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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. "

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

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

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

" 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. "

" The deal machinations many companies put themselves through, while certainly a bonanza for investment bankers, can confound the typical investor. "

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

" 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. "

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

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

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

" 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? "

" 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. "

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

" 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. "

" 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. "

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

" 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. "

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

" 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. "

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

" 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. "

" To a large extent, equity investors put their hard-earned capital into the hands of management and count on it being employed skilfully and honestly. When that doesn't happen, losses typically follow. "

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

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

" 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.' "

" 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. "

" 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. "

" 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. "