“Throughout the universe of public and private funds, managers are meas...” — Michael Burry Quote

“Throughout the universe of public and private funds, managers are measured quarterly against one index or another, defined by statistics, and corralled into this category or that category so that fund of funds, pensions, and other institutions can make comforting - if not necessarily prudent - asset allocation decisions.”

“In essence, the stock market represents three separate categories of business.They are, adjusted for inflation, those with shrinking intrinsic value, those with approximately stable intrinsic value, and those with steadily growing intrinsic value.”

“In June 2005, mortgage rates were at 40-year lows, and risk premiums on mortgage securities were at all-time lows. Once the banks migrated to the subprime area, there was little else that could be done to send housing prices higher.”

“It is a tenet of my investment style that, on the subject of common stock investment, maximizing the upside means first and foremost minimizing the downside. The deleterious effect of permanent capital loss on portfolio returns cannot be overstated.”

“Common hedging techniques include shorting stocks, buying put options, writing call options, and various types of leverage and paired transactions. While I do reserve the right to use these tools if and when appropriate, my firm opinion is that the best hedge is buying an appropriately safe and cheap stock.”

“The Democratic Party opposes tax cuts but it cannot say so publicly. Thus, it is forced to support the idea of lowering the tax burden but using class warfare rhetoric to dispute the allocation of the relief.”

“Tesla has humiliated established carmakers with its brilliant vision. But Detroit, Turin, Stuttgart, and so on have understood scale as well as capital allocation for decades. Such gargantuan tasks could yet humiliate Tesla.”

“We can make Tamil Nadu the best state in the country if we get a full financial allocation.”

“People want to make sure there is flexibility to reallocate assets. They are trusting us to make the asset allocation decisions.”

“We believe that people moving their portfolios to an overweight in bonds will be disappointed over the long-term and will significantly underperform an asset allocation that over-weights equities.”

“The lens of contract focuses predominantly on gains from trade whereas orthodoxy is focused on resource allocation.”