Whitney Tilson is getting killed on his short of restaurant reservation company OpenTable.
It’s a fairly new position for the T2 hedge fund manager, but the stock has done nothing but gone up, and it’s up another staggering 12% today.
The latest catalyst is a strong earnings report, with earnings and revenue coming in above expectations.
It’s pretty surprising, really, that he’s letting himself get killed on this one and NetFlix.
Sure, he makes a decent case that both stocks are overvalued. But so many investors get crushed shorting big-time, red-hot momentum stocks like these. And the fact that TONS of investors are shorting, only exacerbates days like today, when bears cover.
For a guide to why Tilson’s short OpenTable, see here.