Mohnish Pabrai

“You always need to be cognizant of six sigma events that can have ugly impacts on your portfolio and account for the approximate probabilities.”

“Investing is not a discipline based on absolutes or precise mathematics. There simply aren’t enough data points available to work out the exact odds.”

“When you look carefully at the economics of shorting, it makes no sense to take the bet. The lowest price a company’s stock can go to is zero, but there’s an unlimited upside. An unleveraged short position has a maximum payoff of 2:1.”