Michael Demaray

Hedge Fund Tracking: Tilson's T2 Partners, Q3 2008

For some reason the positions T2 reports to the SEC are not necessarily those of their hedge fund. It could be their mutual fund holdings. I know this because I asked them about their view on one of the holdings you listed above and they told me they didn't own it -- they said it might be owned by Zeke Ashton in their mutual fund. Just FYI....