--- title: "Meaning & Key Takeaway of: Wall Street, in the main, hates…" description: "\"Wall Street, in the main, hates uncertainty, which manifests itself in depressed share prices of companies whose prospects lack 'visibility.' But where..." image: "https://sms4smile.com/quotes/i/197/whitney-tilson-9949_doubt_wall-street-in-the-main-hates-uncertaint_1546844.jpg" --- # Wall Street, in the main, hates uncertainty, which… ![“Wall Street, in the main, hates uncertainty, which manifests itself in depressed share prices of companies whose prospects lack 'visibility.' But where the market can err is in confusing uncertainty with risk.” quote by Whitney Tilson](https://sms4smile.com/quotes/i/197/whitney-tilson-9949_doubt_wall-street-in-the-main-hates-uncertaint_1546844.jpg) [Download](https://sms4smile.com/quotes/i/197/whitney-tilson-9949_doubt_wall-street-in-the-main-hates-uncertaint_1546844.jpg) [Open image](https://sms4smile.com/quotes/i/197/whitney-tilson-9949_doubt_wall-street-in-the-main-hates-uncertaint_1546844.jpg) > “Wall Street, in the main, hates uncertainty, which manifests itself in depressed share prices of companies whose prospects lack 'visibility.' But where the market can err is in confusing uncertainty with risk.” [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Investors often mistake unknown outcomes (uncertainty) for measurable danger (risk), leading to undervaluation of stocks with unclear futures. **In simple terms:** Confusing unknowns with danger hurts pricing. Key Takeaway Recognize uncertainty, don’t overreact. Themes finance investing behavioral economics Mood cautious analytical Type advisory analytical When to use this quote - stock analysis - portfolio construction - risk assessment - investment strategy Key Concepts risk perception market psychology valuation decision making Questions to Reflect On - How do you differentiate uncertainty from risk in your analysis? - What safeguards can prevent mispricing due to this confusion? A Different Perspective Uncertainty can be managed, but risk requires mitigation; conflating them may cause missed opportunities. ★ ★ ★ ★ ★ No ratings yet [Confusing Uncertainty](https://sms4smile.com/quotes/about/confusing-uncertainty-5773204/) [Customer](https://sms4smile.com/quotes/about/customer/) [Doubt](https://sms4smile.com/quotes/about/doubt/) [Err](https://sms4smile.com/quotes/about/err/) [Hates Uncertainty](https://sms4smile.com/quotes/about/hates-uncertainty-5773203/) [Investing](https://sms4smile.com/quotes/about/investing/) [Market](https://sms4smile.com/quotes/about/market/) [Risk](https://sms4smile.com/quotes/about/risk/) [Street](https://sms4smile.com/quotes/about/street/) [Uncertainty](https://sms4smile.com/quotes/about/uncertainty/) [Uncertainty Manifests](https://sms4smile.com/quotes/about/uncertainty-manifests-5773202/) [Uncertainty Risk](https://sms4smile.com/quotes/about/uncertainty-risk-3062829/) [Wall St](https://sms4smile.com/quotes/about/wall-st/) [Wall street](https://sms4smile.com/quotes/about/wall-street/) [Where](https://sms4smile.com/quotes/about/where/) ## Related quotes > [There are no conventional games involving conditions of uncertainty without risk.](https://sms4smile.com/quotes/richard-arnold-epstein/there-are-no-conventional-games-involving-conditions-of-uncertainty/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [Vulnerability is basically uncertainty, risk, and emotional exposure.](https://sms4smile.com/quotes/bren-brown/vulnerability-is-basically-uncertainty-risk-and-emotional-exposure/) [Brene Brown](https://sms4smile.com/quotes/author/bren-brown/) > [“Uncertainty is everywhere. But I am living in the midst of the uncertainty and risk, amid things that can and do bring physical destruction,…](https://sms4smile.com/quotes/katie-j-davis/uncertainty-is-everywhere-but-i-am-living-in-the-midst-of-the/) [Katie J. Davis](https://sms4smile.com/quotes/author/katie-j-davis/) > [Betting on the success of innovative technologies in the marketplace can carry all the uncertainty and risk that betting on the next card in…](https://sms4smile.com/quotes/henry-petroski/betting-on-the-success-of-innovative-technologies-in-the-marketplace/) [Henry Petroski](https://sms4smile.com/quotes/author/henry-petroski/) > [“Risk, as first articulated by the economist Frank H. Knight in 1921,45 is something that you can put a price on. Say that