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More Mortgage Meltdown


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Table of Contents

Acknowledgments vii Introduction ix Part One: What Happened and Why, Where Are We Now, and What Does the Future Hold? Chapter 1 What Happened during the Housing Bubble? 3 Chapter 2 What Caused the Bubble? 29 Chapter 3 What Are the Consequences of the Bubble Bursting? 49 Chapter 4 What Are the Problem Areas? 67 Chapter 5 What's Next? 97 Part Two: Profiting from the Meltdown Chapter 6 Advice for All Investors 121 Chapter 7 A False Alarm on Derivatives 149 Case Study: Berkshire Hathaway Chapter 8 A Battered Blue Chip 179 Case Study: American Express Chapter 9 Bottom Fishing in Microcaps 199 Case Study: Resource America Chapter 10 Opportunities in Pools of Distressed Mortgages 215 Case Study: Long Beach Mortgage Loan Trust 2006-8 Chapter 11 An Introduction to Shorting 227 Chapter 12 A Case of Questionable Reserves 241 Case Study: MBIA Inc Chapter 13 An Ill-Fated Acquisition? 265 Case Study: Wells Fargo Conclusion 287 Notes 291 Index 299

About the Author

Whitney Tilson and Glenn Tongue are the Managing Partners of T2 Partners LLC and the Tilson Mutual Funds. The former firm manages three value-oriented hedge funds, while the latter is comprised of two mutual funds, Tilson Focus Fund and Tilson Dividend Fund. Mr. Tilson is the cofounder and Chairman of the Value Investing Congress, a biannual investment conference in New York City and Los Angeles, as well as the investment newsletters Value Investor Insight and SuperInvestor Insight. He writes a regular column on value investing for Kiplinger's Personal Finance, has written for the Financial Times and, and was one of the authors of Poor Charlie's Almanack, the definitive book on Berkshire Hathaway Vice Chairman Charlie Munger. He was featured on 60 Minutes in December 2008, was one of five investors included in SmartMoney's 2006 Power 30, was named by Institutional Investor in 2007 as one of twenty Rising Stars, and appears regularly on CNBC and Bloomberg TV. He received an MBA with high distinction from the Harvard Business School, where he was elected a Baker Scholar, and graduated magna cum laude from Harvard College with a bachelor's degree in government. Mr. Tongue spent seventeen years on Wall Street prior to joining T2 Partners, most recently as an investment banker at UBS, where he was a managing director specializing in acquisitions and leveraged finance. Before UBS, Mr. Tongue was at Donaldson, Lufkin & Jenrette for thirteen years, the last three of which he served as the president of NYSE-listed DLJdirect, the consistently top-rated online brokerage firm. 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. He 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. Visit to ask Whitney and Glenn questions, read their latest thoughts on the companies they analyze in the book, see updated color versions of the book's charts, and much more.


"Most original in its opinions on what happens from here and how investors can profit. Tilson and Tongue argue that the mess is far from over in housing. . . That said, Tilson and Tongue argue that there are opportunities for stock pickers to profit. . . The book concludes with an interesting analysis of Wells Fargo, which the authors shorted at $30 a share but then went long on at $10. . . Overall, the book is well worth reading." (The Free Lance-Star)

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