Charlie Munger Quotes - Page 3
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People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There's always been a market for people who pretend to know the future. Listening to today's forecasters is just as crazy as when the king hired the guy to look at the sheep guts.
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"Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade."
www.calculatedriskblog.com, added Sep 7, 2015
Charlie Munger
- Born: January 1, 1924
- Occupation: Business person
- Cite this Page: Citation