Robert Wilson

“The only way one makes money in the market is when the market’s perception of a stock changes.”

“Most of the people who are successful in the market are basically optimists, and most of these people are very uncomfortable when they are on the short side.”

“A good record doesn’t necessarily prove good management. Outside economic factors such as the business cycle can make any company look good for a while.”

“Good management has an extraordinary way of making money for you, and bad management, no matter how favorable the environment, has a way of missing opportunities.”

“The market gets obsessed with quarterly results when there are surprises, when management is surprised. And management, as you well know, usually is.”

“There has always been, and will always be, windfall profits. At any point in time, certain people are being enriched unjustly because they get there very early.”

“There’s something intellectually much more intriguing about failure, which is knowable, rather than success, which is sort of unknowable.”

“Plungers normally get their head and their assets handed to them eventually.”