H/T to http://www.marketfolly.com/ for the find. Whitney Tilson's letter for April 2011 is out. His fund had poor performance, declining 4.3% for the month compared to a rise in the S&P500 of 0.9%. He is also lagging the market for the year.
Although, one month or one quarter does not make a difference to value investors. However, Tilson made some big profile mistakes recently. He acknowledged that he made mistakes by shorting Netflix (NFLX, Financial), but he made no comments about the 80% drop in LECG Corporation (XPRT, Financial).
Tilson commented "a bigger reason for our underperformance, especially last month, is our investment strategy, which is rooted in deviating from the crowd with contrarian bets. It's the only way to outperform the market over the long term, but it also carries with it the risk—indeed, the certainty— that there will be periods during which one underperforms the market."
Below is the full document:
T2-Partners-March-Letter -
Disclosure: No position in any stocks mention. I have a UTMA account in the Tilson Dividend Fund, run by Zeke Ashton.
http://www.valuewalk.com/
Although, one month or one quarter does not make a difference to value investors. However, Tilson made some big profile mistakes recently. He acknowledged that he made mistakes by shorting Netflix (NFLX, Financial), but he made no comments about the 80% drop in LECG Corporation (XPRT, Financial).
Tilson commented "a bigger reason for our underperformance, especially last month, is our investment strategy, which is rooted in deviating from the crowd with contrarian bets. It's the only way to outperform the market over the long term, but it also carries with it the risk—indeed, the certainty— that there will be periods during which one underperforms the market."
Below is the full document:
T2-Partners-March-Letter -
Disclosure: No position in any stocks mention. I have a UTMA account in the Tilson Dividend Fund, run by Zeke Ashton.
http://www.valuewalk.com/
