From Whitney Tilson:
On the long side, our three winners of note were Grupo Prisa (B shares) (18.9%), Iridium (stock 11.8% and warrants 4.0%), and AB InBev (8.2%). These gains were more than offset by Netflix (-21.4%), Sears Canada (-16.7%), Citigroup (-13.0%), Goldman Sachs (-12.5%), and dELiA*s (-10.7%).
Tiger Legatus Master Fund was up 0.1% net for the second quarter, compared to the MSCI World Index's 7.9% return and the S&P 500's 8.5% gain. For the first half of the year, Tiger Legatus is up 9%, while the MSCI World Index has gained 13.3%, and the S&P has returned 15.3%. Q2 2021 hedge Read More
Our short book did well during the month and is now in the black on the year (meaning that all of our losses are on the long side). Our biggest winners in November were Career Education (-56.2%), Green Mountain Coffee Roasters (-19.4%), Nokia (-14.0%), Lululemon (-12.0%), ITT Educational Services (-11.3%), and Salesforce.com (-11.1%). Our only loser of note was InterOil (+15.1%).
In the rest of our letter (attached), we discuss Iridium, Grupo Prisa, Netflix, Green Mountain Coffee Roasters, and InterOil.