“If people weren’t wrong so often, we wouldn’t be so rich” – Charles Thomas Munger
R.I.P. Legend.
Charlie, of course known for his fundamental analysis alongside Warren Buffett all these years, was a closet Technician at heart.
His analysis of human behavior was top notch, particularly misbehavior and stupid behavior.
His comment to Warren about the reason they were so rich was because people are so often wrong, was spot on.
If you’ve been paying attention, we use this to our advantage quite a bit.
For example, twelve months ago Wall Street strategists forecasted an outright fall for stocks in 2023, the first time this century that they had predicted a loss… [Read more…]