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