Whitney Tilson
Encyclopedia
Whitney Tilson is an author, investor
and businessman who also writes for financial publications.
Tilson is a disciple of the Graham
-Dodd -Buffett
-Munger school of value investing
, and was one of the authors of Poor Charlie's Almanack (ISBN 1578645018), considered by many to be the definitive book on Charlie Munger
.
Since 2005, Tilson, with his partner, John Schwartz, has run and presented the Value Investing Congress, which is the premier Value Investing educational and networking opportunity other than the Berkshire Hathaway
meetings. Among his other interests is teaching a course on financial statement analysis
and business valuation
for The Dickie Group.
He co-manages T2 Partners LLC with Glenn H. Tongue; this comprises three value-oriented private investment partnerships and the Tilson Mutual Funds, composed of two value-based mutual fund
s, Tilson Focus Fund and Tilson Dividend Fund.
and Nicaragua
(his parents met and married while in the Peace Corps
).
He studied at and graduated magna cum laude from Harvard College
with a bachelor's degree in Government. He then went on to gain an MBA with High Distinction from Harvard Business School
, where he was elected a Baker Scholar (top 5% of class).
Prior to his launching his investment career in 1999, Tilson spent five years working with Harvard Business School Professor Michael Porter
studying the competitiveness of inner cities and inner-city-based companies nationwide. Tilson and Porter went on to found the Initiative for a Competitive Inner City.
Tilson also led the effort to create ICV Partners, a national for-profit private equity fund
focused on minority
-owned and inner-city businesses that has raised nearly $500 million.
presented St. Joe Corporation as a short idea and sent the stock down 10% on the day that he spoke:
According to the website marketfolly.com:
"Whitney Tilson and Glenn Tongue's hedge fund T2 Partners sent out a monthly update to investors and they reveal performance of -4.3% in March and -3.1% for the year. This trails the S&P 500, which is up 5.9% in 2011. More interesting than the performance figures, though, is the notion of deviating from the herd and its subsequent effect on that performance."
In the 2010 education reform documentary film A Right Denied: The Critical Need for Education Reform, Tilson explores the achievement gap between low-income, minority students in the US and their wealthier peers as well as the separation between the achievement levels of the US and its peer countries.
The Value Investing Course: Essential Strategies for Market-Beating Returns (John Wiley & Sons) ISBN 0470479779
Investor
An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...
and businessman who also writes for financial publications.
Tilson is a disciple of the Graham
Benjamin Graham
Benjamin Graham was an American economist and professional investor. Graham is considered the first proponent of value investing, an investment approach he began teaching at Columbia Business School in 1928 and subsequently refined with David Dodd through various editions of their famous book...
-Dodd -Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
-Munger school of value investing
Value investing
Value investing is an investment paradigm that derives from the ideas on investment and speculation that Ben Graham and David Dodd began teaching at Columbia Business School in 1928 and subsequently developed in their 1934 text Security Analysis...
, and was one of the authors of Poor Charlie's Almanack (ISBN 1578645018), considered by many to be the definitive book on Charlie Munger
Charlie Munger
Charles Thomas Munger is an American business magnate, lawyer, investor, and philanthropist. He is Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by Warren Buffett; in that capacity, Buffett describes Munger as "my partner." Munger is also the...
.
Since 2005, Tilson, with his partner, John Schwartz, has run and presented the Value Investing Congress, which is the premier Value Investing educational and networking opportunity other than the Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
meetings. Among his other interests is teaching a course on financial statement analysis
Financial statement analysis
Financial statement analysis is the process of understanding the risk and profitability of a firm through analysis of reported financial information, particularly annual and quarterly reports....
and business valuation
Business valuation
Business valuation is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. Valuation is used by financial market participants to determine the price they are willing to pay or receive to consummate a sale of a business...
for The Dickie Group.
He co-manages T2 Partners LLC with Glenn H. Tongue; this comprises three value-oriented private investment partnerships and the Tilson Mutual Funds, composed of two value-based mutual fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
s, Tilson Focus Fund and Tilson Dividend Fund.
