It is remarkable how much long-term advantage people like us have gotten by tryin g to be consistently not stupid, instead of trying

to be very intelligent. Charli e Munger No wise pilot, no matter how great his talent and experience, fails to use his ch ecklist. Charlie Munger We don t have an analytical advantage, we just look in the right place. If we decide we are wrong about something, we exit. Period. Seth Klarman

-David Einhorn

Quality is more important than quantity. One home run is much better than two dou bles. Steve Jobs Focus and simplicity once you get there, you can move mountains. Steve Jobs John Kenneth Ga

There are those who don t know and those who don t know they don t know. lbraith

The art of stock picking is more about synthesizing information across discipline s and making decisions than a strict devotion to finance. Allan Mecham It s not whether you re right or wrong that s important, but how much money you make wh en you re right and how much you lose when you re wrong. George Soros The trick in life is not to die. The trick in investing is not to lose. owitz Bruce Berk

"Good investment ideas are rare, valuable and subject to competitive appropriati on just as good product or business acquisition ideas are." - Warren Buffett "I have learned from prior experience that sometimes the better part of valor in an investment situation is to move on." - Bill Ackman "In Sweden, the big shareholders propose board members. In US, board members ele ct new board members." - Bill Ackman "Sometimes when you mix a fabulous business with a more mundane one, the market values it as a more mundane business. And literally just separating the two enab les the market to understand the values." - Bill Ackman We want to unlock significant shareholder value. What we're trying to do is help the company reconfigure itself. - Bill Ackman "As long as [MBIA] is triple-A rated and sailing through unnoticed, this company is fine. The moment it s downgraded, it s no longer fine. The business is at signif icant risk." - Bill Ackman "MBIA might just be the biggest business generator on Wall Street. No one wants me to be right on MBIA." - Bill Ackman "There s not likely to be a man left standing in the bond-insurance industry. This thing is over already; the market just doesn t know it yet." - Bill Ackman Volatility can be a friend of the value investor it provides more situations wher e stocks significantly diverge from their intrinsic value and can allow us to tu rn our capital faster. - Bill Ackman There are two ways to win: Appreciation to intrinsic value and appreciation from intrinsic value. - Bill Ackman

High quality stocks are often less sexy than low quality stocks

- Bill Ackman