Archive

May. 2020

Amazon will be a huge winner; Wall Street Is Blind to an Oncoming Earnings Disaster; Behind the Fall of China's Luckin Coffee; Protestors Criticized For Looting Businesses Without Forming Private Equity Firm First; Italy conference in September

Empire Financial Daily,
Friday, May 29, 2020
1) This story further reinforces my view that Amazon (AMZN) is going to be a huge winner emerging from the coronavirus crisis: Amazon to Keep Most of the Jobs It Added During Pandemic. Excerpt: Amazon will keep most of the U.S. jobs it added to meet demand in March and April as it sees the […]

Time to be bullish or bearish?; Sorkin and Kernen on CNBC; My webinar tonight; Berna and Enrique weigh in

By Whitney Tilson

Empire Financial Daily,
Thursday, May 28, 2020
1) After the sharpest market sell-off in history, we’ve now had one of the strongest recoveries ever. It’s leading every investor to wonder: where does the market go from here? Some of the debates over this critical question have turned heated, as you can see in this epic confrontation between CNBC hosts Andrew Ross Sorkin […]

Beware of Moderna; Reports of Value's Death May Be Greatly Exaggerated; The Day Coronavirus Nearly Broke the Markets; Chinese Companies Could Be Forced to Give Up U.S. Listings Under Senate Bill; Recovery Investing Event tomorrow; Feeding the homeless

By Whitney Tilson

Empire Financial Daily,
Wednesday, May 27, 2020
1) Only two months after stocks experienced their sharpest decline in history, they’ve ripped higher. So it’s no surprise that pockets of foolishness are emerging… which my team and I are tracking so we can warn you about things to avoid. In that spirit, I asked Empire Financial Research Senior Analyst Steve Culbertson to identify […]

100,000 deaths; Why trying to achieve herd immunity is a bad idea; Five charts showing U.S. reopening; Hertz; Recovery Investing Event this Thursday

By Whitney Tilson

Empire Financial Daily,
Tuesday, May 26, 2020
1) Today, the U.S. will pass a grim milestone: more than 100,000 deaths from COVID-19. This article puts that number in perspective: The historical comparisons are breathtaking. More Americans have died of the coronavirus in the last 12 weeks than died in the Vietnam and Korean Wars combined and nearly twice as many as died […]

Recovery Investing Event on Thursday; It's a great time to be a value investor; Small-cap value stocks are historically cheap

By Whitney Tilson

Empire Financial Daily,
Friday, May 22, 2020
1) I’m participating in a free webinar called the Recovery Investing Event next Thursday at 8 p.m. Eastern time. I’ll be appearing on camera with a special featured guest, who will reveal how he knew the exact moment to sell his stocks ahead of the recent market crash, saving himself thousands of dollars in the process. We’ll […]

Enrique Abeyta on the coronavirus; Try out Empire Elite Trader risk-free for 30 days; Vaccine hope; Americans Expect Recovery to Take Years; Lockdown Delays Cost at Least 36,000 Lives; Coronavirus Shut Down the 'Experience Economy'; Superspreader Events Offer a Clue on Curbing Virus

By Whitney Tilson

Empire Financial Daily,
Thursday, May 21, 2020
The coronavirus crisis continues to be the main driver of stocks, so that’s what I’m going to focus on in this e-mail… 1) My colleague Enrique Abeyta has written an in-depth, insightful piece, Why Your COVID-19 Opinion Matters in Investing, for subscribers to his Empire Elite Trader weekly newsletter. I highly recommend it, so, with […]

Banks are historically cheap; Doug Kass shares my bullishness on banks; China almost back to normal; China's Factories Are Back. Its Consumers Aren't; Luckin Coffee is trading again; Muddy Waters is short GSX Techedu

By Whitney Tilson

Empire Financial Daily,
Wednesday, May 20, 2020
1) I own a basket of seven major bank stocks in my personal account because I think the sell-off in the sector is way overdone. In fact, by one measure, financials are the cheapest they’ve ever been relative to the market. The chart below measures the ratio of the price of the Financial Select Sector […]

Where's the bottom?; We're winning the war against the coronavirus; The second wave?; Coronavirus Seemingly Tamed, Chinese Economy Starts to Recover; We Must Build Bridges, Not Throw Stones

By Whitney Tilson

Empire Financial Daily,
Tuesday, May 19, 2020
1) Here’s an interesting table I saw showing that many bear markets have had big rallies before heading much lower: 2) I don’t share this bearishness. As I’ve written in previous e-mails, I think we’re going to see choppiness in the markets in the next few months before they head higher by the end of […]

A bullish indicator for Berkshire; Buffett and Bank Stocks; Interview with Stanley Druckenmiller; My new e-bike

By Whitney Tilson

Empire Financial Daily,
Monday, May 18, 2020
1) Multiple people have sent me this negative article about Berkshire Hathaway (BRK-B) CEO Warren Buffett: Dud stock picks, bad industry bets, vast underperformance – it’s the end of the Warren Buffett era. Excerpt: But now, after profoundly underperforming the S&P 500 throughout the entire 11-year bull market, it’s fair to ask whether Buffett is […]

Why there WON'T be a liberal landslide; Oil Crash Busted Broker's Computers and Inflicted Big Losses; Facebook Names the 20 People Who Can Overrule Mark Zuckerberg; Using a buff to cover my face

Empire Financial Daily,
Friday, May 15, 2020
1) In my e-mails on Monday, Tuesday, Wednesday, and yesterday, I shared data about the coronavirus crisis, the economy, and the upcoming election in November and concluded that “every piece of evidence I can find points to another liberal landslide on November 3.” Not surprisingly, I got lots of feedback. The problem is that most […]

