A Quote by James Chanos
I used to think that good short-sellers could be trained like long-focused value investors because it should be the same skill set; you’re tearing into the numbers, you’re valuing the businesses, you’re assigning a consolidated value, and hopefully you’re seeing something the market doesn’t see.But now I’ve learned that there’s a big difference between a long-focused value investor and a good short-seller. That difference is psychological and I think it falls into the realm of behavioral finance.
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I've learned there's a big difference between a long-focused value investor and a good short-seller. That difference is psychological and I think it falls into the realm of behavioral finance.
Value investing doesn't always work. The market doesn't always agree with you. Over time, value is roughly the way the market prices stocks, but over the short term, which sometimes can be as long as two or three years, there are periods when it doesn't work. And that is a very good thing. The fact that our value approach doesn't work over periods of time is precisely the reason why it continues to work over the long term.
We don't really look at the stock, you know? Because for us, it's about the long term. And so we're very much focused on long-term shareholder value but not the short-term kind of stuff.
There’s a virtuous cycle when people have to defend challenges to their ideas. Any gaps in thinking or analysis become clear pretty quickly when smart people ask good, logical questions. You can’t be a good value investor without being an independent thinker – you’re seeing valuations that the market is not appreciating. But it’s critical that you understand why the market isn’t seeing the value you do. The back and forth that goes on in the investment process helps you get at that.
We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.
We're very much focused on full shareholder-value return. We have to get our stock moving. But I won't do something in the short run that I don't feel is right for the long run. That, I've watched many CEOs do.
If the seller has a player that they think is going to have a lot of value, they're aware of it, protect that value. You have to go get it. That's the way the trade market works.
Is science of any value? I think a power to do something is of value. Whether the result is a good thing or a bad thing depends on how it is used, but the power is a value.
Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.
Art can make a difference because it pulls people up short. It says, don't accept things for their face value; you don't have to go along with any of this; you can think for yourself.
Stop thinking, and end your problems. What difference between yes and no? What difference between success and failure? Must you value what others value, avoid what others avoid? How ridiculous!
Market value is irrelevant to intrinsic value. ... Unqualified judgment can at most claim to decide the market-value - a value that can be in inverse proportion to the intrinsic value.
Jesus was short on sermons, long on conversations; short on answers, long on questions; short on abstraction and propositions, long on stories and parables; short on telling you what to think, long on challenging you to think for yourself.
The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is one of the most effective ways of achieving good long term results.
Oh, I'm all about small business. I think what we've learned from big business and big Wall Street is that unchecked greed and the creation of false value gets us all in trouble. If we look at the American economy, who's really creating value? It's the small businesses.
Our entire team is focused on managing this company for value - fixing or eliminating those operations that lessen value and expanding or adding those that enhance value.
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