Whitney Tilson Has Seen Better Summers
"Our fund declined 13.7% in August vs. -5.4% for the S&P 500, -4.0% for the Dow and -6.4% for the Nasdaq. Year to date, it’s down 22.1% vs. -1.8% for the S&P 500, +2.1% for the Dow and -2.2% for the Nasdaq. On the long side, our portfolio got clobbered across the board despite generally good company-specific news regarding our major holdings...In the rest of our letter, we discuss our annus horribilis, the concept of guaranteed underperformance, how we’ve built our business to withstand tough times, and six stocks: J.C. Penney, Iridium, Grupo Prisa, Goldman Sachs, Wells Fargo and Dell."
T2 Letter To Investors [PDF]