Whitney Tilson and Glenn Tongue Are the TONGUE Managing Partners of T2 Partners LLC and the Tilson Mutual MORE MORTGAGE MELTDOWN Funds
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$27.95 USA | $33.95 CAN Praise for TILSON Whitney Tilson and Glenn Tongue are the TONGUE Managing Partners of T2 Partners LLC and the Tilson Mutual MORE MORTGAGE MELTDOWN Funds. The former fi rm manages three value-oriented hedge MORE MORTGAGE MELTDOWN funds, while the latter is comprised of two mutual funds, Tilson “You couldn’t ask for better guides than Whitney and Glenn to take you through the The housing market has imploded and the stock market has Focus Fund and Tilson Dividend Fund. tough times. They saw the mortgage meltdown coming and their new book can help TIMES BAD PROFIT IN THESE TO 6 WAYS get you through it with timely, useful, and sage advice.” followed suit, with stock portfolios, retirement accounts, and Mr. Tilson is the cofounder and Chairman of the Value —Joel Greenblatt, Managing Partner, Gotham Capital; author of pension funds cut in half. The U.S. economy is reeling from Investing Congress, a biannual investment conference in New The Little Book That Beats the Market and You Can Be a Stock Market Genius the real estate meltdown and credit crunch. Not stopping at the York City and Los Angeles, as well as the investment newsletters MOREMORE border, the storm has broadened to Europe, Asia, and beyond Value Investor Insight and SuperInvestor Insight. He writes a regular throughout 2008 and into 2009. Is there anyone on the planet column on value investing for Kiplinger’s Personal Finance, has “Two great students of investing explain the great economic debacle and teach us what who has not been touched by this disaster? written for the Financial Times and TheStreet.com, and was to do about it.” one of the authors of Poor Charlie’s Almanack, the defi nitive —David Einhorn, founder, Greenlight Capital; author of Even though we’ve all been affected by the calamity and have book on Berkshire Hathaway Vice Chairman Charlie Munger. Fooling Some of the People All of the Time heard no shortage of news about it, it still seems unfathomable He was featured on 60 Minutes in December 2008, was one of and utterly incomprehensible to most people that the actions fi ve investors included in SmartMoney’s 2006 Power 30, was of certain banks, mortgage companies, and Wall Street fi rms named by Institutional Investor in 2007 as one of twenty Rising “A cogent guide to current fi nancial events and sourcebook with investment case stud- could bring the economic engine of the world to a grinding halt. Stars, and appears regularly on CNBC and Bloomberg TV. ies for value investing practitioners and aspirants. I strongly recommend that you give MORTGAGE Now, for the fi rst time, and in terms everyone can grasp, noted it a thorough and careful read.” MORTGAGE analyst and value investing expert Whitney Tilson, along with He received an MBA with high distinction from the Harvard MO GE Business School, where he was elected a Baker Scholar, and —William Ackman, founder, Pershing Square Capital Management, LP his partner Glenn Tongue, explains not only how it happened, graduated magna cum laude from Harvard College with a but shows that the tsunami of credit problems isn’t over. Another bachelor’s degree in government. even larger wave is yet to come. If you know catastrophe is “With clarity and their typical attention to detail, Whitney and Glenn deftly illustrate looming, you can sidestep the train wreck, and even profi t, but Mr. Tongue spent seventeen years on Wall Street prior to key plot lines for our economic horror show. They thankfully offer some hope that all you need to understand how bad times present opportunity joining T2 Partners, most recently as an investment banker won’t be lost when the house lights go up.” and where to look. at UBS, where he was a managing director specializing in —Steven Romick, Partner, First Pacifi c Advisors, LLC acquisitions and leveraged fi nance. Before UBS, Mr. Tongue was Tilson, a columnist for Kiplinger’s Personal Finance, featured at Donaldson, Lufkin & Jenrette for thirteen years, the last three on 60 Minutes, and a regular on CNBC, started presenting his MELTDOWN fi ndings to everyday people and found them clamoring for more. of which he served as the president of NYSE-listed DLJdirect, the “Whitney and Glenn have done an extraordinary job alerting all who would