Whitney Tilson Turns 52

Whitney Tilson in his email to investors discusses his CNBC appearance (GOOG, FB, AMZN); Trump on ‘there’s no tarriffs’; Buffett on the financial crisis.

1) I was on CNBC yesterday morning, talking about why I like Google, Facebook and Amazon: www.cnbc.com/video/2018/10/31/bull-and-bear-debate-the-fang-trade.html (5 min)

[REITs]

Michael Mauboussin: Here’s what active managers can do

michael mauboussin, Credit Suisse, valuation and portfolio positioning, capital markets theory, competitive strategy analysis, decision making, skill versus luck, value investing, Legg Mason, The Success Equation, Think Twice: Harnessing the Power of Counterintuition, analysts, behavioral finance, More Than You Know: Finding Financial Wisdom in Unconventional Places, academics , valuewalkThe debate over active versus passive management continues as trends show the ongoing shift from active into passive funds. Q2 2020 hedge fund letters, conferences and more At the Morningstar Investment Conference, Michael Mauboussin of Counterpoint Global argued that the rise of index funds has made it more difficult to be an active manager. Drawing Read More


Q3 hedge fund letters, conference, scoops etc

2) While this degree of illiteracy, ignorance, contradiction and mendacity is sort of hilarious, it also must be factored in by investors trying to assess the likelihood of whether the trade wars we’re involved in escalate or are resolved:

WSJ: A lot of people say that tariffs are really the biggest threat to the economy long term.

Trump: We don’t have any tariffs. I mean other than some tariffs on steel — which is actually small, what do we have? … I didn’t put tariffs… Where do we have tariffs? We don’t have tariffs anywhere… We don’t have tariffs. Where do we have tariffs? I’m talking tariffs. I’ll use tariffs. I mean it… There’s no tariffs.”

(Full transcript here)

3) Speaking of WSJ interviews, here are two that the paper did with Buffett on his reflections on the global financial crisis:

4) Speaking of Buffett, here’s a funny 3-minute video about his diet.

PS—It was my 52nd birthday today. I celebrated by going out for pizza with Susan and my oldest daughter, Alison.

Whitney Tilson

Whitney Tilson

More pics here: https://www.facebook.com/wrtilson/posts/10156655269138632