Mr. Fearon currently manages $240 million in assets and his latest 13-F filing reveals a fairly diversified portfolio with 44 long positions, with the top 10 positions accounting for 42% of his portfolio. Unfortunately, since 13-F filings do not reveal short positions, his latest filing only gives us a partial glimpse into his overall portfolio. Despite the fact that the book focuses on short selling, Mr. Fearon admits that he has made more money by being long stocks. He alludes to this in the introduction to the book when he states,
“Over twenty-three years, my fund rose roughly 1,100 percent after all fees – significantly higher than the S&P 500’s total return during that same period. I credit one thing above all for this success. Long ago, I learned to appreciate one of the most enduring and important American business traditions: failure.