you’ll…](https://sms4smile.com/quotes/nate-silver/risk-as-first-articulated-by-the-economist-frank-h-knight-in-1921-45/) [Nate Silver](https://sms4smile.com/quotes/author/nate-silver/) > [“Vulnerability is not weakness, and the uncertainty, risk, and emotional exposure we face every day are not optional.”](https://sms4smile.com/quotes/bren-brown/vulnerability-is-not-weakness-and-the-uncertainty-risk-and-emotional/) [Brené Brown](https://sms4smile.com/quotes/author/bren-brown/) > [Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when…](https://sms4smile.com/quotes/seth-klarman/risk-is-not-inherent-in-an-investment-it-is-always-relative-to-the/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [To err is human; to forgive takes time.](https://sms4smile.com/quotes/vikrant-parsai/to-err-is-human-to-forgive-takes-time/) [Vikrant Parsai](https://sms4smile.com/quotes/author/vikrant-parsai/) > [Kids know. They know everything. I would err on the side of pretty much sharing everything.](https://sms4smile.com/quotes/michael-douglas/kids-know-they-know-everything-i-would-err-on-the-side-of-pretty-much/) [Michael Douglas](https://sms4smile.com/quotes/author/michael-douglas/) > [“A dog to vomit does turn, A fool to folly but return, The wise err and learn, Gaining from each burn.”](https://sms4smile.com/quotes/munindra-misra/a-dog-to-vomit-does-turn-a-fool-to-folly-but-return-the-wise-err-and/) [Munindra Misra](https://sms4smile.com/quotes/author/munindra-misra/) > [My mom was extremely supportive of me, but it could err on the side of... I mean, there's supportive, and then there's just full-on…](https://sms4smile.com/quotes/megan-mullally/my-mom-was-extremely-supportive-of-me-but-it-could-err-on-the-side-of/) [Megan Mullally](https://sms4smile.com/quotes/author/megan-mullally/) > [A movie studio has to answer to a marketing department, and to shareholders, to ensure the broadest audience possible for its product; it tends…](https://sms4smile.com/quotes/mike-flanagan/a-movie-studio-has-to-answer-to-a-marketing-department-and-to/) [Mike Flanagan](https://sms4smile.com/quotes/author/mike-flanagan/) > [It is one thing to err on the side of caution. Equally, Test wins have to be earned. They are seldom handed to you…](https://sms4smile.com/quotes/jonathan-agnew/it-is-one-thing-to-err-on-the-side-of-caution-equally-test-wins-have/) [Jonathan Agnew](https://sms4smile.com/quotes/author/jonathan-agnew/) > [“Stop blaming other people for your mistakes. Until you are ready to admit that you are infallible, you are vulnerable for failure to whip.”](https://sms4smile.com/quotes/israelmore-ayivor/stop-blaming-other-people-for-your-mistakes-until-you-are-ready-to/) [Israelmore Ayivor](https://sms4smile.com/quotes/author/israelmore-ayivor/) > [I want to err on the side of constitutional liberty and freedom.](https://sms4smile.com/quotes/ron-johnson/i-want-to-err-on-the-side-of-constitutional-liberty-and-freedom/) [Ron Johnson](https://sms4smile.com/quotes/author/ron-johnson/) ## More by Whitney Tilson > [The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for…](https://sms4smile.com/quotes/whitney-tilson/the-exact-details-of-how-you-practice-value-investing-will-vary/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [If you look at the history of technology gadget makers, hardware makers, it's littered with the corpses of Palm and RIM and companies like…](https://sms4smile.com/quotes/whitney-tilson/if-you-look-at-the-history-of-technology-gadget-makers-hardware/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [Mueller is the leading North American provider of water infrastructure and flow control products - things such as fire hydrants, valves, pipes, fittings, and…](https://sms4smile.com/quotes/whitney-tilson/mueller-is-the-leading-north-american-provider-of-water/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [When it comes to owning stocks of the best-known businesses in the world, value investors usually feel like children looking through the window of…](https://sms4smile.com/quotes/whitney-tilson/when-it-comes-to-owning-stocks-of-the-best-known-businesses-in-the/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [My experience is that very few people have what it takes to be a successful investor, as I discussed in The Arrogance of Stock…](https://sms4smile.com/quotes/whitney-tilson/my-experience-is-that-very-few-people-have-what-it-takes-to-be-a/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [The mark of