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" 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. "

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" 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? "

Whitney Tilson

Enough

You

Two

" 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! "

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

" 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. "

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

" 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. "

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

" 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. "

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

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

" As in most subjects relating to money management, there's a wide diversity of opinion on portfolio concentration versus diversification. "

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

" 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. "

" 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. "

" 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. "

" 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

" 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. "

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

" 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. "

" 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. "

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

" 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. "

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

" 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. "

" 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. "