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It's Official: T1 Is Not T2; Tilson Liquidates To Buy More Of The Same

Tyler Durden's picture




 

As we warned yesterday, the curse of the inverse correlation between CNBC appearances and investment performance has struck once again. The rumor is true as everyone's favorite knife-catching, Buffett-following, leveraged beta fund manager Whitney Tilson has split from his 'colleague' Glenn Tongue who has gone off to run his own 'unencumbered' fund. As the full letter below (h/t DealBreaker) explains, he couldn't be more optimistic about T2's future (so this is a good thing then?) and have no fear since he sees 'a target rich environment' as he has already picked up some 'low hanging fruit'. We wait with bated breath for the next letter...

 

"even if there had been no redemptions (and I knew this would be the case in advance), I would have acted similarly because, as I resume the role of sole portfolio manager, it’s critical that I rebuild the portfolio from scratch and truly “own” the ideas."

 

T2 Accredited Fund Letter to Investors June 12

(h/t DealBreaker)

 

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Thu, 07/19/2012 - 14:53 | 2633122 Pladizow
Pladizow's picture

Short Tilson Bitches!

Thu, 07/19/2012 - 14:54 | 2633129 Xibalba
Xibalba's picture

what do you think Goldman is doing exactly???

Thu, 07/19/2012 - 14:55 | 2633136 mikla
mikla's picture

Stuck on stupid

Thu, 07/19/2012 - 14:53 | 2633123 fonzannoon
fonzannoon's picture

Hey I barely watch the market anymore but a few months ago Cramer told me MS was cheap at $19..anyone seen lately?

Thu, 07/19/2012 - 15:45 | 2633329 Muppet of the U...
Muppet of the Universe's picture

ms popped with FatBoy

Thu, 07/19/2012 - 16:11 | 2633491 traderjoe
traderjoe's picture

Someone pays 2/20 to this Tilson/whomever guy to buy Berkshire? 

Thu, 07/19/2012 - 14:58 | 2633142 Dr. Engali
Dr. Engali's picture

I look forward to taking the other side of his trades. It's  tough to choose who I'm going to bet against , him or Goldman.

Thu, 07/19/2012 - 15:00 | 2633149 fonzannoon
fonzannoon's picture

Has anyone on here actually had a conversation with a neighbor that went something like "hey, just a heads up, if the shit hits the fan we gotta stick together"?

Just curious if anyone has actually had that type of talk and how did it go over.

Thu, 07/19/2012 - 15:05 | 2633175 ziggy59
ziggy59's picture

Yes, actually.. Several of my friends and others have started an S.O.C.

Thu, 07/19/2012 - 15:06 | 2633181 fonzannoon
fonzannoon's picture

S.O.C?

Thu, 07/19/2012 - 15:12 | 2633201 ziggy59
ziggy59's picture

Social organization community

Thu, 07/19/2012 - 15:17 | 2633215 Dr. Richard Head
Dr. Richard Head's picture

My Obama fan neighbor has heard me talk about sticking together, as the local community will be key.  Now he always mockingly asks me, "How's the bug out bag, hybrid seeds, and gold treating you.  Oh yeah and the guns?"

I won;t be working with him much.

Thu, 07/19/2012 - 15:06 | 2633180 azzhatter
azzhatter's picture

With family yes, my neighbors are lesbos and they believe Obama has saved the world

Thu, 07/19/2012 - 15:11 | 2633200 fonzannoon
fonzannoon's picture

You said they were hot though, right?

Thu, 07/19/2012 - 15:20 | 2633229 Dr. Engali
Dr. Engali's picture

My neighbors are all good people but they are all older and my kids adopted them as grandparents. So we don't have those conversations, most of them are concerned about what is going on but that's as far it goes. Having said that I do have a local group with whom I associate with that plan on sticking together. 

