A Quote by James Chanos
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.
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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.
Mothers know the difference between a broth and a consommé. And the difference between damask and chintz. And the difference between vinyl and Naugahyde. And the difference between a house and a home. And the difference between a romantic and a stalker. And the difference between a rock and a hard place.
The difference between a good picture and a mediocre picture is a question of millimeters - small, small differences - but it’s essential. I didn’t think there is such a big difference between photographers. Very little difference. But it is that little difference that counts, maybe
The difference between America and England is that the English think 100 miles is a long distance and the Americans think 100 years is a long time. The difference between an autobiography and an unauthorized biography is like the difference between an account of your life written by your mother and one written by your mother-in-law.
Obviously, psychologically, it would make all the difference in the world. But I think it would also make a big difference financially. If people understood, that, "Y'know, having all those things, that I was told I was supposed to have, to be successful, really is not a measure of success, and I can't have them anyway -" Yeah, that would make a big difference. It would've made a big difference, I think, in my life.
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!
There's a difference between being able to make long distance phone calls cheaper on the Internet and walking around Riyadh with a PDA where you can have all of Google in your pocket. It's a difference in degree that's so enormous it becomes a difference in kind.
That's the big difference between Christianity and other religions. The difference between Works and Grace or Do and Done.
There is little difference in people, but that little difference makes a big difference. The little difference is attitude. The big difference is whether it is positive or negative.
People think I watch TV too much, but they are wrong. There is a huge difference between merely "watching" TV and learning to respond aggressively to it. The difference, for most people, is the difference between the living and dying of their own brains.
I learned there's a big difference between juniors and the pros.
Before you can read, you know the difference between a story and reality. And, of course, by the time you're old enough to do any real damage with an Uzi, you've learned that difference.
A good actor is like a racehorse or a Ferrari. If a cylinder is missing on a Chevy, it's doesn't matter that much. But if something's not working right on a Ferrari, it makes a big difference. It's the three percent that makes the difference between good and great. It's a fine line. If you're not there, it's very painful.
If you look at the difference games between the bigger and smaller teams, the difference in concentration, and being passive is big; that is my opinion.
The difference between an experienced director and a new director is not as big as the difference between individual directors, the temperament they have, and the things they're interested in.
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.
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