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" 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. "

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" 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. "

Whitney Tilson

Finding

Ideas

New

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

" 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? "

" We call ourselves 'opportunistic value investors.' "

" 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. "

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

" When reviewing one's portfolio, it is important to be aware of common mental mistakes that may lead to bad decisions. The most powerful is commitment bias, which, as manifested in investing, is the tendency to fall in love with one's stocks. "

" 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

" 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. "

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

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

" 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. "

Whitney Tilson

Count

Management

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

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

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

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

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

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

" 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 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. "

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

" 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. "

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

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

" 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'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. "

" 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 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. "

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