Whitney Tilson

“I think that most people who complain about our government have no idea what they're talking about because they've never been to a country with a bad government.”

“We call ourselves 'opportunistic value investors.'”

“Shorting saved my butt in 2008... Shorting kept me in the game. It generates cash when the market's crashing. And that's what you want when the market's crashing - cash.”

“While I take no pleasure in others' misfortunes, we've historically made most of our profits from other investors behaving in a panicked and irrational fashion and selling us certain stocks at prices far below their intrinsic value. More volatility equals cheaper stocks, which equals higher returns.”

“Many significant stock-price inefficiencies can occur when a company is spun off.”

“The deal machinations many companies put themselves through, while certainly a bonanza for investment bankers, can confound the typical investor.”

“You just have to approach every day and say, 'If you were starting fresh today, what would my portfolio look like?' So that's how we think about it.”

“The potential rewards of small-cap investing do not come without risk.”

“Netflix is a better company with more upside than we had given it credit for than when we shorted it.”

“If you look at the history of technology gadget makers, hardware makers, it's littered with the corpses of Palm and RIM and companies like that.”

“When reviewing one's portfolio, it is important to be aware of common mental mistakes that may lead to bad decisions. The most powerful is commitment bias, which, as manifested in investing, is the tendency to fall in love with one's stocks.”

“While there's always plenty of room for improvement, our government is actually quite effective and efficient. Our military and judicial systems and national parks are the best in the world. Unlike in countries where government corruption is rampant, I've never once been solicited for a bribe.”

“I'd say the general outline of a sound investment approach is, first of all, you have to decide are you going to try to be an investor yourself? The answer for most people is probably they shouldn't try. You should put your money in index funds and not try to be a stock picker.”

“I love and celebrate good teachers, and it's critical that we do more to identify them and keep them happy and motivated.”

“I have encountered thousands of value investors over the years and am constantly struck by their differences - and their similarities.”

“There is a natural tendency for investors to devote a significant majority of their time to finding new ideas. After all, uncovering great companies selling at great prices is the lifeblood of successful investing. But in the never-ending quest for the next great idea, investors often give short shrift to their existing investments.”

“Assessing management quality is clearly one of the most important aspects of an investment decision.”

“There are far too many ineffective teachers and, in particular, far too many truly terrible teachers who are harming children and poisoning the system.”

“Just because a company's future is highly uncertain doesn't mean an investment in it is risky. In fact, some of the best potential investments are highly uncertain but have little risk of permanent capital loss.”

“Well-managed companies with independent boards have nothing to fear from activist shareholders.”