a wise person isn't never making mistakes - everyone makes plenty of them. Rather, it's the ability to quickly admit -…](https://sms4smile.com/quotes/whitney-tilson/the-mark-of-a-wise-person-isn-t-never-making-mistakes-everyone-makes/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [There is no sure-fire way to get rich quickly. In fact, the pursuit of that usually leads to ruin.](https://sms4smile.com/quotes/whitney-tilson/there-is-no-sure-fire-way-to-get-rich-quickly-in-fact-the-pursuit-of/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [When reviewing one's portfolio, it is important to be aware of common mental mistakes that may lead to bad decisions. The most powerful is…](https://sms4smile.com/quotes/whitney-tilson/when-reviewing-one-s-portfolio-it-is-important-to-be-aware-of-common/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [While I take no pleasure in others' misfortunes, we've historically made most of our profits from other investors behaving in a panicked and irrational…](https://sms4smile.com/quotes/whitney-tilson/while-i-take-no-pleasure-in-others-misfortunes-we-ve-historically/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [I'd say the general outline of a sound investment approach is, first of all, you have to decide are you going to try to…](https://sms4smile.com/quotes/whitney-tilson/i-d-say-the-general-outline-of-a-sound-investment-approach-is-first/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [I have encountered thousands of value investors over the years and am constantly struck by their differences - and their similarities.](https://sms4smile.com/quotes/whitney-tilson/i-have-encountered-thousands-of-value-investors-over-the-years-and-am/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [In life, an abundance of confidence gives us higher motivation, persistence, and optimism and can allow us to accomplish things we otherwise might not…](https://sms4smile.com/quotes/whitney-tilson/in-life-an-abundance-of-confidence-gives-us-higher-motivation/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [Many significant stock-price inefficiencies can occur when a company is spun off.](https://sms4smile.com/quotes/whitney-tilson/many-significant-stock-price-inefficiencies-can-occur-when-a-company/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [Independent thinking is not just helpful in becoming a successful investor, it’s required.](https://sms4smile.com/quotes/whitney-tilson/independent-thinking-is-not-just-helpful-in-becoming-a-successful/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [Assessing management quality is clearly one of the most important aspects of an investment decision.](https://sms4smile.com/quotes/whitney-tilson/assessing-management-quality-is-clearly-one-of-the-most-important/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) [Explore all 69 Whitney Tilson quotes ](https://sms4smile.com/quotes/author/whitney-tilson/) ## More Customer quotes > [“Start a business, not a startup”](https://sms4smile.com/quotes/anonymous/start-a-business-not-a-startup/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [Amongst the financial Twitterati, the term 'muppets' has come to describe any client used and abused by some financial predator. I've adopted the term…](https://sms4smile.com/quotes/barry-ritholtz/amongst-the-financial-twitterati-the-term-muppets-has-come-to/) [Barry Ritholtz](https://sms4smile.com/quotes/author/barry-ritholtz/) > [Many early-stage entrepreneurs make one simple mistake: Describing this 'big picture' in vague concepts and words.](https://sms4smile.com/quotes/sunil-nagaraj/many-early-stage-entrepreneurs-make-one-simple-mistake-describing/) [Sunil Nagaraj](https://sms4smile.com/quotes/author/sunil-nagaraj/) > [The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.](https://sms4smile.com/quotes/benjamin-graham/the-purpose-of-this-book-is-to-supply-in-the-form-suitable-for-laymen/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [Don't think OF the market. Think AS the market.](https://sms4smile.com/quotes/michael-fishman/don-t-think-of-the-market-think-as-the-market/) [Michael Fishman](https://sms4smile.com/quotes/author/michael-fishman/) > [If Wall Street crashes, does Main Street follow? Not necessarily.](https://sms4smile.com/quotes/ben-bernanke/if-wall-street-crashes-does-main-street-follow-not-necessarily/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for…](https://sms4smile.com/quotes/whitney-tilson/the-exact-details-of-how-you-practice-value-investing-will-vary/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [The