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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

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

" 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. "

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

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

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

" 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. "

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

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

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

" 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. "

" 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. "

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

" Many significant stock-price inefficiencies can occur when a company is spun off. "

" 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. "

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

" 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.' "

" You just have to approach every day and say, 'If you were starting fresh today, what would my portfolio look like?' So that's how we think about it. "

" 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. "

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

" 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 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! "

" My experience is that very few people have what it takes to be a successful investor, as I discussed in The Arrogance of Stock Picking. "

" 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? "

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

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

" 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. "

" Nirvana, to a value investor, is paying a cheap price for a company that is growing in value every year at a nice rate - this largely explains why today we own stocks like Berkshire Hathaway, McDonald's, Wal-Mart, Microsoft, Costco and Anheuser-Busch. "

" Dealing with uncertainty is always a key challenge for investors. But dealing with uncertainty doesn't mean avoiding it - on the contrary, it is often fuzziness about a company's future that creates the type of opportunity bargain-hunting investors cherish. "

" 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. "