Charlie Munger Quotes - Page 8
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You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychological force that is obviously present. But there are also cases where you have to recognize that you have no wisdom to add - and that your best course is to trust some expert.
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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