A Quote by Whitney Tilson
My portfolio consists of many companies I find fundamentally undervalued in which I expect activism to play a role in the value being realised.
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We invest in undervalued companies that exhibit strong fundamentals, above-market dividend yields and historic earnings growth, which our analysis indicates will persist. Our strategy is to own strong, fundamentally sound companies and to avoid speculative stocks or potential bankruptcies.
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.
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.
Immigrants play a huge role in the founding and value creation of today's tech companies. We wonder how much more value could be created if it were easier to get a work visa.
People do not expect to find chastity in a whorehouse. Why, then, do they expect to find honesty and humanity in government, a congeries of institutions whose modus operandi consists of lying, cheating, stealing, and if need be, murdering those who resist?
The secret of being a writer: not to expect others to value what you've done as you value it. Not to expect anyone else to perceive in it the emotions you have invested in it. Once this is understood, all will be well.
We've got a portfolio of companies that range all the way from hotels to television stations and cable TV companies, oil and gas, consumer products, and industrial products. If there's anything that I want to know more about, I have the opportunity. It's right in our portfolio. I can spend time at the factory or with the manangement and learn as much as I want. You can't get bored doing that.
As CEO of Aetna, I was a buyer of portfolio companies rather than a participant in the value creation process. From the end of the assembly line, what happened in manufacturing wasn't visible to me.
I like to invest in companies where I can really add value from my experience, network, etc., so checking out my portfolio of other investments, and my background, will generally give some guidance there.
There's a long history of subsidized philanthropy - particularly in the USA - and again the public has come to expect corporations to play a role in their social welfare. It's become easy for some companies to profit from citizen goodwill and volunteerism.
My activism did not spring from my being gay, or, for that matter, from my being black. Rather, it is rooted fundamentally in my Quaker upbringing and the values that were instilled in me by my grandparents who reared me.
There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any portfolio encompassing one hundred stocks (whether the manager is handling one thousand dollars or one billion dollars) is not being operated logically. The addition of the one hundredth stock simply can't reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.
Ironically, it was because I was raised as a Muslim in the South, that I realised the value in being true to who you really are. I've just got so many things going on inside. I don't know how to resolve all of them other than being true to who I am.
Well, the responsibility for maintaining a reliable transmission grid is one that's shared by an awful lot of players who have a role in the grid: Companies that either generate and transmit energy or just play the role of being the transmission systems or monitoring them.
You know, I'd actually say Lionel Messi. He's so remarkable, watching him play he's probably still undervalued. When you're scoring five goals in one Champions League match, there's no value that's too high.
I've always believed as a value that the government has a vital - not overwhelming, but vital - role to play in furthering human welfare and good. I think we have an important supportive role to play, hopefully intelligent and sensible.
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