Whitney Tilson Nails Big Short In UBIO, 3x levered Biotech ETF

Shorting is a tricky business. No fund manager is more aware of this than Whitney Tilson.

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Nine times out of ten, Whitney Tilson is on the money when it comes to picking shorts (see below), but timing the shorts is a different game altogether.

A year ago (October 2014), as markets pushed to new highs Tilson made the decision to cover the majority of his short book. He covered 41 shorts and left eight open. Then, two months ago, Tilson sent out an analysis of the 41 shorts covered during 2014, which is shown below.

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These results underscored the dangers of shorting amidst a bubble. Among the losers, the two largest, three of the top five,...