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Enron is not a trading company. It's a hedge fund sitting on top of a natural gas pipeline.
investing— Congressional testimony, 2002
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The income statement can be managed. Cash flow doesn't lie.
accounting— Yale School of Management lecture, 2011
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Short sellers are the financial world's detectives. We get paid to find the bad guys.
short-selling— CNBC interview, 2009
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China is on a treadmill to hell. They have to keep running faster just to stay in place.
macro— Ira Sohn Investment Conference, 2010
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Being early in a short is just another way of saying you're wrong until you're right. The market doesn't care about your thesis — it cares about price.
risk— Financial Times interview, 2015
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The best short ideas are companies where everyone agrees the stock is expensive but nobody wants to say it out loud because they're afraid of missing the last 20%.
investing— Bloomberg interview, 2017