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 MungerPractically everybody (1) overweighs the stuff that can be numbered, because it yields to the statistical techniques theyโre taught in academia, and (2) doesnโt mix in the hard-to-measure stuff that may be more important. That is a mistake Iโve tried all my life to avoid, and I have no regrets for having done that.
Charlie MungerEven if you assume that the whole economy would work better had we never had double taxation, having the envy and resentment of the richest paying low or no taxes screams of injustice. You have to have a fair system.
Charlie MungerOf course you want to drive that out of yourself because you want to be wise, not foolish. You also have to allow for the self-serving bias of everybody else because most people are not going to remove it all that successfully, the human condition being what it is. If you don't allow for self-serving bias in your conduct, again you're a fool.
Charlie Munger