Friday, July 6, 2012

Charlie Munger quote (projections)

“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)