Whitney Tilson T2 Annual Shareholder Letter 2011: Down 25%

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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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Whitney Tilson T2 Annual Shareholder Letter 2011: Down 25%

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