Investors see nothing but sunny skies as far as the eye can see and therefore do not care one iota about risk. They are pursuing returns regardless of risk, and therefore the most speculative companies...

I can virtually guarantee at today’s value levels, no matter what, over multiple years they will rise. The world’s greatest companies are trading at below- average multiples when they’re wildly above-average companies.

I don’t know any broker who’d be willing to short a stock without getting the borrow. Any reputable fund manager and broker wouldn’t do this – it’s inconceivable. I don’t know anyone who’s done it...

Personally, I think [that’s] ludicrous. But as a shareholder, I would be delighted.

The hedge fund ‘bubble,’ while not popping, is no longer inflating.

The key swing vote is the passive investors who decide whether to piggyback on what the activists are doing. For every dollar of activist money involved in a campaign, there is usually at least $10...

We saw Wendy’s was languishing at $40, but when we saw Pershing Square’s proposal, it was clear that the shares were worth $65.