Friday, April 29, 2016

Charlie Munger quotes on not predicting the direction of the current...

"We try and predict what individual investments will swim well in relation to the tide. And then we tend to accept the effects of the tide as those effects fall." -Charlie Munger (Wesco 2001 Annual Meeting, via Charlie Munger: The Complete Investor)

"We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in the current." -Charlie Munger