“What is uncertain is how much further the bubble can expand, and what might pop it.” Quote by David Einhorn
“I will keep a substantial long exposure to gold -- which serves as a Jelly Donut antidote for my portfolio. While I'd love for our leaders to adopt sensible policies that would reduce the tail risks so that I could sell our gold, one nice thing about gold is that it doesn't even have quarterly conference calls.” LongLeaderNiceRiskPolicyGoldSellsSensibleTailsConferencesExposureAntidoteNice ThingsPortfoliosJellyDonutsConference Calls Author:David Einhorn
“You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.” FactsCertainSituationEdgesPsychologicalIncompleteIncomplete Information Author:David Einhorn
“As an investor my job is to figure out what will happen rather than what should happen.” ShouldHappensJobsFiguresInvestors Author:David Einhorn
“It is better to be lucky than good, but of course appropriate to aspire to both.” CoursesLuckyAppropriateAspire Author:Jeremy Grantham
“The individual is far better-positioned to wait patiently for the right pitch while paying no regard to what others are doing, which is almost impossible for professionals.” IndividualWaitingImpossibleRegard Author:Jeremy Grantham
“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.” ThinkingShouldLongBigsUsedValuesFallDifferencesNumbersSeeingSkillsFocusedPsychologicalFinanceHopefullyRealmsI've LearnedInvestorsSellers Author:James Chanos
“Our mandate is to find the 200 best companies in the world and invest in them, and find the 200 worst companies in the world and go short on them. If the 200 best don't do better than the 200 worst, you should probably be in another business.” IfsWorldShouldCompanyWorstMandatesBest Company Author:Julian Robertson
“It seems to me that the least deserving recipients of wealth are inheritors. Further, there are many indications that inheritors often have trouble adjusting to their unearned inheritance. An inheritance tax would de facto help remedy this.” HelpingSeemsWealthTroubleTaxesRemedyInheritanceDeservingIndicationAdjustingInheritance Tax Author:Julian Robertson
“If we put a product into Sears, we don't want to have to pull it out in a year, or two years, or three years. We don't want to do that only to have it yanked away.” IfsWantYearsTwoThreeProductsTwo YearsThree YearsSears Author:Edward Lampert
“I don't like to be out of my comfort zone, which is about a half an inch wide.” HalfComfortWideZoneInchesComfort Zone Author:Larry David