Whitney Tilson Quotes
100 Whitney Tilson Quotes
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[In January 2012] This will be our third year out of thirteen that we’ve trailed the market. And we’re down over 20 percent this year which has been painful and humbling.
Whitney Tilson
[In January 2012 on the previous 12 month results] The playbook that’s been working for us for twelve years just hasn’t been working for us.
Whitney Tilson
The key when you’re in a hole, is you have to mentally pretend that you’re flat on the year and that your portfolio is 100 percent cash – What would you do?
Whitney Tilson
What really gets you into trouble is when you’re in a hole, and it’s so painful and your investors are mad at you and so forth is you swing to the fences and you start taking on leverage and buying riskier securities and attempt to quickly get out of that hole. You have to wipe your mind of the fact you’re down and feeling bad about it and you just have to approach every day and say ‘If I was starting fresh today, what would my portfolio look like?’
Whitney Tilson
[In January 2012] Judge us based on our thirteen year record, and it’s a pretty darn good record…
Whitney Tilson
The key is we built our business the right way… We never went after hot money…
Whitney Tilson
A lot of our money is just friends and family.
Whitney Tilson
We knew that every investor goes through periods of poor performance…
Whitney Tilson
[On circle of competence] Do I understand this company?… Can I make some reasonable projections about the future.
Whitney Tilson
You should always be striving to learn, to look at more companies, expand your circle of competence. The larger the list of investment situations that you can look at, the more successful you’re likely to be over time.
Whitney Tilson
Is it a good business? Does it have a sustainable competitive advantages…
Whitney Tilson
[On management] Are they good operators? Do they run the business well? Secondly are they good capital allocators?… Thirdly are they trustworthy and shareholder friendly?
Whitney Tilson
Companies can do very good operationally, but then blow it completely on capital allocation.
Whitney Tilson
[On intrinsic value] What would a rational cash paying buyer pay to own this entire company….?
Whitney Tilson
If you think that something is worth between $800 million and $1.2 billion… would you pay a billion dollars for it? No you would not. [No margin of safety]
Whitney Tilson
Anything to do with predicting the future always has got some degree of uncertainty.
Whitney Tilson
Value investing does not mean buying crummy businesses, because they trade at some low multiple of book value or earnings… Most successful value investors in fact strive for very good businesses but look to buy them when they’re out of favor for some reason.
Whitney Tilson
[On the BP share price] It’s just too cheap.
Whitney Tilson
We’ve value investors. We call ourselves opportunistic value investors.
Whitney Tilson
At the end of the day, we’re just trying to buy 50 cent dollars…
Whitney Tilson
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