A Quote by Whitney Tilson
We call ourselves 'opportunistic value investors.'
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You just have to be opportunistic, and try to figure out what creates value.. where the bottom is, what creates incremental value, and in what combinations.
Investors have no reason to feel bearish. True value investors are glad the markets are down.
Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing.
To value investors the concept of indexing is at best silly and at worst quite hazardous. Warren Buffett has observed that "in any sort of a contest - financial, mental or physical - it's an enormous advantage to have opponents who have been taught that it's useless to even try." I believe that over time value investors will outperform the market and that choosing to match it is both lazy and shortsighted.
Value investors look at cash flows. If a company can maintain present cash flows for 5 or 6 years, it’s a good investment. Investors then just hope that those cash flows - and thus the company’s value - don’t decrease faster than they anticipate.
Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors will own the shares of technology companies. Many also shun commercial banks, which they consider to have unanalyzable assets, as well as property and casualty insurance companies, which have both unanalyzable assets and liabilities.
Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.
Often we treat certain aspects of ourselves as junk, having no value. We try to throw parts of ourselves in the garbage. But a human being is an ecosystem, and everything in that system is of value to the whole.
Part of knowing ourselves is also being able to accept who we are and to value ourselves regardless of our flaws. Accepting who we are allows us to value our worth without conditions or reservations.
Behind every specific call, whether it is to teach or preach or write or encourage or comfort, there is a deeper call that gives shape to the first: the call to give ourselves away - the call to die.
Compromise is not popular. It's not at all popular among young people who these days call themselves "activists." They think compromises are dishonest, opportunistic, humiliating. Not in my vocabulary.
There are many different kinds of doubt. When we doubt the future, we call it worry. When doubt other people we call is suspicion. When we doubt ourselves we call it inferiority. When we doubt God we call it unbelief. When we doubt what we hear on television we call it intelligence! When we doubt everything we call it cynicism or skepticism.
Loyalty is dead, the experts proclaim, and the statistics seem to bear them out. On average, U.S. corporations now lose half their customers in five years, half their employees in four, and half their investors in less than one. We seem to face a future in which the only business relationships will be opportunistic transactions between virtual strangers.
Great pressure is brought to bear to make us undervalue ourselves. On the other hand, civilization teaches that each of us is an inestimable prize. There are, then, these two preparations: one for life and the other for death. Therefore we value and are ashamed to value ourselves.
Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.
I am obsessed with delivering value to investors and winning the game from a personal standpoint.
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