A Quote by Whitney Tilson
Assessing management quality is clearly one of the most important aspects of an investment decision.
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Product investment, quality management, and all the things that are key for a car company - great, there has been no compromise in those aspects. But I feel there's a lot we could do on communication, particularly from a Chinese perspective.
Given the central role of effective, firmwide risk management in maintaining strong financial institutions, it is clear that supervisors must redouble their efforts to help organizations improve their risk-management practices...We are also considering the need for additional or revised supervisory guidance regarding various aspects of risk management, including further emphasis on the need for an enterprise-wide perspective when assessing risk.
One of the most important analytic tools when assessing an investment is an intellectually advantaged disparate view. This includes knowing more and perceiving the situation better than others do. It is also critical to have a keen understanding of what the market expectations for any investment truly are. Thus, the process by which a disparate perception, when correct, becomes consensus should lead to meaningful profit. Understanding market expectation is at least as important as, and often different from fundamental knowledge.
People who watch their weight, golf scores, and fuel bills seem to shun quantitative evaluation of their investment management skills although it involves the most important client in the world-themselves.
The essence of investment management is the management of risks, not the management of returns.
The most important quality in a leader is that of being acknowledged as such. All leaders whose fitness is questioned are clearly lacking in force.
When you know what's most important to you, making a decision is quite simple. Most people, though, are unclear about what's most important in their lives, and thus decision making becomes a form of internal torture.
University administrators are the equivalent of subprime mortgage brokers selling you a story that you should go into debt massively, that it's not a consumption decision, it's an investment decision. Actually, no, it's a bad consumption decision. Most colleges are four-year parties.
It is most important that top management be quality-minded. In the absence of sincere manifestation of interest at the top, little will happen below.
Firmness in all aspects is a most important quality when gardening, not only in planting but in pruning, dividing and tying up. Plants are like babies, they know when an amateur is handling them.
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
I think possibly what people working for one hate the most is indecision. Even if I'm completely unsure, I'll pretend I know exactly what I'm talking about and make a decision. The most important thing I can do is try and make myself very clearly understood.
Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization.
There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.
The most important issue is clearly not the quality of treatment and care of these prisoners; rather it is the perplexing issue of what we now do with them.
The management teams in these royalty and streaming companies have the highest-quality research and the most visibility into all of the producers. So if you really want to know what's going on in the resource space, you should talk to the management team of a royalty company.
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