I'm not emotional about investments. Investing is something where you have to be purely rational and not let emotion affect your decision making - just the facts.
Interpretation
Investing requires rational decision-making without emotional influence.
In this quote, Bill Ackman emphasizes the importance of maintaining a logical and objective approach to investing. He argues that emotions can cloud judgment and lead to poor financial decisions; hence, investors should focus solely on factual information and analysis when making investment choices.
In practice
In a financial presentation discussing investment strategies, this quote can remind attendees to remain objective.
I think a very good system in a world with a lot of passive investors is one in which there are at least a few entrepreneurial investors, prepared to say what they think, prepared to propose a change in management, change in strategy, change in cost structure, capital structure.
I'm an extremely, extremely persistent person. Extremely. And when I believe I am right, and it is important, I will go to the end of the earth.
Investing is a business where you can look very silly for a long period of time before you are proven right.
Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.
When our financial system - essentially our money managers, marketers of investment products and stockbrokers - put up zero percent of the capital and assume zero percent of the risk yet receive fully 80% of the return, something has gone terribly wrong in our financial system.
A mortgage casts a shadow on the sunniest field.
While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.
If you're trading individual securities, you're almost certainly making a mistake. Because most professional managers can't outperform their benchmarks, and there's little reason to think that individuals can.
Mutual funds with superior performance records often falter.
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