Whitney Tilson T2 Annual Shareholder Letter 2011: Down 25%

From Whitney Tilson:

Attached is our 2011 annual letter, which has the following contents:


Exclusive: York Capital to wind down European funds, spin out Asian funds

Jeffrey Aronson Crossroads CapitalYork Capital Management has decided to focus on longer-duration assets like private equity, private debt and collateralized loan obligations. The firm also plans to wind down its European hedge funds and spin out its Asian fund. Q3 2020 hedge fund letters, conferences and more York announces structural and operational changes York Chairman and CEO Jamie Read More

  • ·         Performance
  • ·         Performance objectives
  • ·         Performance assessment
  • ·         We’re in the same boat
  • ·         Deviating from the crowd and guaranteed underperformance
  • ·         We’re been through this before
  • ·         How we’ve built our business
  • ·         Economic turmoil and our fund’s positioning
  • ·         Winners and losers in 2011
  • ·         How we approach investment decision making today
  • ·         Discussion of our 15 largest long positions
  • ·         Our 10 largest short positions
  • ·         Quarterly conference call
  • ·         Appendix A: 15 largest long positions
  • ·         Appendix B: Berkshire Hathaway’s Share Repurchase Program — And

What It Means

  • ·         Appendix C: Why We’re Long Netflix and Short Green Mountain Coffee


T2 Accredited Fund Annual Letter-2011

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Whitney Tilson T2 Annual Shareholder Letter 2011: Down 25%