Thu, 07/19/2012 - 15:32 | 2633276 Mark Carney
Mark Carney's picture

Hahaha

 

I have given up talking to my firends and neighbours about this crap, no one gives a damn.  We got Alberta oil, nothing can happen here, Real Estate always goes up.  I just get stupid weird looks now, so I don't bother.  I hope to be out of town when all goes down........

 

At the moment Im looking to get to Vancouver Island with the wife (parents already moved there). 

Thu, 07/19/2012 - 14:59 | 2633148 ziggy59
ziggy59's picture

Hmmm, all low hanging fruit is edible, some only once

Thu, 07/19/2012 - 15:04 | 2633168 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

To:  Our Partners

Re:  Any crummy performance at T2

 

It's Glen Tongue's fault.

 

Sincererly yours,

 

Whitney Tilson

Thu, 07/19/2012 - 15:06 | 2633179 I am a Man I am...
I am a Man I am Forty's picture

This guy is just terrible at what he does.  Fucking terrible.

Thu, 07/19/2012 - 15:07 | 2633184 azzhatter
azzhatter's picture

Good thing he's not full of himself

Thu, 07/19/2012 - 15:10 | 2633191 doc_in_the_house
doc_in_the_house's picture

was 0 hedge OFF-LINE??

for like hours?? i thought QEorganizer-stupidnomis had SHUT them down, FAST n FURIOUSLY STUPIDLY...i thought "the emperor" got offended bc it was pointed out he had no clothes!! LOL !!!

anyways wanted to point out that the shoe shine boys n girls (cbs-mw) had announced the TOP of the CASINO STOCK MARKET. @ spx 1380.

http://www.marketwatch.com/story/german-parliament-approves-spain-bank-aid-reports-2012-07-19

Thu, 07/19/2012 - 15:15 | 2633212 adr
adr's picture

Well some underwriting bullshit banks made a lot of money today when 5 Below went public and jumped 60% at the open.

When I first saw Five Below my stock scam bullshit meter went off the charts. Some hedge fund and venture capital firm trying to jump on the dollar store expansion bandwagon. I expect Five Below to be bankrupt and out of business within the year.

Thu, 07/19/2012 - 15:23 | 2633236 negative rates
negative rates's picture

Are you sure they didn't just drop a ball rather than tryin to catch a knife?

Thu, 07/19/2012 - 15:43 | 2633322 lsbumblebee
lsbumblebee's picture

Sit him next to...

Becky Quick: "Stocks are cheap, right? Stocks are cheap, right? Stocks are cheap, right?"

Thu, 07/19/2012 - 15:51 | 2633345 Muppet of the U...
Muppet of the Universe's picture

All you had to do was short oil, then long oil at its lows.  Simply unfuckingbelievable how bad you have to be at this to lose faster than the S&P.  Full disclosure:  short oil brah

 

See thing is, when everyone expects a collapse, expect a rise, when everything looks great, expect a collapse.

Did anyone ever guess to think that the black swan that tanks a bunch of people is the absence of the expectation of a black swan?  Taleb even told you this.  Black swans can also be the lack of said expected event.

Thu, 07/19/2012 - 16:29 | 2633573 doc_in_the_house
doc_in_the_house's picture

shoe shine girls n boys announcing TOP of the OIL MARKET:

@ $92 and change:

laura mandaro (cbs-mw stupid cheerleder) = wow !!! oil wow!!!! = TOP n SHORT!!

http://blogs.marketwatch.com/thetell/2012/07/19/afternoon-update-ibm-leads-dow-but-wow-oil/

 

and fatboy gayed:  says BEARS u ARE WRONG..NOT WERE WRONG.

http://www.minyanville.com/trading-and-investing/commodities-and-options/articles/Oil-strength-oil-bears-IEZ-ivv/7/19/2012/id/42567?Mod=MKTW

 

both from cbs-mw stupid shoe shine boys n girls...i love shoe shine IDIOTS !!! do the opposite of what they say = they are PERFORMANCE CHASERS and then shout in excitation at the peaks !!!

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