Author: Whitney Tilson, DailyWealth.com

I had it backwards my whole career…

After 20-plus years on Wall Street, I’ve realized that all of my successful investments — both long and short — start with these key steps.

The common cliché on Wall Street is that the four most dangerous words in investing are, “This time is different.” But I’ve found a three-word phrase that’s uttered just as frequently… and is arguably even more dangerous.

I’ve learned a lot of things over my 20-year career on Wall Street, but perhaps nothing is as valuable as this.