Whitney Tilson's T2 Partners Letter: February 2010 ~ market folly

Thursday, March 4, 2010

Whitney Tilson's T2 Partners Letter: February 2010

Whitney Tilson and Glenn Tongue are out with their latest investor letter from their hedge fund T2 Partners. In the February letter, we learn that T2 Partners' fund was up 7.0% for February and is up 5.3% year-to-date for 2010 compared to a -0.6% return for the S&P 500. Since inception, their T2 fund has returned 240.9% gross and 175.4% net. We've also recently posted up T2's annual letter which is full of details regarding their positions and their investment outlook. Additionally, we've posted T2's investment outlook and presentation of 3 stock ideas.

Tilson notes that their performance has been driven by their longs of General Growth Properties (GGWPQ) and Borders Group (BGP) among others. Additionally, their short of Palm (PALM) helped boost the bottom line. In the letter, Tilson quickly touches on the developments surrounding their GGWPQ position and attaches articles summarizing the situation. And speaking of GGWPQ, we just posted an update regarding Bill Ackman & hedge fund Pershing Square's economic exposure to the mall REIT.

Embedded below is T2 Partners brief February update:

You can directly download the .pdf here.

For more investment insight from Tilson, make sure to check out his upcoming appearance at the Value Investing Congress along with many other prominent hedge fund managers. The event is already 75% sold out so sign-up before it's full. We've secured a discount for our readers with discount code: P10MF6 so take advantage of it.

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