Pre-Congress Seminar — Longs and Shorts


The Value Investing Congress is always fun, and I’ll be trying to learn plenty that I can share with you in the weeks ahead (and, hopefully, become a better investor myself in the process), but this year I decided to spend a bit more time in New York and take in the pre-Congress seminar as well.

This is where Glenn Tongue and Whitney Tilson, who together have run T2 Funds but now manage their portfolios separately, talk up some of the ideas they have invested in (or not) and their rationale, with the goal of inspiring some discussion about valuation and analysis. They presented their thoughts on more than a dozen companies, including both short ideas (stocks they think will go down) and long ideas, and — though I have two phone book-sized piles of notes and handouts to go through — there were a few that stood out for me.

The first is the small teen retailer Delia’s — or as they prefer, dELiA*s, ticker DLIA — this is a stock that has caught my attention in the past ...

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