The latest from Whitney Tilson can be found below
Pease use “VW10” for a discount!
1) The registration links are now live for our three programs coming up in NYC June 12-16 and London July 7-11
Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for Read More
- In NYC, we’ll start with our new one-day program, An Advanced Seminar on Short Selling on June 12 (only 2½ weeks away!). Then we’ll teach our three-day Lessons from the Trenches investing bootcamp June 13-15, followed by a one-day seminar on How to Launch and Build an Investment Fund on Saturday, June 16. To register, go to: http://bit.ly/KL-6-18 (The only room the NY Athletic Club has available only fits 24 people (we had 33 earlier this month), so don’t delay!)
- In London, we’ll start with the three-day bootcamp on July 7-9, then the seminars on How to Launch and Build an Investment Fund and short selling on the 10th and 11th, respectively. To register, go to: http://bit.ly/KL-7-18
Pease use “VW10” for a discount!
2) The seminar Glenn and I are teaching to two dozen high school and early college students (including my 16-year-old daughter) on June 18-22 in NYC, An Introduction to Economics, Business, Finance and Investing (see www.tilsonfunds.com/Introseminar.pdf), was sold out, but a few students’ plans changed, so if you know of anyone interested, please have them email me ASAP.
PS—We’d love to take them to visit the floor of the NYSE – if you can help with this, I’d be grateful!
3) I just published an article on Yahoo Finance, How my success led to my fall. Excerpts:
In my new career teaching investing and investment fund entrepreneurship at Kase Learning, one of the most important things I teach is my story and the many, many lessons that can be learned from it.
…You might think the single more important and valuable thing I teach during my Lessons from the Trenches investing bootcamp is how I achieved such success in my first dozen years.
But you’d be wrong. While there are of course many important lessons I teach about this early period in my investing career that will benefit those who seek to achieve similar success, I believe the most valuable thing I teach is what happened afterward.
“Huh?” you might ask. “Why should I study mistakes and failures?”
Here’s why: If you want to learn anything difficult (investing, surgery, flying a plane, etc.), don’t just study success: Spend an equal amount of time studying mistakes and failures.
4) 12 of the speakers from our conference on short selling earlier this month have made their presentations available, which you can access here. In addition, seven of them have given us permission to post the videos of their presentations, which you can see on the Kase Learning YouTube channel here.
5) I never invested in the pharma sector because I felt like it was ridiculous and unsustainable that the U.S. pays massively higher prices for drugs than the rest of the world – but, if anything, today (two decades later) it’s WORSE! And we now know that this administration isn’t going to do a thing about it. Infuriating… Just Saying Yes to Drug Companies, https://mobile.nytimes.com/2018/05/14/opinion/big-pharma-drug-companies.html. Excerpt:
America pays far more for drugs than any other major nation, and there’s no good reason we should. Basically, when it comes to drugs, we’re Big Pharma’s sucker of last resort.
…The bottom line is that American exceptionalism has prevailed again: We’re still the only major nation that lets the drug companies charge whatever they like.
More on this topic in this 60 Minutes expose of Mallinckrodt and the total scam of a drug it bought from Questcor, Acthar, whose price has risen from $40/vial to $40,000 (that’s not a typo!):
The problem with prescription drug prices, www.cbsnews.com/news/the-problem-with-prescription-drug-prices
Lastly, here’s an in-depth article about an even scummier company that was actually KILLING people, Insys Therapeutics: The Pain Hustlers, www.nytimes.com/interactive/2018/05/02/magazine/money-issue-insys-opioids-kickbacks.html.
6) Speaking of total scams – more evidence that the whole cryptocurrency sector is a big pump-and-dump: Buyer Beware: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud. www.wsj.com/articles/buyer-beware-hundreds-of-bitcoin-wannabes-show-hallmarks-of-fraud-1526573115. Excerpt:
Hundreds of technology firms raising money in the fevered market for cryptocurrencies are using deceptive or even fraudulent tactics to lure investors.
In a review of documents produced for 1,450 digital coin offerings, The Wall Street Journal has found 271 with red flags that include plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams.
7) Super funny from the Berkshire company movie: Learn How Rich You Could Have Been With Hindsight Financial: https://youtu.be/DWru4JhpYWU (2 min)
8) Cool pic of Jeff Bezos on 60 Minutes in 1999: