Authors:
  • I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, "My God, they're purple and green. Do fish really take these lures?" And he said, "Mister, I don't sell to fish." Investment managers are in the position of that fishing tackle salesman.

    "A Lesson on Elementary, Worldly Wisdom as it Relates to Investment Management and Business". Charlie Munger's lecture to the students at the University of Southern California in Los Angeles, 1994.