K12 And Whitney Tilson: The Anatomy Of A Classic Short

Here’s a quote from Tilson’s 110-slide presentation on his K12 Inc. (NYSE:LRN) Short Position at the Value Investing Congress Presentation in New York on September 18, 2013: “October 2007. At that time, I went through my short book, stock by stock, and said, “OK. Am I willing to cover MBIA at $70? Hell no, not a single share! Allied Capital at $30? Hell no, not a single share! Farmer Mac at $30? Hell no, not a single share!” And on it went… I couldn’t bring myself to cover a single share of any stock I was short – they were all…