7/31/2019 Quotable Quotes of Best Money Managers

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Itisremarkablehowmuchlong-termadvantagepeoplelikeushavegottenbytryingtobeconsistentlynotstupid,insteadoftryingtobeveryintelligent.CharlieMunger

Nowisepilot,nomatterhowgreathistalentandexperience,failstousehischecklist.CharlieMunger

Wedonthaveananalyticaladvantage,wejustlookintherightplace.SethKlarma

Ifwedecidewearewrongaboutsomething,weexit.Period.-DavidEinhorn

Qualityismoreimportantthanquantity.Onehomerunismuchbetterthantwodoubles.SteveJobs

Focusandsimplicityonceyougetthere,youcanmovemountains.SteveJobs

Therearethosewhodontknowandthosewhodontknowtheydontknow.JohnKennethlbraith

Theartofstockpickingismoreaboutsynthesizinginformationacrossdisciplinesandmakingdecisionsthanastrictdevotiontofinance.AllanMecham

Itsnotwhetheryourerightorwrongthatsimportant,buthowmuchmoneyyoumakewenyourerightandhowmuchyoulosewhenyourewrong.GeorgeSoros

Thetrickinlifeisnottodie.Thetrickininvestingisnottolose.BruceBerkowitz

"Goodinvestmentideasarerare,valuableandsubjecttocompetitiveappropriationjustasgoodproductorbusinessacquisitionideasare."-WarrenBuffett

"Ihavelearnedfrompriorexperiencethatsometimesthebetterpartofvalorinaninvestmentsituationistomoveon."-BillAckman

"InSweden,thebigshareholdersproposeboardmembers.InUS,boardmemberselectnewboardmembers."-BillAckman

"Sometimeswhenyoumixafabulousbusinesswithamoremundaneone,themarketvaluesitasamoremundanebusiness.Andliterallyjustseparatingthetwoenablesthemarkettounderstandthevalues."-BillAckman

Wewanttounlocksignificantshareholdervalue.Whatwe'retryingtodoishelpthecompanyreconfigureitself.-BillAckman

"Aslongas[MBIA]istriple-Aratedandsailingthroughunnoticed,thiscompanyisfine.Themomentitsdowngraded,itsnolongerfine.Thebusinessisatsignificantrisk."-BillAckman

"MBIAmightjustbethebiggestbusinessgeneratoronWallStreet.NoonewantsmetoberightonMBIA."-BillAckman

"Theresnotlikelytobeamanleftstandinginthebond-insuranceindustry.Thisthingisoveralready;themarketjustdoesntknowityet."-BillAckman

Volatilitycanbeafriendofthevalueinvestoritprovidesmoresituationswherestockssignificantlydivergefromtheirintrinsicvalueandcanallowustoturnourcapitalfaster.-BillAckman

Therearetwowaystowin:Appreciationtointrinsicvalueandappreciationfromintrinsicvalue.-BillAckman

7/31/2019 Quotable Quotes of Best Money Managers

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Highqualitystocksareoftenlesssexythanlowqualitystocks-BillAckman