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All Quotes by author - Whitney Tilson

" As in most subjects relating to money management, there's a wide diversity of opinion on portfolio concentration versus diversification. "

" Assessing management quality is clearly one of the most important aspects of an investment decision. "

" Because I'm a very public figure, everybody knows what my returns are. "

" Dealing with uncertainty is always a key challenge for investors. But dealing with uncertainty doesn't mean avoiding it - on the contrary, it is often fuzziness about a company's future that creates the type of opportunity bargain-hunting investors cherish. "

" Early in my career, we were just pure bottoms-up stock pickers. "

" Even the greatest companies encounter problems or otherwise fall out of favour. "

" Humans are hard-wired to be irrational when it comes to financial decisions. We must understand that so we don't become the sucker at the poker table. "

" I am part of the 1 percent of the 1 percent. By that, I mean that I am fortunate to be a wealthy American, and I say, 'It's okay to raise my taxes.' "

" I believe our schools will actually get better if layoffs are done carefully, such that only the very worst teachers are let go. "

" I'd say the general outline of a sound investment approach is, first of all, you have to decide are you going to try to be an investor yourself? The answer for most people is probably they shouldn't try. You should put your money in index funds and not try to be a stock picker. "

" If I bring to light a company that's poisoning customers, defrauding investors, or something like that... there just aren't enough regulators in the world to keep up with all of the fraud and malfeasance that goes on out there, particularly in the little nooks and crannies of the market. "

" If you look at the history of technology gadget makers, hardware makers, it's littered with the corpses of Palm and RIM and companies like that. "

" I have encountered thousands of value investors over the years and am constantly struck by their differences - and their similarities. "

" I have long believed the corporate world is plagued by poor capital allocation decisions. "

" I have never believed that large-cap stocks are too well followed to be anything but efficiently priced. "

" I love and celebrate good teachers, and it's critical that we do more to identify them and keep them happy and motivated. "

" In life, an abundance of confidence gives us higher motivation, persistence, and optimism and can allow us to accomplish things we otherwise might not have undertaken. "

" In the game of politics, both parties are sometimes guilty of passing really stupid laws that, in reality, are purely symbolic and have no real impact on anyone. "

" Investing is a probabilistic business. Every once in a while, it's sort of like you're throwing six-sided dice, and anything except a one or a two, you're doing well. Statistically speaking, you throw the dice enough times, you're going to throw a one or a two five times in a row, and you're going to look pretty foolish, right? "

" I think most people agree with the idea of shared sacrifice, but for many, when push comes to shove, that principle goes out the window. "

" I think that most people who complain about our government have no idea what they're talking about because they've never been to a country with a bad government. "

" It's critical to have a disciplined investing approach and stick with it. "

" It's difficult to fix a truly broken business, but when it happens, the returns can be extraordinary. "

" It's human nature: for most investors, the pain of stocks going down is more tangible than the joy of when they go up. The common impulse is to do something - anything - to minimise the pain. "

" Just because a company's future is highly uncertain doesn't mean an investment in it is risky. In fact, some of the best potential investments are highly uncertain but have little risk of permanent capital loss. "

" Many significant stock-price inefficiencies can occur when a company is spun off. "

" Most chief executives rise to that position by being good operating managers. Few have extensive experience or training with capital allocation. What CEO wants to return excess cash to shareholders when it could be used to expand his or her empire? "

" Mueller is the leading North American provider of water infrastructure and flow control products - things such as fire hydrants, valves, pipes, fittings, and couplings. While this is no doubt a mundane business, it is also an excellent one. "

" My advice to most people is don't short stocks. It's a very, very difficult business. And you can really get clobbered. "

" My experience is that very few people have what it takes to be a successful investor, as I discussed in The Arrogance of Stock Picking. "

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