Whitney Tilson Switches Sides on Netflix (NFLX)
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Will lightning strike twice? Whitney Tilson sure doesn't hope so.
After being early on his Netflix (Nasdaq: NFLX) short and missing out on big profits, hedge fund investor Tilson of T2 Partners is now taking a ride on the long side.
In a statement Tilson said:
"It's been frustrating to see our original investment thesis validated, yet not profit from it. It certainly highlights the importance of getting the timing right and maintaining your conviction even when the market moves against you. The core of our short thesis was always Netflix's high valuation. In light of the stock's collapse, we now think it’s cheap and today established a small long position. We hope it gets cheaper so we can add to it.
Tilson first published "Why We’re Short Netflix" on Dec. 16, 2010.
Reed Hasting's response "Cover Your Short Position. Now" on Dec. 20, 2010.
Tilson then published "Why We Covered Our Netflix Short" on on Feb. 9, 2011.
After being early on his Netflix (Nasdaq: NFLX) short and missing out on big profits, hedge fund investor Tilson of T2 Partners is now taking a ride on the long side.
In a statement Tilson said:
"It's been frustrating to see our original investment thesis validated, yet not profit from it. It certainly highlights the importance of getting the timing right and maintaining your conviction even when the market moves against you. The core of our short thesis was always Netflix's high valuation. In light of the stock's collapse, we now think it’s cheap and today established a small long position. We hope it gets cheaper so we can add to it.
Tilson first published "Why We’re Short Netflix" on Dec. 16, 2010.
Reed Hasting's response "Cover Your Short Position. Now" on Dec. 20, 2010.
Tilson then published "Why We Covered Our Netflix Short" on on Feb. 9, 2011.
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