“Mark Twain
used to say “A mine is a hole in the ground with a liar on the top.” And a projection prepared by anybody who
stands to earn a commission or an executive trying to justify a particular
course of action will frequently be a lie – although it’s not a deliberate lie
in most cases. The man has come to
believe it himself. And that’s the worst
kind. Projections should be handled with
care – particularly when they’re being provided by someone who has an interest
in misleading you.” –Charlie Munger (quoted in the book Seeking Wisdom)
