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" 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. "

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" 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

" There is a natural tendency for investors to devote a significant majority of their time to finding new ideas. After all, uncovering great companies selling at great prices is the lifeblood of successful investing. But in the never-ending quest for the next great idea, investors often give short shrift to their existing investments. "

" 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. "

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

" 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. "

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

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

" Well-managed companies with independent boards have nothing to fear from activist shareholders. "

" The key thing when you short is to make sure you're not wrong on the fundamental intrinsic value. "

" No one would suggest completely ignoring news about your investments. Enron investors, for example, would have been well served to sell once early reports of accounting irregularities surfaced. But the key is to keep news in context and act only if further reflection or study indicates that the core thesis for an investment has changed. "

" 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. "

" Netflix is a better company with more upside than we had given it credit for than when we shorted it. "

Whitney Tilson

Credit

Netflix

" The potential rewards of small-cap investing do not come without risk. "

" There are far too many ineffective teachers and, in particular, far too many truly terrible teachers who are harming children and poisoning the system. "

" Without doubt, timely and democratic access to financial and market information contributes to smoothly functioning financial markets. "

" 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. "

" 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. "

" 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. "

" 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

" 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.' "

" 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. "

" Wall Street, in the main, hates uncertainty, which manifests itself in depressed share prices of companies whose prospects lack 'visibility.' But where the market can err is in confusing uncertainty with risk. "

" 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. "

" 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. "

" 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! "

" 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. "

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

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

" 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? "

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