Another Tough Month For Tilson As CNBC's Favorite Buffett-Worshipper Is Down Over 24%
Presenting, with little comment, Whitney Tilson's disappointing underperformance for October (and YTD):
Our fund rose 7.0% in October vs. 10.9% for the S&P 500, 9.7% for the Dow and 11.2% for the Nasdaq. Year to date, itís down 24.5% vs. +1.3% for the S&P 500, 5.5% for the Dow and 1.9% for the Nasdaq. Our fundís performance during the month was roughly in line with what we would expect given that it is nearly 70% net long.
Our long book outpaced the market in October, led by SanDisk (25.6%), Citigroup (23.3%), J.C. Penney (19.8%), Goldman Sachs (15.9%), Howard Hughes Corp. (14.0%), Dell (11.8%), and Berkshire Hathaway (9.5%). The only loser of note was Iridium warrants, which fell 11.8%.
Our short book offset nearly half of our gains on the long side due to Ethan Allen (45.5%), Boyd Gaming (32.2%), Philips-Van Heusen (27.8%), Nokia (18.9%), and Salesforce.com (16.5%). There were two winners of note on the short side, Green Mountain Coffee Roasters (-30.0%), which tumbled after the presentation by Greenlight Capitalís David Einhorn at the Value Investing Congress (see below), and First Solar (-21.3%).
Is it just us or does it seem manager performance is increasingly negatively correlated with the frequency of appearances on CNBC?