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Whale Watching: T2 Partners

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May 11, 2011 – Comments (3) | RELATED TICKERS: WST , ADP , MSFT

The famous value investors Whitney Tilson and Glenn Tongue aka T2 Partners filed their latest quartrly statement with the SEC today.  I thought that their positions might be of interest to some people:

http://sec.gov/Archives/edgar/data/1327388/000139834411001100/0001398344-11-001100.txt

Moves of note:

-  A significant increase in their Microsoft position (doh, I've finally given up on these guys.  $8 billion for Skype?!  Really.  Talk about wasting shareholders' money).

- A large increase in T2's position in Seagate (STX)...a lot of value people like STX and Western Digital at this level.

-  An increase in their Iridium (IRDM), BUD, CSCO, and CIT positions.

-  New positions in DELL, Coinstar (CSTR), GameStop (GME), Western Digital (WDC), Diamond Offshore (DO), Target (TGT) and a sizeable new position in West Pharmaceutical Services (WST).

-  The fund's most interesting divestiture is the Spanish media giant PRSA (Barron's just published an interesting article on them last week and I have been sniffing around the company's convertible Preferred "B" shares myself).

-  T2 also sold most of its positions in ADP, AXP, and AEO...Hmmmmm, I wonder if they have something against the letter A.

-  They cut their positions in BP and General Growth (GGP) by 30% and 20%, respectively.

The move that I find the most interesting, besides the sale of PRSA, is the company's purchase of West Pharmaceutical Services (WST).  I've never heard of this one before.  Is anyone out there familiar with it?

Deej

3 Comments – Post Your Own

#1) On May 11, 2011 at 6:47 PM, nilesgold (24.75) wrote:

Wasn't T2 short Gamestop for a while?

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#2) On May 13, 2011 at 11:00 AM, MKArch (99.74) wrote:

O/T Deej but HRG made another move raising $280M with a convertible preferred share sale. I saw an 8% dividend. I have no finance background but my guess is the money either pays off the 11% bonds early or is used to capitalize the Insurance Company they just bought. Any thought on the new HRG? The market seems to be warming up to them.

 

Mike

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#3) On May 13, 2011 at 1:14 PM, Gonzhouse (24.32) wrote:

MSFT, CSCO, DELL, & TGT???  I take out my garbage every Wednesday night;  I didn't realize that T2 was collecting it.

They have a bright future as a contra-indicator.

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