CHARLIE MUNGER: Yes, I think he also asked, how do you forecast these improvements in price-earnings ratios. WARREN BUFFETT: That’s your — that’s your part of the question. (Laughter) CHARLIE MUNGER: Around here I would say that if our predictions have been a little better than other people’s, it’s because we tried to make fewer of them. (Laughter and applause)
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1998: How do you forecast improvements in…
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CHARLIE MUNGER: Yes, I think he also asked, how do you forecast these improvements in price-earnings ratios. WARREN BUFFETT: That’s your — that’s your part of the question. (Laughter) CHARLIE MUNGER: Around here I would say that if our predictions have been a little better than other people’s, it’s because we tried to make fewer of them. (Laughter and applause)