A Quote by Whitney Tilson
To succeed as a contrarian you must recognize what the crowd believes, have concrete justification for why the majority is wrong, and have the patience and conviction to stick with what is, by definition, an unpopular bet.
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The best opportunities are often ones where you're being contrarian. That doesn't mean being contrarian for contrarian's sake, but it means you're thoughtful about the risks of following the crowd.
To seek truth and to utter what one believes to be true can never be a crime. No one must be forced to accept a conviction. Conviction is free.
I've become more forgiving, even though I have no patience at all for denial, justification of wrong, rationalization. I've become virtually a pacifist, so I feel that no atrocity is ever justified. I've become more vigilant about evil. I think I recognize its seeds more quickly. I see its source.
I have begun everything with the idea that I could succeed, and I never had much patience with the multitudes of people who are always ready to explain why one cannot succeed.
It's very difficult to be different from the rest of the crowd the majority of the time, which by definition is what you're doing if you're a successful trader.
None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling. Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do."
If the majority of people said I did something wrong, then I must be wrong, and I will think 'I didn't even mean it like that, why are you treating me like this?' But if a lot of people say that I'm wrong and it's not good, then it must be not good. I will say, 'Okay' and then tell myself that this cannot happen again. I have to grasp it and change it for the better.
Blackjack is very scientific. There's always a right answer and a wrong answer. Do you take a card, increase your bet, bet big or bet small. There's absolutely a right and wrong answer.
The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.
It is not that I do not get angry. I don't give vent to my anger. I cultivate the quality of patience as angerlessness, and generally speaking, I succeed. But I only control my anger when it comes. How I find it possible to control it would be a useless question, for it is a habit that everyone must cultivate and must succeed in forming by constant practice.
You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.
In any contest between power and patience, bet on patience.
We want everybody to succeed. You know why? We want the country to succeed, and for the country to succeed, its people - its individuals - must succeed.
I don't believe there is any such definition, there is no such thing as evil, only moral judgments based on what society believes to be wrong behavior.
You must have patience with others because, if you do not have patience, your sincerity will start doubting itself. So you must have patience and to get patience you must know what you have been so far and where are you. When you will know what you were, you will have patience with others, tremendous patience. And by having patience with others, your sincerity will be all the time complete. By your sincerity, you will be completely integrated.
If the majority doesn't laugh at you, beware that you must be saying something wrong. When the majority thinks you are a fool, only then is there some possibility of you being a wise man.
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