Background
Tilson spent much of his childhood in TanzaniaTanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
and Nicaragua
Nicaragua
Nicaragua is the largest country in the Central American American isthmus, bordered by Honduras to the north and Costa Rica to the south. The country is situated between 11 and 14 degrees north of the Equator in the Northern Hemisphere, which places it entirely within the tropics. The Pacific Ocean...
(his parents met and married while in the Peace Corps
Peace Corps
The Peace Corps is an American volunteer program run by the United States Government, as well as a government agency of the same name. The mission of the Peace Corps includes three goals: providing technical assistance, helping people outside the United States to understand US culture, and helping...
).
He studied at and graduated magna cum laude from Harvard College
Harvard College
Harvard College, in Cambridge, Massachusetts, is one of two schools within Harvard University granting undergraduate degrees...
with a bachelor's degree in Government. He then went on to gain an MBA with High Distinction from Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, where he was elected a Baker Scholar (top 5% of class).
Prior to his launching his investment career in 1999, Tilson spent five years working with Harvard Business School Professor Michael Porter
Michael Porter
Michael Eugene Porter is the Bishop William Lawrence University Professor at Harvard Business School. He is a leading authority on company strategy and the competitiveness of nations and regions. Michael Porter’s work is recognized in many governments, corporations and academic circles globally...
studying the competitiveness of inner cities and inner-city-based companies nationwide. Tilson and Porter went on to found the Initiative for a Competitive Inner City.
Tilson also led the effort to create ICV Partners, a national for-profit private equity fund
Private equity fund
A private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity....
focused on minority
Minority group
A minority is a sociological group within a demographic. The demographic could be based on many factors from ethnicity, gender, wealth, power, etc. The term extends to numerous situations, and civilizations within history, despite the misnomer of minorities associated with a numerical statistic...
-owned and inner-city businesses that has raised nearly $500 million.
Value Investing Congress
In 2004, Tilson combined forces with John Schwartz to create the Value Investing Congress which has become the premier event for Value Investors to attend, and dubbed the, "Superbowl of Value Investing" by CNBC. Presenters at the congress have regularly broken news and moved stocks: In 2010, David EinhornDavid Einhorn
David Einhorn was a German rabbi and leader of the Jewish reform movement in the United States. Einhorn was chosen in 1855 as the first rabbi of the Har Sinai Congregation in Baltimore, the oldest congregation in the United States that has been affiliated with the Reform movement since its...
presented St. Joe Corporation as a short idea and sent the stock down 10% on the day that he spoke:
2011 Q1 Fund Performance
Tilson's T2 Partners fund was down -3.1% as of March 31, 2011, in part attributable to the fund's short positions in Netflix, OpenTable, and Lululemon Athletica.According to the website marketfolly.com:
"Whitney Tilson and Glenn Tongue's hedge fund T2 Partners sent out a monthly update to investors and they reveal performance of -4.3% in March and -3.1% for the year. This trails the S&P 500, which is up 5.9% in 2011. More interesting than the performance figures, though, is the notion of deviating from the herd and its subsequent effect on that performance."
Education reform activities
Tilson is vice chairman of the Knowledge is Power Program (KIPP) Academy Charter Schools in NYC, co-founder of the Initiative for a Competitive Inner City, and a director of Democrats for Education Reform, a group of Democrats who support parent and student choice in schools and diversity in available education opportunities in service of that choice.In the 2010 education reform documentary film A Right Denied: The Critical Need for Education Reform, Tilson explores the achievement gap between low-income, minority students in the US and their wealthier peers as well as the separation between the achievement levels of the US and its peer countries.
Published books
More Mortgage Meltdown: 6 Ways to Profit in These Bad Times (John Wiley & Sons, 2009) ISBN 0470503408The Value Investing Course: Essential Strategies for Market-Beating Returns (John Wiley & Sons) ISBN 0470479779