Okay, in all seriousness, I kind of get why hedge funds would be upset that their investor letters are being forwarded around but come on– how could we resist putting up note about how you did not see the whole Washington Mutual as a bad investment idea thing coming? Anyway, it doesn’t really matter what we think, it matters what your investors think, and they want a dissemination of the truth. You lost their money, the least you can do is allow them to have a good laugh at your expense (it’s cathartic). Apparently TPG has taken issue with its quarterly letter being put out there, and took its investors to task this morning for leaking them. From now on, letters will be abridged, and have a water mark. Also, if this happens again, no more redemptions. Ever. Here’s what one investor had to say regarding the muzzle:
Apparently, TPG-Axon and the rest of those former GS Arb motherfuckers are pissed because their latest 3Q08 quarterly investor letter was disseminated so quickly. So the most recent Sept investor letter now has a “watermark”. Whining bitches… typical GS. Can’t wait until they’re owned by Wells Fargo. I will dance a jig in the streets… LOL.
Official word from TPG:
Two key points are worth highlighting at the outset: As you know, we sent you a summary of our full investor update last week. The general commentary regarding portfolio direction and strategy was designed to cover the events of the past quarter, including September. Therefore, in this month’s letter, we will attempt to be relatively concise, and focus on providing specific numbers and data that help put portfolio and market movements in context.
Please note that the tone of this update is factual only because it is meant to be read in conjunction with the sentiments and thoughts of the larger letter. Secondly, as you may have seen, the Executive Summary of the Update was apparently widely distributed to noninvestors, and quite quickly found its way into the press. We have always wanted to provide thorough updates for our investors, but we must admit to some dismay at the speed with which our note became public domain. Of course, the economic environment and accompanying media frenzy clearly create heightened interest and focus for the entire hedge fund industry.
However, it does pose a challenge for us, since we cannot afford to have sensitive information regarding positioning, portfolio composition, and strategies leak so quickly. Therefore, as a result of this, we are going to be a bit briefer in this letter than we would otherwise be, but welcome anyone interested to follow up in person for more color or detail. Likewise, we are holding the full Update (for which you saw the Executive Summary), for a short period while we try to implement some more secure methods for distribution…we should have all of this worked out very shortly. We do strongly urge all of you to please keep our communications confidential; it is not in the fund’s nor our joint interest to have details widely leaked to the outside world, particularly in a dangerous environment.
frst
Why is freedom of speech so easily squelched?
And why is so much money being spent by Obama to appear on TV for half an hour? Heck, doesn’t he realize he can use that money to help his constituents avoid bankruptcy and avoid losing their houses.
Are these guys thinking at all? Do they know what is going on on main street?
McCain too, cut the commercials and put the money to good use.
And they should both stop ignoring the economy. It is the guerrilla in the room and they have to acknowledge it, right?
Bess,
You’ve done a great service publishing those letters. Keep them coming and best wishes.
‘Guerrilla’ in the room?
DB must have posted a permanent link somewhere on the yahoo message boards.
It’s “Gorilla”, not “Guerilla” unless you are talking about a bunch of Columbians who kidnap people for Ransom in the room.
It’s “Gorilla”, not “Guerilla” unless you are talking about a bunch of Columbians who kidnap people for Ransom in the room.
Gorilla? Dick Fuld is in the room? Punch!
scond
@2 — guerilla?! who are you, pol pot?
People donated that money to the candidates so they can campaign, not pay peoples’ mortgages.
yeeccchhh, you are a dummy.
Seriously do ANY of you work in this industry?
It is spelled GUERRILLA
Now go back to your day time TV and talk radio and leave this place for those of us who actually do work.
#2 wants the candidates to acknowledge guerillas! terrorist! anti-american!
@10..The phrase is usually “he is ignoring the 800 pound gorilla in the room”…guerilla is wrong
http://en.wikipedia.org/wiki/Guerilla
http://en.wikipedia.org/wiki/Gorilla
I would have thought you would have learned that when you got your liberal arts degree from east bumblef*%k college.
#2 wants the candidates to acknowledge guerillas! terrorist! anti-american!
@10 Are you serious?
@12 I like the idea of an 800 pound Sandinista sitting in the corner chewing on coca leaves
Hey, I’m thinking that all this spending of money, contributed when people were feeling good about their situations, is now going to back fire on both presidential candidates. People are hurting badly. Heck, that is a lot of money. In some areas of Illinois and Arizona that could buy a whole bunch of houses.
Thus far, neither candidate has demonstrated any connection whatsoever to real american people, you know the ones they call Joe and Jan six pack. That isn’t good so close to our presidential election.
#10 is really me.
SPODE
The election is over…
McCain has to turn around 9 states in order to win…
Why are you on this site if you think presidential candidates should use their campaign capital to buy bad mortgages!!??
magilla gorilla?
This is why as comment #1 in the article on dealbreaker where bess posted TPG’s letter, I said right click save as
Yes I am serious.
The more comments I read here as of late the more I am convinced that the very vast majority of poster are not in this business at all.
#12 proves my theory
http://www.reuters.com/article/sphereNews/idUSN3040797620070531?sp=true&view=sphere
I AM A BLEEDING HEART TRUCK DRIVER RETARD AND I DEMAND THAT OBAMA SPEND HIS TV AD BUDGET ON PAYING MY MORTGAGE AND TRUCK PAYMENTS
It’s more like Godzilla is in the room
@4-5, it’s colombian, not columbian. nice try though.
@24 we are in america so it is columbian…. it’s colombia en espanol
@4-5 it’s colombians, not columbians. nice try, though.
Open the kimono!
@21 You’re seriously arguing that when 2 said “It is the guerrilla in the room and they have to acknowledge it, right?” he wasn’t referring to the common phrase about there being an “800 pound gorilla in the room” but was referring to an obscure Credit Suisse trading algorithm? You think that McCain and Obama should acknowledge the “guerilla in the room” that is CS’s “Guerilla” algorithm?
Pol Pot!!!!! Hahahah!
Fucking idiot said Guerilla…you assclown.
@20…acknowledged…they are twits…as is Maria…she needs to be reassigned to a hairdressing job…why do I EVER watch CNBC…useless bunch
@20…acknowledged…they are twits…as is Maria…she needs to be reassigned to a hairdressing job…why do I EVER watch CNBC…useless bunch
Herrrrooooooooo Errrryyybuudddy.
Hey #26, it’s Colombians, not “colombians.” Nice try though ;-)
gorilla guerrilla, Colombian columbians, tomato potato.
Unless your an English professor STFU with your spelling corrections
@34…it would be “Unless you’re an English professor…”
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