In the filing, T2 has a $176 thousand stake in Ambac and $388 thousand in MBIA.
Both are new holdings since the previous filing.
Tilson’s clarification:
“The reason MBIA and Ambac show up as longs in our 13-F is that it can be hard to get the borrow on the short, so when we can get the borrow, we short more than we want, and then buy the stock long to bring the net short position down to the level we want. Then, every time we want to increase our short position, we don’t have to get the borrow — instead, we simply sell down the long position.”
Disclosure (“none” means no position):None
4 replies on “Whitney Tilson and Bond Insurers (ABK), (MBI): Corrected”
Wow.. You kinda hinted that it may be time to look at Ambac.
MBIA =0.3% of the portfolio
AMK= even less
i bet it is a hedge against his short positions. i don’t see him going long anytime soon on these two dogs.
anon,
abk is trading at $2 and change….doubt he is “hedging” a $2 short
it would be better to just exit the position
that being said, he may be building positions and the % are just as of the reporting date
Because Tilson has not wavered in his public comments about remaining short both MBIA and Ambac, I would assume that those two positions in the T2 Partners Management filing are positions of Centaur Capital Management for the Tilson Dividend Fund (T2 reports also for Centaur in that filing). Zeke Ashton and Matt Richey at Centaur must see something positive in those two securities, and have not been overruled by Tilson or Glenn Tongue.