best way to hold customers is to constantly figure out how to give them more for less.](https://sms4smile.com/quotes/philip-kotler/the-best-way-to-hold-customers-is-to-constantly-figure-out-how-to/) [Philip Kotler](https://sms4smile.com/quotes/author/philip-kotler/) > [Perhaps the most important reason to be skeptical of government inflation numbers is that the government, like a fox campaigning to guard a hen…](https://sms4smile.com/quotes/peter-schiff/perhaps-the-most-important-reason-to-be-skeptical-of-government/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [When the dollar collapses, it's not doing it in a vacuum. If the dollar loses value, it's doing so relative to some other currency.…](https://sms4smile.com/quotes/peter-schiff/when-the-dollar-collapses-it-s-not-doing-it-in-a-vacuum-if-the-dollar/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [Corporations invest in sophisticated CRM, or Customer Relationship Management, programs to effectively oversee their relationship with their customers at every point during the buying…](https://sms4smile.com/quotes/marc-ostrofsky/corporations-invest-in-sophisticated-crm-or-customer-relationship/) [Marc Ostrofsky](https://sms4smile.com/quotes/author/marc-ostrofsky/) > [I believe confusion is good. Worldwide market leaders gain when there is confusion in the market.](https://sms4smile.com/quotes/subhash-chandra/i-believe-confusion-is-good-worldwide-market-leaders-gain-when-there/) [Subhash Chandra](https://sms4smile.com/quotes/author/subhash-chandra/) > [Damn inflation, full speed ahead,' Greenspan has said in both action and word. I think an investor should believe him and invest accordingly.](https://sms4smile.com/quotes/bill-gross/damn-inflation-full-speed-ahead-greenspan-has-said-in-both-action-and/) [Bill Gross](https://sms4smile.com/quotes/author/bill-gross/) > [“When companies get big, they devote most of their care and feeding to the business that got them big. This is as it should…](https://sms4smile.com/quotes/eric-schmidt/when-companies-get-big-they-devote-most-of-their-care-and-feeding-to/) [Eric Schmidt](https://sms4smile.com/quotes/author/eric-schmidt/) > [“Salesmanship is usually the art of making it the prospect’s problem, the salesperson’s need or desire to earn money.”](https://sms4smile.com/quotes/mokokoma-mokhonoana/salesmanship-is-usually-the-art-of-making-it-the-prospect-s-problem/) [Mokokoma Mokhonoana](https://sms4smile.com/quotes/author/mokokoma-mokhonoana/) [Browse all 9,257 Customer quotes ](https://sms4smile.com/quotes/about/customer/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Wall Street, in the main, hates uncertainty, which manifests itself in depressed share prices of companies whose prospects lack 'visibility.' But where the market can err is in confusing uncertainty with risk.", "creator": { "@type": "Person", "name": "Whitney Tilson" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/whitney-tilson/wall-street-in-the-main-hates-uncertainty-which-manifests-itself-in/", "about": { "@type": "Thing", "name": "Customer" }, "@id": "https://sms4smile.com/quotes/whitney-tilson/wall-street-in-the-main-hates-uncertainty-which-manifests-itself-in/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/197/whitney-tilson-9949_doubt_wall-street-in-the-main-hates-uncertaint_1546844.jpg", "contentUrl": "https://sms4smile.com/quotes/i/197/whitney-tilson-9949_doubt_wall-street-in-the-main-hates-uncertaint_1546844.jpg", "url": "https://sms4smile.com/quotes/i/197/whitney-tilson-9949_doubt_wall-street-in-the-main-hates-uncertaint_1546844.jpg", "width": 1080, "height": 1080, "caption": "“Wall Street, in the main, hates uncertainty, which manifests itself in depressed share prices of companies…” — Whitney Tilson", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Whitney Tilson", "item": "https://sms4smile.com/quotes/author/whitney-tilson/" }, { "@type": "ListItem", "position": 4, "name": "Wall Street, in the main, hates...", "item": "https://sms4smile.com/quotes/whitney-tilson/wall-street-in-the-main-hates-uncertainty-which-manifests-itself-in/" } ], "@id": "https://sms4smile.com/quotes/whitney-tilson/wall-street-in-the-main-hates-uncertainty-which-manifests-itself-in/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```