Wednesday, May 6, 2020

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

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 on to Wharton, Wall Street, and the hedge-fund world. He raised billions for two hedge funds he co-founded, one of which he grew by 130,000% in four years.

He is neither a value nor growth investor, but simply a stone-cold money maker. All you need to know is that he made money through the tech meltdown... 9/11... the global financial crisis... and so far in this crisis as well.

I know many folks who've made a lot of money – for themselves and their clients – in every kind of market. But when I started Empire Financial Research and went looking to hire my first partner, there was just one name at the top of my list.

Enrique's been with Empire Financial Research since last fall, making money for our subscribers via his weekly trading service, Empire Elite Trader, as well as by contributing two of the best-performing ideas over the past year to the Empire Investment Report.

But his best long-term investing ideas – always targeting 500% to 1,000% (or more) upside – have never had a home of their own... Until now, at Empire Elite Growth.

Whether you decide to try Enrique's hedge-fund-quality research is completely up to you, of course.

If you do, the best offer we will ever make is available right now... for one week only.

And either way, I promise you will not regret watching this brand-new film about Enrique's life.

It's an incredible, only-in-America story...

He'll show you the motel in Phoenix, behind which he and his mother slept in their car – literally homeless – because of his alcoholic father... before he became his high school student body President, attended Wharton, and made millions on Wall Street.

Now, for the first time ever, Enrique is sharing his extraordinary approach – including the one stock-picking secret he's reserved for his well-heeled clients for the last 25 years.

He even names one of his favorite investments today – for free.

I have zero doubt that Empire Elite Growth will immediately begin to produce some of the biggest gains anywhere in financial research. (In fact, his strategy works even better during market extremes like we're seeing today.)

I'm proud to have hired him... and even prouder to call him a friend. I guarantee you'll understand why after you watch this video.

2) Here's some brilliant writing by Bloomberg columnist Matt Levine:

I have, in the past, praised Adam Neumann's chutzpah in taking so very much of SoftBank's money. When WeWork's initial public offering was pulled and SoftBank agreed to pour in more money, much of it for Neumann, I wrote:

Neumann created a company that destroyed value at a blistering pace and nonetheless extracted a billion dollars for himself. He lit $10 billion of SoftBank's money on fire and then went back to them and demanded a 10% commission. What an absolute legend.

That was in the relatively good times, when Neumann was negotiating a face-saving exit and SoftBank had the money to give him. Now in the terrible times SoftBank is walking away from its agreement to give Neumann another billion dollars, and Neumann is suing. It really only adds to the Neumann legend. An ordinary person who managed to sell someone a worthless company for billions of dollars, and who then couldn't collect the last billion, might count himself lucky, content himself with his other billions of dollars and lay low. Neumann wants to squeeze every last penny out of SoftBank. "Mr. Neumann put his trust in [SoftBank and the Vision Fund] to be stewards of WeWork, which he – and thousands of others – had worked so hard to build," his lawsuit actually says, somehow.

3) You just cannot make up this story...or headline... or that the man who built the model couldn't resist a woman with the last name Staats! Scientist Whose Doomsday Models Sparked Global Lockdown Resigns After Breaking Quarantine to Bang Married Lover. Excerpt:

Professor Neil Ferguson – whose dire coronavirus predictions prompted worldwide lockdown measures still in place – broke his own advice on the need for strict social distancing to hook up with his married lover, according to the Telegraph.

4) The Samaritan's Purse field hospital in Central Park discharged its last patients yesterday and is packing up. In five weeks, it served more than 300 New Yorkers suffering from COVID-19, and undoubtedly saved dozens of lives.

I'm proud of the work I did there every day as a volunteer... I'm grateful to the dozens of doctors and nurses who risked their lives to provide first-class care... and I wish my many new friends the best of luck in future missions to other areas in which people are suffering and in need.

Unfortunately, however, a handful of my fellow New Yorkers – including many politicians like Speaker of the City Council Corey Johnson – are saying "good riddance" and trying to make it appear as if they're running Samaritan's Purse out of town.

What a shame that they are so rude, ungrateful, short-sighted, and prejudiced.

Here are two articles about it:

No good deed goes unpunished. A group of evangelical Christians discovered the truth of that cruel adage firsthand, after some of our local politicos repaid their charity with savage scorn, with City Council Speaker Corey Johnson calling for their expulsion in a spittle-flecked Twitter rant...

No doubt, Johnson's posturing is in part a product of his ambitions on Gracie Mansion. But it's still a disgrace. The same is true for others who did their best to demonstrate their ingratitude.

You don't have to share Samaritan's Purse's faith or assent to its views about gay rights. Nor do you need to like its CEO, Franklin Graham, who is widely disliked here because of his support for President Trump and his rock-ribbed social conservatism.

But nothing justifies the lack of respect for Samaritan's Purse workers, who put their own lives on the line when New York was in danger. There could be no greater proof of the sincerity of their faith or their commitment to helping those in need in the image of their master. Yet instead of receiving our profound thanks, they've been run out of town by hack politicians who think scoring culture war points is more important than saving lives.

Now who are the real zealots?

One story that caught a lot of attention [Unlikely NYC Ally Offers Vigorous Defense of Samaritan's Purse] was about a non-Christian volunteer, Whitney Tilson. Can you tell me a little about him?

Franklin Graham: Whitney is just an incredible guy who is wealthy and he's quite well-known in his own field in investments and he just looked out of his apartment window and he saw the field hospital going up, so he came down to see if he could help.

Next thing you know, he had a shovel in his hand and helped roll out the tents and carried mulch for the walkways. He was just an incredible help. He went down to Costco and he bought food for our people – a carload of it. So I called him up just to say "thank you."

He's not a Christian, but he certainly has been a friend to us and we hope that he'll come to faith one day. He's just a nice man with a big, big heart and it was a privilege not only to have him help us, but we count him as a friend.

Best regards,


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Empire Financial Research

Whitney Tilson

Empire Financial Research founder and CEO Whitney Tilson is the editor of the Empire Investment Report, a monthly investment advisory that focuses on cheap, high-quality stock ideas.

Whitney graduated with honors from Harvard University and Harvard Business School, where he earned an MBA and was named a Baker Scholar. Whitney spent nearly 20 years on Wall Street, during which time he founded and ran Kase Capital Management, growing assets under management from $1 million at inception to a peak of $200 million.

Once dubbed "The Prophet" by CNBC, Whitney predicted the dot-com crash, the housing bust, the 2009 stock bottom, and more. Now, he's sharing his secrets and strategies with followers of his latest endeavor, Empire Financial Research.

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