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I'd rather make 12% a year for 40 years than 40% a year for 12 years. The math works out much better.
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The secret to surviving 40 years in this business is not being the smartest person in the room. It's being the most disciplined.
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Every stock I short, I know as well as every stock I own. Shorts aren't hedges — they're investments in the other direction.
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Leverage is a tool that makes smart people feel invincible right up until the moment it destroys them.
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Read the filings. Every answer is in the filings. Most people just can't be bothered to look.