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Whitney Tilson's Year End letter as of January 19, 2010
h/t Shady Pickens Asset Management, LLC
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http://www.youtube.com/watch?v=0o8XMlL8rqY&feature=player_embedded
:)
does Tilson just steal all of Ackman's ideas.... what a clown.
Netflix one of his biggest shorts? Get out the KY..... ouch.
Whitney Tilson hasn't had an original thought in well......ever!!! All he does is follow Ackman, Buffet, Berkowitz, Ichan, and others!
I beat this fucker's ass in 2008 and 2009. It looks like I'll do it again in 2010. His top 12 long positions should all be shorted. His short list is good though, except TLT. Dow is the best short he's got.
Tilson is a genius businessman but a pathetic investor. He gets paid to sell his Value newsletters to the Buffett wannabes for like $300 a pop where he just interviews various fund managers and uses that for his own portfolio. Figure he gets about 5000 subs, likely more than that, you're at $1.5M in subscription revs and what's the cost? Hiring someone to transcribe it, pdf and the email it out? Must be a 90%+ margin business.
Then he throws the Value Investing Congress twice a year charging like $5k or so per attendee. Then he wrote a book on the mortgage mess after the fact, nice! Then he gets to pump his portfolio through Kiplinger's every month. It's a wonder he has time to do any actual securities analysis.
You can track back to just about any of his portfolio holdings as an original from someone else. TGT, BKS, BGP were all Ackman DISASTERS...his short on MBI, ABK, LEH were all Ackman...WEN, MCD all Ackman...DPS, SATS, PFE all Einhorn. Tilson then lost some good money on WINN following Spencer Capital on that. Some of Tilson's "original" ideas include DLIAs and REXI...you can throw a dart at a stock last year and have made money and Tilson's "analysis" got him into some big tiem stinkers.
I think he's pulled it in now so the only thing he talks about his BRK, dust off the old presentation and talk about BRK. what an idea. Running <$200MM and investing in mostly megacaps like BRK, PFE, SHLD, etc. The best is when a guy like Einhorn or Ackman cut a position out, there's usually a lag between their 13Fs and Tilson's. Check out their 13Fs with SHLD, was pretty funny to see Tilson cut out the very next time the 13F was filed.
All in all though, amazing busienss guy. Can do all of these other activities to line his pockets, keep his eye on the ball a little bit, and then mint it running just a $100-$200MM or so. Pretty impressive overall.