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" It's critical to have a disciplined investing approach and stick with it. "
Whitney Tilson
Critical
Investing
Stick
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" We like to say we pray in the church of Graham, Dodd, Buffett, and Munger. "
Whitney Tilson
Say
Pray
Church
" 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.' "
Whitney Tilson
I Am
American
Mean
" 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! "
Whitney Tilson
Admit
Making Mistakes
Mistakes
" Nirvana, to a value investor, is paying a cheap price for a company that is growing in value every year at a nice rate - this largely explains why today we own stocks like Berkshire Hathaway, McDonald's, Wal-Mart, Microsoft, Costco and Anheuser-Busch. "
Whitney Tilson
Value
Today
Growing
" Even the greatest companies encounter problems or otherwise fall out of favour. "
Whitney Tilson
Fall
Encounter
Greatest
" I have encountered thousands of value investors over the years and am constantly struck by their differences - and their similarities. "
Whitney Tilson
Value
Over
Differences
" 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. "
Whitney Tilson
Government
World
Improvement
" 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. "
Whitney Tilson
Looking
Value
Practice
" I have long believed the corporate world is plagued by poor capital allocation decisions. "
Whitney Tilson
Decisions
World
Poor
" 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. "
Whitney Tilson
Company
World
Up
" Many significant stock-price inefficiencies can occur when a company is spun off. "
Whitney Tilson
Many
Company
Significant
" Assessing management quality is clearly one of the most important aspects of an investment decision. "
Whitney Tilson
Decision
Quality
Management
" 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. "
Whitney Tilson
Impact
Words
Value
" 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? "
Whitney Tilson
Children
Parents
Great
" The best way I know to get rich long-term is to invest prudently and conservatively and not try and get rich quick but try and get rich slowly, basically. "
Whitney Tilson
Know
Best
Quick
" 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. "
Whitney Tilson
Push
Sacrifice
Think
" 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. "
Whitney Tilson
Fashion
Selling
Value
" My advice to most people is don't short stocks. It's a very, very difficult business. And you can really get clobbered. "
Whitney Tilson
Short
Business
Advice
" 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. "
Whitney Tilson
Challenge
Opportunity
Future
" Small-company stocks, like any asset class, can get picked over from time to time, but there are fundamental reasons why diligently mining them with an eye for unrecognised value can get market-beating returns. "
Whitney Tilson
Over
Why
Class
" 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. "
Whitney Tilson
Confidence
Optimism
Persistence
" The key thing when you short is to make sure you're not wrong on the fundamental intrinsic value. "
Whitney Tilson
Value
Sure
Key
" 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. "
Whitney Tilson
Technology
Palm
You
" When it comes to owning stocks of the best-known businesses in the world, value investors usually feel like children looking through the window of the candy store, unable to afford the treats inside because they refuse to pay the prices such high-quality franchises typically bear. "
Whitney Tilson
Window
Looking
Children
" 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. "
Whitney Tilson
Consequences
Worth
You
" The potential rewards of small-cap investing do not come without risk. "
Whitney Tilson
Without
Risk
Potential
" 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. "
Whitney Tilson
Love
Work
Technology
" You just have to approach every day and say, 'If you were starting fresh today, what would my portfolio look like?' So that's how we think about it. "
Whitney Tilson
Think
Look
Every Day
" The relative illiquidity of small-company shares - which often contributes to their being undervalued - also increases their volatility. "
Whitney Tilson
Being
Which
Volatility
" 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. "
Whitney Tilson
Think
People
Government