The only way one makes money in the market is when the market’s perception of a stock changes.
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Most of the people who are successful in the market are basically optimists, and most of these people are very uncomfortable when they are on the short side.
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A good record doesn’t necessarily prove good management. Outside economic factors such as the business cycle can make any company look good for a while.
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Good management has an extraordinary way of making money for you, and bad management, no matter how favorable the environment, has a way of missing opportunities.
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The market gets obsessed with quarterly results when there are surprises, when management is surprised. And management, as you well know, usually is.
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There has always been, and will always be, windfall profits. At any point in time, certain people are being enriched unjustly because they get there very early.
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There’s something intellectually much more intriguing about failure, which is knowable, rather than success, which is sort of unknowable.
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Plungers normally get their head and their assets handed to them eventually.
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