Charlie Munger Quotes

Everyone Caved, Adopted Loose [accounting] Standards, And Created Exotic Derivatives Linked To Theoretical Models. As A Result, All Kinds Of Earnings, Blessed By Accountants, Are Not Really Being Earned. When You Reach For The Money, It Melts Away. It Was Never There. It [accounting For Derivatives] Is Just Disgusting. It Is A Sewer, And If I'm Right, There Will Be Hell To Pay In Due Course. All Of You Will Have To Prepare To Deal With A Blow-up Of Derivative Books.

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