Whitney Tilson T2 Annual Shareholder Letter 2011: Down 25%

From Whitney Tilson:

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

• ·         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

Roasters

T2 Accredited Fund Annual Letter-2011//

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