Whitney Tilson's Kase Fund fell 2.8% in August vs. -6.0% for the S&P 500. Year to date, the fund is down 7.0% vs. -2.9% for the S&P 500, according to a letter to investors reviewed by ValueWalk. Kase Fund's better-than-average performance during August was driven by the fund's short book. August was an excellent month to be short the market, and Tilson took full advantage. Tilson reports that after doing no trading during the first-half of the year, during August he banked substantial profits by trimming positions in Delta and JetBlue, while establishing a new short position in a levered ETF in the biotech sector. This trade has already yielded results as Tilson notes that the ETF in question has already plunged 22%. Further, amidst the market chaos towards the end of the month, Tilson was able to add to nine existing long positions at favorable prices. During August Whitney Tilson's best performing long position was magicJack, the lone winner rising 25.7% on the heels of much-better-than-expected earnings. Other longs fell in line with the wider market. Platform Specialty Products (-17.8%), SodaStream... More