We're not smarter than everyone else. We just worked harder on this one trade.

housing-tradehumilityVarious interviews

The best opportunities arise when the market gets a fact wrong.

contrarianmarketsVarious interviews

I looked at the data and thought — this is going to end badly.

convictionhousing-crisisVarious interviews

Risk management is not about avoiding risk. It's about understanding it.

disciplineinvestingVarious interviews

The larger the divergence between price and value, the more compelling the opportunity.

convictionmispricingVarious interviews

We looked for situations where the downside was limited and the upside was substantial.

asymmetryinvestingVarious interviews