market folly

Whitney Tilson and Glenn Tongue's hedge fund T2 Partners was up 4.6% for March and is up 10.1% year-to-date for 2010. In their brief March investor update letter posted below, we get a glimpse as to how some of their portfolio positions are faring.

If you're looking for long ideas, T2 is long General Growth Properties (GGP), Iridium (IRDM), Borders (BGP), Winn Dixie (WINN), Resource America (REXI), and Yahoo (YHOO). In the past, we've also posted up T2's presentations on their investment ideas.

In terms of shorts, Tilson's hedge fund has been short Lululemon (LULU), DineEquity (DIN), MBIA (MBIA), and Palm (PALM). Unfortunately, the only short that hasn't ripped higher with the market is Palm. In the past, we'd also gotten a look at some of T2's other short positions. Again we see evidence that hedge funds are struggling to find many profitable short positions as the market continues its overextended run.

If you're looking for more analysis, head to T2's annual letter but embedded below is T2 Partners' March letter to investors which is pretty brief:



You can directly download a .pdf here.

You can hear investment insight from Tilson at the upcoming Value Investing Congress where plenty of hedge fund managers will present investment ideas and we highly recommend attending. In terms of other recent coverage, Tilson was also on television where he talked about his positions and the market.