Whitney Tilson’s email to investors discussing his thoughts on the popular pot stock Tilray Inc (NASDAQ:TLRY).
It was so obvious…
On September 19, 2018, popular pot stock Tilray was clearly in “bubble” territory. I warned my readers about it, which prompted the folks at Yahoo Finance to invite me to appear on their show, The Final Round.
At the very hour it peaked at $300 a share in intraday trading, I was live on air telling viewers that Tilray was absurdly overvalued... compared it to previous bubbles in cryptocurrencies and 3D printing stocks... explained why naïve investors would get incinerated... and predicted its shares would fall 90%.
I hope you listened to my warnings... Yesterday, the stock closed below $20. Investors who bought at the peak are indeed down more than 90%... pot stock Tilray was one of the most obvious bubbles I've ever seen in my 20-plus years as a professional investor.
Now that shares have been obliterated, bottom-fishing value investors might be thinking that it's time to go long.
But I'm not so sure... And my friend Joel Litman agrees.
Joel is a forensic accountant who has developed a methodology for analyzing companies' financial statements, making dozens of adjustments to uncover their true earnings and financial health.
In other words, he has a unique perspective on stocks and the markets. And the latest numbers from Joel suggest that pot stock Tilray has a lot more downside from here. Take a look as his dashboard summary...
Even after its historic collapse, Joel's Altimeter service gives Tilray shares Fs across the board.
