisfaction or bliss is a fascinating one. What do you think he's getting at with "something precious" not stored in memory? Is it something more abstract, like a sense of presence or mindfulness? Or maybe it's just Papaji being his usual cryptic self...