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" 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. "

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" 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. "

" 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. "

" The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for dollar bills that you can buy for 50 cents or at some big discount - that is universal to value investing. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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 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. "

" Even the greatest companies encounter problems or otherwise fall out of favour. "

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

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

" 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. "

" 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? "

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

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

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

" 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. "

" 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. "

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

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

" 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. "

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

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

" 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. "

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