"When we buy things, we like companies that generate large amounts of cash flow relative to the price we're paying. On the short side, we would like to be short, high-priced, cash-eating companies."
"If you don't lose money, most of the alternatives are good. Even if you don't know what the upside is - if you just know there's upside - you can create scenarios where you have an excellent risk/reward. Positions with limited downside are the types of positions that I have loaded up on in the past. Not the positions with the biggest payoff. I could buy a lot knowing that I wouldn't lose much and that there were good possibilities that it was worth a lot more over time."
