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" 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. "

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" 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. "

Whitney Tilson

Commitment

Love

Decisions

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

" 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. "

" 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. "

" 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! "

" 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. "

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

" 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? "

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

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

" There's a real company in Facebook and then a lot of pretenders riding their coat tails. "

" 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. "

" 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. "

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

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

" 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. "

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

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

" 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. "

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

" 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. "

" 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. "

" 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

" Just because a company's future is highly uncertain doesn't mean an investment in it is risky. In fact, some of the best potential investments are highly uncertain but have little risk of permanent capital loss. "

" 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. "

" 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. "

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

" 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? "