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Quicksilver Resources, Inc. Message Board

  • johnsonmark342 johnsonmark342 Jul 17, 2014 2:52 PM Flag

    Whitney Tilson (Kase Capital) took recent short position on KWK

    Tilson Has Strong H1 Led By Quicksilver, NQ Mobile Shorts
    by VW StaffJuly 06, 2014, 11:51 pm

    The following is from a letter which Whitney Tilson sent to investors of Kase Capital, a copy of which was obtained by ValueWalk. The value investor is having a great year up 13.2% in H1 vs S&P 500 return during the same period of 7.1%. Full text can be found below.

    UPDATE: 11:44AM EST: Performance numbers have been modified (higher) based on an updated letter provided to VW by Whitney Tilson.

    Tesla Whitney Tilson K12 Questcor Pharmaceuticals QCOR
    Whitney Tilson picture courtesy of Kase Capital
    Whitney Tilson…

    July 1, 2014



    Dear Partner:



    After being on a tear for the past nine months, our fund took a breather in June, declining an estimated 0.3% vs. +2.1% for the S&P 500. Year to date, it is up 13.2% vs. 7.1% for the S&P 500 and 2.8% for the average equity hedge fund.



    It was a strong month on the long side, led by Spark Networks Inc(NYSEMKT:LOV) (24.3%),Micron Technology, Inc.(NASDAQ:MU) (15.3%), Canadian Pacific Railway Limited(TSE:CP) (NYSE:CP) (8.1%), Air Products & Chemicals, Inc.(NYSE:APD) (7.2%) and Howard Hughes Corp(NYSE:HHC) (5.5%), partially offset by Fannie Mae (OTCB:FNMA) (-11.9%) and Sodastream International Ltd (NASDAQ:SODA) (-10.1%).



    We gave back all of these gains and then some on the short side, as the Nasdaq jumped 4%, led by the most overvalued, promotional and/or fraudulent stocks, which tend to be the ones we’re short – things like Lifelock Inc(NYSE:LOCK) (24.3%), Organovo Holdings Inc(NYSEMKT:ONVO) (17.3%) and Textura Corp(NYSE:TXTR) (13.2%). The only winners of note on the short side were Genco Shipping & Trading Limited(OTCMKTS:GNKOQ) (-43.0%), which I covered last week, a new position in Quicksilver Resources Inc(NYSE:KWK) (-39.7%), and a China fraud, NQ Mobile Inc (ADR)(NYSE:NQ) (-18.8%). For the year, the fund’s attribution is -1% on the short side – decent performance in light of the market’s gains.



    Market Overview and Portf

    Sentiment: Strong Buy

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