Friday, August 19, 2022

Ryan Cohen crashes BBBY; Avoid heavily shorted names; Is GME next?; Why I'm not going to start short selling; Why I think Jake Freeman is lucky, not a crook; Tether Announces Alignment With Top Five Accounting Firm; My upcoming tennis matches

By Whitney Tilson

1) Wow... When I wrote on Wednesday that "Today's spike in BBBY [when it was trading pre-market near $30] smells like a blow-off top to me, and I expect the stock will be back under $10 per share very soon," I thought it might take a month or two, or perhaps a week or two, but never dreamed that my prediction – a nearly 70% decline – would come so close to coming true within two days! But the massive collapse is exactly what happened after Ryan Cohen, Bed Bath and Beyond's (BBBY) largest shareholder at 11.8%, disclosed in an SEC filing after the close yesterday that he had sold his entire position, exactly as I predicted in yesterday's e-mail, thus completing what appears to be a blatant, despicable pump-and-dump scheme. Have we really become a country in which rich folks can flagrantly violate the law and get away with it as long as they do it openly, in public filings and tweets? For example, consider Elon Musk trying to weasel his way out of the contract he signed to buy Twitter (T

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About Whitney Tilson

Prior to creating Empire Financial Research, Whitney Tilson founded and ran Kase Capital Management, which managed three value-oriented hedge funds and two mutual funds. Starting out of his bedroom with only $1 million, Tilson grew assets under management to more than $200 million.

Tilson graduated magna cum laude from Harvard College with a bachelor's degree in government in 1989. After college, he helped Wendy Kopp launch Teach for America and then spent two years as a consultant at the Boston Consulting Group. He earned his MBA from Harvard Business School in 1994, where he graduated in the top 5% of his class and was named a Baker Scholar.

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Whitney is one of the most connected investors I’ve met. He’s been able to tap into an infinitely deep and unique network of people to come up with great insights into ideas and develop them that other people just can’t do because they don’t have the kind of network he does.

—John Petry