Whitney Tilson’s email to investors discussing ICR conference; Floor & Decor (FND); pot bubble; Brexit; Bezos’ divorce; China; drug prices; women investors.
1) I enjoyed my day and a half at the ICR conference in Orlando on Monday and Tuesday. I wish, however, that I had found more investment ideas, but instead found mostly a bunch of crappy dying retailers like Stage Stores, Stein Mart, Ascena Retail Group, Vince, Build-a-Bear Workshop, and Chico’s FAS plus some popular but overvalued companies that have crushed short sellers like Five Below, Planet Fitness, Domino’s Pizza, Shake Shack, Chipotle, and Wingstop. The latter was trading at 12x revenues when I pitched it as a short at the Robin Hood conference a couple of years ago – and now trades at 19x revenues! A good lesson on the dangers of valuation shorts – but, mark my words, this stock is going to be a dud going forward.