Whitney Tilson Says He Is Long BP Shares (BP)

Hedge fund manager Whitney Tilson said that he is long BP BP shares, saying that the stock is "just too cheap" at this point. He said that this is not a short term position for his firm, T2 Partners, and he fully expects for the BP headlines to be terrible for some time to come. He said that his long BP position amounts to only about 4% of his portfolio, which is a smaller percentage than many of his other holdings. Tilson said that he does not expect for BP's dividend to be cut, citing the fact that such a development would be detrimental to U.K. pensioners and retirees. He said he did not think that either the U.S. or U.K governments will take the step of forcing the company to cut the dividend at the expense of shareholders. The hedge fund manager said that BP is one of the most profitable companies in the world, and that while the oil spill was inexcusable, he thinks that the price of BP is very compelling at current levels.