American - Businessman | 1966 -
Well-managed companies with independent boards have nothing to fear from activist shareholders.
Whitney Tilson
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The key thing when you short is to make sure you're not wrong on the fundamental intrinsic value.
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Early in my career, we were just pure bottoms-up stock pickers.
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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.
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We call ourselves 'opportunistic value investors.'
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We like to say we pray in the church of Graham, Dodd, Buffett, and Munger.
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Investing is a probabilistic business. Every once in a while, it's sort of like you're throwing six-sided dice, and anything except a one or a two, you're doing well. Statistically speaking, you throw the dice enough times, you're going to throw a one or a two five times in a row, and you're going to look pretty foolish, right?
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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.
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Humans are hard-wired to be irrational when it comes to financial decisions. We must understand that so we don't become the sucker at the poker table.
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It's human nature: for most investors, the pain of stocks going down is more tangible than the joy of when they go up. The common impulse is to do something - anything - to minimise the pain.
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One of the best places to look for value is what I call 'babies thrown out with the bathwater' - in other words, scour the most out-of-favour sectors for good companies whose stocks have been crushed due to overblown concerns about the industry that do not, in fact, have an impact on the company.
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Even the greatest companies encounter problems or otherwise fall out of favour.
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