Charlie Munger on projections
Mark Twain used to say “A mine is a hole in the ground with a liar on the top.”
And a projection prepared by anybody who stands to earn a commission or an executive trying to justify a particular course of action will frequently be a lie – although it’s not a deliberate lie in most cases. The man has come to believe it himself. And that’s the worst kind. Projections should be handled with care – particularly when they’re being provided by someone who has an interest in misleading you.” –Charlie Munger (quoted in the book Seeking Wisdom)