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.
If you think of the typical Herbalife distributor and their level of sophistication, to this day I still don't understand the marketing plan - true story.
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.
Investing is a business where you can look very silly for a long period of time before you are proven right.
I think the hedge-fund industry has taken a reputational turn for the worse, this dog-eat-dog stuff. I'm not just talking about Herbalife or J. C. Penney, but in other situations where the media really focuses on who's long and who's short. I don't think it's a good thing for the industry.
I love what I do. I don't do it for the money. I work on behalf of investors that I like and want to do well for. I'm a competitive person.
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.
Herbalife: the customers are fictitious, the business opportunity is a scam, the university degree is a fraud.