Charlie Munger

413.858 - 441.598 Charlie Munger

Well, of course, Renaissance was the first algorithm. It was so simple. They sifted all this data from the past. And what did they decide? up-up, which were two closing prizes, and down-down were more common than down-up or up-down. Once they realized that's the way it was for various reasons deep in the psychology of man, is that man is a natural trend follower. Gambling short term.