Bad news: We lost a little money. Good news: founder Richard Perry’s wife makes those sexy white leather man-purses he wears, so even if we were to go under– which we won’t– the murses are safe.
September Performance
-7.70%
QTD Performance
-6.13%
YTD Performance
-9.32%
Investor letter after the jump.
Perry 3Q08 Letter [PDF]
Not that bad, actually.
Must be invested in Sheng Dao Energy. In Hong Kong!
He doesn’t work in a turn of the century Italian Tenement… Doe sola mia!!!
Do you think Nolita has become… too commercial?… I read that.
http://www.upzero.com
Incredible market commentary — hysterical.
I used to work at Perry, they are a very stable fund, low personnel turnover and a sweet office…They will be fine.
Troppo lungo, non ho letto.
Bottom analysis from
http://marketwarnings.blogspot.com/2008/10/dow-sp500-october-2008-bottom-buying.html
Dear Investor:
Attached is our 3Q08 Letter which in so many words paraphrases that we were riding the highs of the market like a Chimpanzee would have and are now falling off the cliff like a Chimpanzee would.
Before incurring any of your ridicule, may we remind you that a Chimpanzee, not a human, was the first primate to orbit Earth.
We appreciate your continued payment of management fees.
Sincerely yours,
Perry Partners International
anyone know what the fund capital was at the end of last month? my hedgie friends have all been talking about significant redemption notices, esp from the foreign money…
bessy, well done on the treasure trove of investor letters (which is to say, the loyal db tipsters have been doing yeomen’s work). btw, is anyone watching haines and the rest of this circus on cnbc?
Auditors signed off on balance sheet valuations last quarter, how many lawsuits will we see from that? They will be under the gun this time and we will see a lot more going concern letters if credit doesn’t free up. Assuming some companies make it that long.
Once the government starts buying some of this shit I assume that will be the new mark to market price that auditors will hold out there for their clients to use.
Or was there some FASB accounting rule that was given a holiday allowing companies to mark to whatever they want?
Anyone know?
Japan and china open down 10%.
Anyone care to go over/under on the dow tomorrow.
with the futures down 283, it’s shaping up to be yet another bloodbath. I’ll start the over/under line at 7,999…
Get with the times, you people.
Down 20% is the new flat!
since everybody is espousing bs ideas, here’s one more:
paulson “loans” the real paulson, jp, $50B. then jp buys stakes in all the mjr bks worldwide, and bam, the mkt bottoms
give buffett $25B and let him buy calls b/c he’s old
oh yeah, don’t forget to watch GS front run both of them
can’t miss and it only costs $75B
What’s it called when it just keeps crashing day after day?
A pile-up? Bumper-cars?
@ 10
You’re right. The ratings agencies, the auditors, and the regulators. The grand trifecta, the protectorate of the investor, of Joe & Jane Citizen. All three were tasked with watching over the cowboys, the quants, the bankers, the sales desks, and the traders, yet none had the expertise, manpower, or diligence or integrity to execute their task, and lo and behold, all three failed, horribly.
Huge surprise, too…
@ 16, youre an analyst,
when you and the other analysts looked at it what did you think?
the bucks stops with all of us.
Friday will be a tough day in the market filled with a lot anxiety and stress. My doctor told me I should come up with a stress relief word. I would now like to share that with you my fellow DB’s. After all life it about sharing.
Lesbians
It use to be lesbian but it wasn’t that soothing and I found it to be a little intrusive, like an interjection. Then I added the “s” to make it plural and let me tell you that hit the g spot. At one point it was lipstick lesbians but that was too long and awkward to keep repeating over and over at my desk.
Talk about sinergies, who would have thought the plural form of a noun could be so powerful and so soothing. I can’t even hear the beating of his hideous heart anymore. Yes, it’s that powerful, that soothing.
Bess and EP want me to help get the word out that DealBreaker is going to start offering the ultimate swag. Lightly soiled panties. That’s right bitches I’ll say it again, used panties. A slight hint of Channel No.5 mixed with a full days work of light sugary sweat.
Send all panties or other swag ideas to:
Dealbreaker.com
c/o SPODE
262 Mott Street, Suite 102A
New York, NY 10012
If you have pictures you would like to share you can always email me at:
SPODE@dealbreaker.com
Good luck DB’s, Friday will be a tough day.
SPODE
Somebody please tell me again because I’ve forgotten…WTF is a Murse or a Man Purse? Is that something a f’n clown wears or what?
The Guy from Delaware
Anal_yst@#16…
What you pointed out is all true. It is also why new regulations and new, harsh criminal laws will be put into place.
Uncle Sam won’t need to catch too many. Just a handful of severely punished and permanently crippled hi-profile “best and brightest” will serve as a strong deterrent to the other cowboys, et.al.
Cowboys go wild again? Punishment worse.
The Guy from Delaware
Somebody please tell me again because I’ve forgotten…HTF do I get back into the market after going all cash.
The Guy from Dellawhere
@#21…
You like that “ALL Cash” thing, don’t you? Wish you’d thought of it?
The Guy from Delaware
HAHAHA
@22
I was all cash first quarter of 2007. I’ll start putting money back in the market tomorrow. First stop berkshire.
SPODE
Perry has low turnover? They lost all their Senior Management in the last 14 months. Read up on hedge fund news….wait till they have to divulge their real returns, and not the ones they make public
Perry has low turnover? They lost all their Senior Management in the last 14 months. Read up on hedge fund news….wait till they have to divulge their real returns, and not the ones they make public
some people are actually hoping for a sharp drop in market prices…find out why.
http://tinyurl.com/3sdvqx
some people are actually hoping for a sharp drop in market prices…find out why.
http://tinyurl.com/3sdvqx
#2 – brilliant
Enough with the warm, fuzzy, post-screw schadenfreude.
Who’s up YTD?