Whitney Tilson's T2 rose 4.6% in March, and 10.1% in Q1, primarily due to its GGP holdings. Also, Iridium appears to still be in business and generating returns for T2. Other longs include such non-blue chips as Borders, Winn-Dixie, Resource America and Yahoo. The fund's short book seems to not have done so well, with key names Lululemon, DineEquity and MBIA surging during the period. The one bright spot on the short side was Palm.
Whitney Tilson is still extremely bullish on GGP. Whether he is right, or if the stock was simply floating, suspended by a rising beta tide since the beginning of the rally, will soon be determined. Even sooner if the current incipient correction accelerates. And soonest if it turns out Almunia was just buying banks time to offload their GGB holdings and Greece defaults over the next several weeks.
Whitney Tilson continues investigating High Frequency Trading
"Lots of feedback on the high frequency trading issue"
T2's Whitney Tilson on Themis Trading and Zero Hedge
An Overview Of The Housing Crisis And Why There Is More Pain To Come
Particularly notable are slides 63 and 64 for all who care to see beyond the propaganda.