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" 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? "

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" Shorting saved my butt in 2008... Shorting kept me in the game. It generates cash when the market's crashing. And that's what you want when the market's crashing - cash. "

Whitney Tilson

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" My portfolio consists of many companies I find fundamentally undervalued in which I expect activism to play a role in the value being realised. "

" One can't be a successful investor without a healthy dose of confidence. To commit your own and others' hard-earned capital requires conviction, and conviction requires confidence. But as with fine brandy or coffee ice cream, too much of a good thing can be problematic. "

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

" 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. "

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

" 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. "

" 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.' "

" One of the best places to look for value is what I call 'babies thrown out with the bathwater' - in other words, scour the most out-of-favour sectors for good companies whose stocks have been crushed due to overblown concerns about the industry that do not, in fact, have an impact on the company. "

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

" We like to say we pray in the church of Graham, Dodd, Buffett, and Munger. "

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

" 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. "

" The mark of a wise person isn't never making mistakes - everyone makes plenty of them. Rather, it's the ability to quickly admit - and fix - them! "

" 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. "

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

" While I take no pleasure in others' misfortunes, we've historically made most of our profits from other investors behaving in a panicked and irrational fashion and selling us certain stocks at prices far below their intrinsic value. More volatility equals cheaper stocks, which equals higher returns. "

" Parents are, of course, most important in shaping their children's lives, but teachers are critically important as well. Who among us doesn't look back on a few great teachers who inspired us, opened up new worlds, and helped make us who we are? "

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

" 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? "

" When high-growth companies slow down, growth and momentum junkies often sell indiscriminately, which can create great opportunities for value investors. Just be careful not to anchor on the stock's previous price or earnings multiple, which are no longer relevant. "

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

" Pence is far too conservative for me, but by all accounts, he's an intelligent, experienced, decent man with no skeletons in his closet. "

" While everyone would love to have that perfect portfolio of stocks that can be bought and held forever, it usually does not work out that way. Markets, technology, and businesses change too quickly to put portfolios on autopilot. "

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

" The consequences of overestimating a company and your ability to analyse it are greatly diminished when you're paying a lot less for it than your analysis shows it is worth. "

" While there's always plenty of room for improvement, our government is actually quite effective and efficient. Our military and judicial systems and national parks are the best in the world. Unlike in countries where government corruption is rampant, I've never once been solicited for a bribe. "

" The relative illiquidity of small-company shares - which often contributes to their being undervalued - also increases their volatility. "

" There is no sure-fire way to get rich quickly. In fact, the pursuit of that usually leads to ruin. "

" The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for dollar bills that you can buy for 50 cents or at some big discount - that is universal to value investing. "