(07-20-2012, 03:54 AM)Gator Wrote: Looks like Whitney Tilson is playing "hide the poor performance". Closing down one funds and opening up again.

http://www.streetinsider.com/Hedge+Funds/Whitney+Tilson+and+Glenn+Tongue+Split+at+T2%3B+After+Selling,+Tilson+Rebuilding+Portfolio/7591603.html

Hedge fund managers Whitney Tilson and Glenn Tongue of T2 Parters disclosed to investors in a June 22nd letter that they are splitting up. Mr. Whitney will become the sole principal of T2 Partners and its three primary hedge funds. Mr. Glenn will be establishing a new investment firm, Deerhaven Capital Management, that will independently manage the T2 SPAC Fund, which will be renamed the Deerhaven Fund and become his hedge fund vehicle.

In an update Thursday, Tilson said it has been a smooth transition and he decided to sell most of the funds stocks including Berkshire Hathaway, Goldman Sachs (NYSE: GS), J.C. Penney (NYSE: JCP), AIG (NYSE: AIG), Netflix (Nasdaq: NFLX) and raise the fund's cash position to nearly 70 percent. He is now rebuilding the portfolio and has already re-bought Berkshire Hathaway (NYSE: BRK-a) (NYSE: BRK-b) and has picked other "low-hanging fruit" since the beginning of July. The fund is now over over 50% invested on the long side and more than 20% on the short side. He plans invest more slowly in the coming months and targets 100% long and 40% short.

Tilson said he is "very enthusiastic about the target-rich environment" on both the long and short side.