Projections are put together by people who have an interest in a particular outcome, have a subconscious bias, … - Charlie Munger

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A few people have come back to me and said, "Thanks for giving me nightmares for the last few nights!" I say to them, "Well, now you know what I've been going through for the last three years!"

Charlie Munger

Projections are put together by people who have an interest in a particular outcome, have a subconscious bias, and its apparent precision makes it fallacious. They remind me of Mark Twain's saying, 'A mine is a hole in the ground owned by a liar. ' Projections in America are often a lie, although not an intentional one, but the worst kind because the forecaster often believes them himself.

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Our biggest mistakes, were things we didn't do, companies we didn't buy.

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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

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Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.

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'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd.

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