Charlie Munger on how investing isn't like physics

I think [Warren and I] have had some effect [on investing and thinking], but they’re still teaching the Efficient Market Theory at business schools.  The old ideas die hard. And by the way, it’s roughly right.  It’s just the very hard form, which everybody believed.  They believed it was impossible, they didn’t think it was rare.  They thought efficiency was absolutely inevitable, like physics.  I call it physics envy.  That’s what they had in the finance field, they wanted to make their subject like physics.  Now, what kind of a nut would want to make stock markets like physics?  It ain’t like physics.  It’s more like a mob at a football game.

~ Charlie Munger

January 1, 1924 - November 28, 2023