MELTDOWNMELTDOWNME WN consistently top-rated online brokerage fi rm. Prior to DLJdirect, listen of deep, and in many instances irreversible, perils confronting fi nan- Now in More Mortgage Meltdown, Tilson explains in a clear and Mr. Tongue was a managing director in the investment bank at cial industry investors with exposure to U.S. mortgage industry securities. While understandable way how misguided assumptions, insatiable DLJ, where he worked on over 100 transactions, aggregating most bank analysts busied themselves rearranging deck chairs on our fi nancial 6 Ways to Profi t in These Bad Times greed, reckless risk taking, and government inaction led to the more than $40 billion. He received an MBA with distinction Titanic, Whitney and Glenn fi xed their vision on mortgage industry icebergs. While creation of the greatest asset bubble in history, the aftermath of which is the perfect economic storm. Then, he shows you why from the Wharton School of Business and received a Bachelor there is surely enough blame to be spread around as a result of the fi nancial indus- there’s still much more pain to come and what we can expect of Science in electrical engineering and computer science from try’s shameful conduct, they deserve credit for speaking out with their early and from the ongoing crisis over the next few years. Princeton University. accurate warnings. ” Finally, More Mortgage Meltdown teaches you how to fi nd Visit www.moremortgagemeltdown.com to ask Whitney and —Thomas A. Russo, Partner, Gardner Russo & Gardner Glenn questions, read their latest thoughts on the companies investment opportunities within the rubble and position your they analyze in the book, see updated color versions of the book’s portfolio to take advantage of the crisis. The book uses in-depth charts, and much more. case studies of individual companies and stocks to show how to evaluate investments in these uncertain times. You will learn how to spot warning fl ags in the fi nancial statements of companies Jacket Design: Howard Grossman/12E Design Jacket Illustration: Nikolai Sorokin/Dreamstime that can help you avoid losing your hard-earned money. And you will learn how to spot undervalued businesses with competitive advantages or hidden assets that will likely emerge stronger from the crisis. It is important for all of us to understand how the WHITNEY TILSON credit and mortgage crisis happened. Equally important is the T2 Partners LLC GLENN TONGUE chance to potentially profi t in its aftermath. ffirs.indd ii 4/7/09 9:01:53 AM Advance Praise for More Mortgage Meltdown “Whitney’s presentation makes complex fi nancial concepts easy to understand, and I appreciate that. Despite the gloomy economic fore- cast, I actually found his calm and rational demeanor very comforting.” —Debbie Ermiger, Hewlett-Packard Company “Not only is this topic daunting, but it is also somewhat diffi cult to understand; however, Whitney does a fabulous job of making it both interesting and comprehensible. His careful consideration of the details really provides an accurate, truly expert view of the economy.” —Heba Macksoud “Whitney Tilson’s insights and comments are invaluable.” —Marilyn Tahl “Whitney Tilson’s sobering review of the debt bubble, and what we might expect to see in the next 1 to (gulp . 25 years is an excellent reminder that we need to constantly plan and be prepared for poten- tially ugly scenarios in both our personal and our business lives. Tilson also provides an excellent perspective on the current situation. “I’ve found that people tend to accept a situation and fi nd a way to move through it when they have a fuller understanding of what happened and why. Tilson’s presentation of what happened offers that ‘what’ and ‘why. ’ ” —Jesse M. Keyser, The Motley Fool “I found Whitney Tilson’s presentation on the mortgage mess rivet- ing as well as frightening. I don’t know whether to stuff my mattress or help the economy and buy a mattress! I really appreciated learning what he had to say.” —Elaine C. Sherwood, Customer Experience, Manager, Sun Microsystems, Inc. ffirs.indd i 4/7/09 9:01:53 AM ffirs.indd ii 4/7/09 9:01:53 AM More Mortgage Meltdown 6 Ways to Profi t in These Bad Times Whitney Tilson Glenn Tongue John Wiley & Sons, Inc. ffirs.indd iii 4/7/09 9:01:53 AM Copyright © 2009 by Whitney Tilson and Glenn Tongue. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. 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