The Upcoming Liberal Landslide (Part 2); History; Current polls; A Trump win scenario

By Whitney Tilson

Empire Financial Daily,
Thursday, May 14, 2020
1) The election in November will have big implications for investors. As I wrote in yesterday’s e-mail: It has become increasingly clear to me that we’re going to see a liberal landslide on November 3, with Democrats not only winning the presidency but also both houses of Congress, as they did in 2008 – and […]

The Upcoming Liberal Landslide (Part 1); PredictIt odds and why I think they're wrong; Packing up the field hospital

By Whitney Tilson

Empire Financial Daily,
Wednesday, May 13, 2020
1) I do my best to keep politics out of these e-mails because there’s little upside – anything I say politically is sure to infuriate half of my readers. But elections have important economic consequences, and I don’t think anyone would disagree that the one coming up in November will have important implications for investors. […]

You still have time to sign up for Enrique Abeyta's Empire Elite Growth; Bank some profits... Or don't do anything; We're in a terrible hole; Podcast with Bill Ackman

By Whitney Tilson

Empire Financial Daily,
Tuesday, May 12, 2020
1) The single biggest win we’ve had since launching Empire Financial Research more than a year ago is space-tourism company Virgin Galactic (SPCE). After first recommending shares on December 19 at $10.20 in Empire Investment Report, they ripped higher into 2020… We told subscribers to sell half of their position for a double at $20.40 […]

More on why I'm cautious; We're not making as much progress as I'd hoped for in defeating the coronavirus; Three fascinating charts

By Whitney Tilson

Empire Financial Daily,
Monday, May 11, 2020
1) I’d like to elaborate on what I wrote in Tuesday’s e-mail about being cautious in the short- to medium-term: I’ve been doing quite a bit of selling – I’m banking the profits I made by investing aggressively from March 9 through April 1. At its peak, the total equity exposure of my combined accounts, […]

Enrique Abeyta's Empire Elite Growth; Long-run versus short-run stock movements; Virgin Galactic; We're Buying Stocks, Not Companies

By Whitney Tilson

Empire Financial Daily,
Friday, May 8, 2020
1) My friend and colleague Enrique Abeyta just launched Empire Elite Growth this week. In his brand-new monthly newsletter, he’s targeting only stocks that he believes have 500% to 1,000% (or more) upside. As I’ve mentioned many times before, Enrique is one of the most unique people – and thinkers – I’ve ever known. As […]

Microsoft, Apple, Amazon, Alphabet, and Facebook now make up more than 21% of the S&P 500; Investors Bet Giant Companies Will Dominate After Crisis; Kudos to Gabriel Grego; Best one-line short-pitch that the world has ever seen

By Whitney Tilson

Empire Financial Daily,
Thursday, May 7, 2020
1) Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Google’s parent company Alphabet (GOOGL), and Facebook (FB) now make up more than 21% of the S&P 500 Index. While I think all of these stocks will do well – in particular Amazon, Alphabet, and Facebook – I recognize that, in doing so, I’m going up against the […]

Enrique Abeyta's Empire Elite Growth launches today; More on Adam Neumann; Scientist Whose Doomsday Models Sparked Global Lockdown Resigns After Breaking Quarantine to Bang Married Lover; Corey Johnson's deranged slam of Samaritan's Purse

By Whitney Tilson

Empire Financial Daily,
Wednesday, May 6, 2020
1) I’m delighted to tell you that my great friend and colleague Enrique Abeyta is launching Empire Elite Growth today. Enrique is one of the most unique people – and thinkers – I’ve ever known. As you can see in this fantastic documentary, he had to struggle merely to survive his childhood, but then went […]

My Sina interview; Why I've trimmed my portfolio; Leon Cooperman and Doug Kass' thoughts; WeWork Co-Founder Adam Neumann Sues SoftBank Over Failed $3 Billion Deal

By Whitney Tilson

Empire Financial Daily,
Tuesday, May 5, 2020
1) I did an interview with Chinese online media company, Sina (SINA), with my take on the Berkshire Hathaway (BRK-B) annual meeting. You can watch it here (6:24). I really enjoyed it and thought it went well. It’s already been viewed more than half a million times. 2) Like Berkshire CEO Warren Buffett, I’m long-term […]

My Berkshire meeting comments; Warren Buffett's Optimistic? Pessimistic? No, Realistic; Here's what you didn't see inside Warren Buffett's annual meeting; My updated Berkshire valuation: $373,000 per A-share

By Whitney Tilson

Empire Financial Daily,
Monday, May 4, 2020
My Berkshire meeting comments; Warren Buffett’s Optimistic? Pessimistic? No, Realistic; Here’s what you didn’t see inside Warren Buffett’s annual meeting; My updated Berkshire valuation: $373,000 per A-share 1) I had been to the last 22 Berkshire Hathaway (BRK-B) annual meetings, which for the past few years have been livestreamed by Yahoo Finance. I’m usually invited […]

Berkshire Hathaway annual meeting tomorrow and first-quarter earnings preview; Amazon earnings; The first $2 trillion company; #DonatetheStimulus or #SpendtheStimulus

By Whitney Tilson

Empire Financial Daily,
Friday, May 1, 2020
1) For the first time in 22 years, I won’t be flying to Omaha for the Berkshire Hathaway (BRK-B) annual meeting, which really bums me out. My friend and former partner Glenn Tongue, who’s been going almost as long as I have, feels the same way. Here’s his take: The first weekend in May has, […]
Whitney Tilson

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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 nearly $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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