Is this Acceptable?


A reader sent the above link. Click on it and then download the Annual Report for the Tilson Focus Fund, See pages 10-12 discussing the year’s results.

also: TILFX-Fact-Sheet. Why has the fund generated this performance?  What would you advise a client who is in this fund? Note that the money manager has said that he admires Warren Buffett’s letter to shareholders. Compare and contrast his letter with Buffett’s past letters.  Do you understand the results achieved and why?  Can you describe what principles are used to construct such a portfolio.  Note the portfolio!  Comments?  Anything hit you in the face?

I will pay anyone their asking price to give me a cogent explanation how this is acceptable.

Glenn H. Tongue – Portfolio Manager, Tilson Focus Fund

Mr. Tongue is a general partner and co-manager of the Advisor and is the co-manager of the Tilson Growth Fund, LP, the Tilson Offshore Fund, Ltd. and the T2 Qualified Fund, LP. Prior to becoming a general partner and comanager of the Advisor on April 1, 2004, Mr. Tongue spent seventeen years working on Wall Street, most recently as an investment banker at UBS where he was a Managing Director and Head of Acquisition Finance. Before joining UBS, Mr. Tongue worked at Donaldson, Lufkin and Jenrette (“DLJ”) for thirteen years, the last three of which he served as the President of DLJdirect, an on-line brokerage firm. During his tenure there, he oversaw both DLJdirect’s IPO and ultimate sale. Prior to DLJdirect, Mr. Tongue was a Managing Director in the Investment Bank at DLJ, where he worked on over 100 transactions aggregating more than $40 billion. Before working on Wall Street, Mr. Tongue managed sales, marketing and certain operations at Blonder-Tongue, Inc., a manufacturer of pay television and cable television distribution equipment.

Mr. Tongue received an MBA with Distinction from the Wharton School of Business and received a Bachelor of Science in Electrical Engineering and Computer Science from Princeton University. He serves on the Board of All Souls School, an early childhood educational facility, and lives in New York, New York.

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