Munger: Low Opinion of Forecasts

With enough cushion from his investments, Burkle didn't have to get a full-time job. He put together a plan to buy Kroger's Southern California Market Basket chain, which was dealing with unfunded pension liabilities. When he returned to Munger, lugging three notebooks with five-year plans to justify the deal, Munger was uninterested in Burkle's work.

``He said, `What are these for?''' Burkle recalls. ``He said, `Manage to the opportunity, not to the plan.'''

`Low Opinion of Forecasts'

Munger confirms the story. ``I have a low opinion of forecasts made in investment banking projections, so I don't generally read them,'' he says. ``If I tossed them aside, that would be typical.'' Munger declines to comment otherwise on Burkle's career. ``I know what I read in the paper,'' he says.