Whitney Tilson: We’ve Been Here Before

By

“Our fund declined 9.5% in September vs. -7.0% for the S&P 500, -5.9% for the Dow and -6.3% for the Nasdaq. Year to date, it’s down 29.6% vs. -8.7% for the S&P 500, -3.9% for the Dow and -8.4% for the Nasdaq…In the rest of our letter (attached), we discuss a similar period of underperformance in late 2008-early 2009, how we’re in the same boat, our economic outlook and our fund’s positioning, how we approach investment decision making today, our biggest winners and losers this year, and seven stocks.”



T2 Letter To Investors [PDF]

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Comments (73)

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  1. 1
    Posted by What about his legitimate years? | October 4, 2011 at 1:09 PM

    Destroying less capital than Paulson this year is the nki?

  2. 2
    Posted by Guest | October 4, 2011 at 1:13 PM

    Are you sure that's not showing performance alongside the # of PM poached from UBS?

  3. 3
    Posted by Guest | October 4, 2011 at 1:14 PM

    -AIG Quant

  4. 4
    Posted by Mark | October 4, 2011 at 1:50 PM

    beta would be a compliment.

  5. 5
    Posted by Reed Hastings | October 4, 2011 at 1:51 PM

    Pretty rough considering he was ultimately right on NFLX

  6. 6
    Posted by B. Miller | October 4, 2011 at 2:23 PM

    Past performance not something something….can't remember. Well, back to the Yacht!

  7. 7
    Posted by Purewater | October 4, 2011 at 3:27 PM

    I like how he just flat out admits he didn't learn from his mistakes. Awesome job.

  8. 8
    Posted by Guest | October 4, 2011 at 3:30 PM

    When your fund manager is dramatically underperforming in a down market, it's comforting to know that he did the exact same thing two years ago but managed to ride the market back up. It means he's learned his lessons.

  9. 9
    Posted by Guest | October 4, 2011 at 3:35 PM

    How can you be long 115% and short 55%?!

    -UBS Quant

  10. 10
    Posted by Guest | October 4, 2011 at 3:40 PM

    Whatever you say Whitney.

  11. 11
    Posted by Guest | October 4, 2011 at 3:43 PM

    I think he was being sarcastic…

  12. 12
    Posted by davidrusso | October 4, 2011 at 4:22 PM

    "Random guessing would have been more effective."

    - Lifted from a high school math teacher's comment on my buddy's multiple choice test where he scored a 17%.

  13. 13
    Posted by Erin's Booty Call | October 4, 2011 at 5:23 PM

    Is he still short IOC? Shia LeBoeuf's favorite stock is taking it on the chin.

  14. 14
    Posted by Golden Boy | October 4, 2011 at 5:49 PM

    So, like Shia LeBoeuf himself? Interesting.

  15. 15
    Posted by Finn | October 4, 2011 at 10:20 PM

    Deja Vu Fund

  16. 16
    Posted by ABC | October 5, 2011 at 12:04 AM

    …….considering that he was wrong shorting NFLX then wrong covering NFLX and saying that he was wrong shorting it. Wait, you mean that it is pretty rough being that fucking wrong?!?

  17. 17
    Posted by Lord Humongous | October 5, 2011 at 12:05 PM

    Is that the one managed by Denzel Washington?

    - UBS Cinema Quant

  18. 18
    Posted by Disgruntled | October 12, 2011 at 8:46 PM

    Einhorn and Ackman's cocks are in our mouths: We've been here before.

    –T2 Partners

  19. 19
    Posted by Oracle of Omaha | October 12, 2011 at 8:48 PM

    Nice job, fuck-tard. You'd think a self-professed "value investor" would understand a little something called CAPITAL PRESERVATION.

    Buffet would like to buy back specifically your shares of BRK.A and have you just go away.

    Go get your shine box, Whit.

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    The only thing 08-09 and now have in common is that there are a bunch of us generating Alpha by taking the other side of this guy's trades. Thank you, Whitney!! Keep on keeping on, if only for the sake of the rest of us.

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