In a Q&A session at the 2006 Berkshire Hathaway (BRK.A/BRK.B) annual meeting, Charlie Munger, Berkshire’s vice chairman, was asked about Jeremy Siegel’s perma-bull theories, which are constantly reinforced by Siegel on TV and are laid out in his book, Stocks for the Long Run.

Munger said, “I think Jeremy Siegel is demented.”

Buffett, was embarrassed and in his usual diplomatic sense stated, “Well he’s a very nice guy.”

Charlie Munger then continued, “He may well be a very nice guy, but he’s comparing apples to elephants in trying to make accurate projections about the future.”

Charlie Munger Photo
Charlie munger. Retrieved from