Whitney Tilson Quotations

I don't know any broker who'd be willing to short a stock without getting the borrow. Any reputable fund manager and broker wouldn't do this - it's inconceivable. I don't know anyone who's done it and I don't know anyone who knows anyone who's done it.

We saw Wendy's was languishing at $40, but when we saw Pershing Square's proposal, it was clear that the shares were worth $65.

Investors see nothing but sunny skies as far as the eye can see and therefore do not care one iota about risk. They are pursuing returns regardless of risk, and therefore the most speculative companies and investment classes are doing very well.

I can virtually guarantee at today's value levels, no matter what, over multiple years they will rise. The world's greatest companies are trading at below- average multiples when they're wildly above-average companies.

The key swing vote is the passive investors who decide whether to piggyback on what the activists are doing. For every dollar of activist money involved in a campaign, there is usually at least $10 of non-activist money involved.

The hedge fund 'bubble,' while not popping, is no longer inflating.

Independent thinking is not just helpful in becoming a successful investor, it’s required.

To succeed as a contrarian you must recognize what the crowd believes, have concrete justification for why the majority is wrong, and have the patience and conviction to stick with what is, by definition, an unpopular bet.

What's both fascinating and challenging about investing is that the changing nature of business and finance means you can never have it all figured out.

If you are able to look beyond near term trouble, you have an advantage over many professional investors