Whitney Tilson Explains BKS Reversal; T2 up 26% YTD

From Whitney Tilson of T2 Parters:

Our fund rose 1.5% in April vs. -0.6% for the S&P 500, +0.2% for the Dow and -1.4% for the Nasdaq. Year to date, our fund is up 25.8% vs. 11.9% for the S&P 500, 9.0% for the Dow and 17.2% for the Nasdaq.

On the long side, we were having a lousy month thanks to Netflix, Inc. (NASDAQ:NFLX) (-30.3%), SanDisk Corporation (NASDAQ:SNKD) (-25.4%), Grupo Prisa (B shares) (-23.7%), Goldman Sachs Group, Inc. (NYSE:GS)  (-8.0%), and Citigroup Inc. (NYSE:C) (-7.4%) – until the last day when Barnes & Noble jumped 51.7% (discussed further below). Other winners on the long side...