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It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.

Charlie Munger

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Charlie Munger
Age: 100
Born: 1924
Born: January 1
Business Person
Financier
Investor
Lawyer
Omaha
Nebraska
Charlie Thomas Munger
Charles T. Munger
Charles Thomas Munger
Future
Nature
Past
Managements
Human
Extrapolate
Humans
Recent
Management
Along
Terrible

More quotes by Charlie Munger

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Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you’re wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.
Charlie Munger
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We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.
Charlie Munger
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It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far.
Charlie Munger
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We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome will be decent.
Charlie Munger
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I'm right, and you're smart, and sooner or later you'll see I'm right.
Charlie Munger
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Mimicking the herd invites regression to the mean.
Charlie Munger
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There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.
Charlie Munger
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One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible. I like our model and we should do nicely
Charlie Munger
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Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.
Charlie Munger
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We don't like trading agony for money
Charlie Munger
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There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, What good is health? You can't buy money with it.
Charlie Munger
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A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
Charlie Munger
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If it happens every year like clockwork, what's so extraordinary about it?
Charlie Munger
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If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply.
Charlie Munger
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...all man's desired geometric progressions, if a high rate of growth is chosen, at last come to grief on a finite earth. And the social system for man on earth is fair enough, eventually, that almost all massive cheating ends in disgrace.
Charlie Munger
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Expect hogs to eat a lot more in the presence of a lot of hog wash.
Charlie Munger
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If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of curiosity for a long, long time.
Charlie Munger
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Show me the incentive and I will show you the outcome
Charlie Munger
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If we've been a little more successful than other people, is because we always realised that the school of life was always open, and if you were not learning more you are falling behind.
Charlie Munger
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You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t know what to do with them.
Charlie Munger