Netflix, Tilson, Abbot & Costello
October 18, 2011
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Fools,
After closely following Netflix these past few years, and watching Whitney Tilson's chest-puffing public short call - which was apparently right, except that the stock rocketed up afterwards, making it wrong. He then pulled the short, only to watch (in horror no doubt) Netflix stock implode, making him terribly wrong yet again. So he was terribly wrong, twice, even though he was right all along.
If that wasn't bad enough, Hastings called him out, in public, urging him to cover his short because both tycoons are such wonderful, noble and charitable men, Hastings was concerned that Tilson would lose money, and therefore have less to give to the darling African children they are both known to care so much for.
But - butt - as Hastings is spouting this tuchus-drivel (that yours truly fell for), he's got a plan in place to dump his shares with more vigor than a hillybilly who's taken one too many trips to the chili bucket. It begs the question - if he was so sure of the skyrocketing value of Netflix stock, and so certain Tilson would lose money - money that could go to save the children! - why the fudge was he selling his stock, instead of hording it all, so he could make even more money to give to the children?
It's a comedy shtick that makes you long for the simple reason of Abbot & Costello's Who's On First routine. Except of course that real people's hard-earned money and their jobs are on the line as is the future of the consumption of media.
Fool On,
El Milagro
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