Monthly Letter: Feb '09 [PDF]
Dear Team T2,
Posted by Bess Levin, Mar 04, 2009, 8:20am
Comments
Comments hidden for your protection. Show them anyway!More Favorite Reads
Sep 15, 2009, 2:22pm
Technical Difficulties Prevented Warren Buffett From Saving Lehman Brothers
I sense some judgment from the Bloomberg reporter here re:...
More »Sep 15, 2009, 2:00pm
People! THIS TYPE OF PERFORMANCE DOES NOT MAKE PTJ WANT TO RAIN BUCKETS O' CHICKEN ON YOUR ASSES!
Tudor BVI Global: August 2009: 0.5% YTD: 12.5% ...as for...
More »
Sep 09, 2009, 11:27am
Goldman Partner's Neighbors Scandalized By Shirt Optional Parties
Goldman Sachs partner managing director Richard Kimball Jr. apparently got...
More »Sep 09, 2009, 10:15am
Job Openings At AQR! (UPDATE)
Ladies, if you've been looking to work under one of...
More »
Posted by guest , Mar 04, 2009 8:33AM
The hedgies continue to show themselves to be merely mortal.
Posted by guest , Mar 04, 2009 8:35AM
Because they don't hedge.
Posted by guest , Mar 04, 2009 8:38AM
Hi, I am a hedge fund manager. What is a 'hedge'?
Posted by guest , Mar 04, 2009 8:49AM
@3 - win.
Posted by guest , Mar 04, 2009 9:03AM
T2 Accredited Fund? Extended Warranty? How can I lose?!?!
Posted by guest , Mar 04, 2009 9:05AM
I'll be back. - T2 Capital Partners
8==D~~
Posted by guest , Mar 04, 2009 9:07AM
"rating" as in "rating out someone" and "rating" as in "rating a security"...spelled the same ...hmmm
Posted by er666 , Mar 04, 2009 9:15AM
We apologize for what has now been five months of truly dreadful performance – by far the
worst of our careers. The fact that it has coincided with the worst stock market downturn since
the Great Depression and that we have outperformed the market is no excuse. We have not done
our job, which is not only to make money during good times, but also to protect our assets during
bad times.
With the benefit of hindsight, our spectacular performance in September lulled us into believing
that if the market continued to decline, which was our expectation, the stocks we owned were
cheap enough that they’d hold their own and, in addition, our short book would protect us.
Consequently, we were bold rather than cautious – and paid the price.
Posted by guest , Mar 04, 2009 9:26AM
i love that net and gross are the same number.
Posted by guest , Mar 04, 2009 9:27AM
From the letter: The headlines in the newspapers highlighted that it was Berkshire’s worst year ever in terms of book value, which declined 9.6% (since 1965, it has only declined once before, by 6.2% in 2001), but we view 27.4 percentage points of outperformance relative to the S&P 500, which declined 37.0%, as fairly spectacular.
Comparing BRK's BV/share decline with the S&P's market decline is so stupid and completely apples and oranges.
Posted by guest , Mar 04, 2009 9:30AM
DISH and dELias trading at or below cash? Not even close...
And, anyone that buys BRK is a FofF, not a real fund manager
Posted by guest , Mar 04, 2009 9:45AM
I'm really sorry I pooped in your bed, which is wrong, wrong, wrong in spite of the fact that I had a really bad day yesterday and I drank too much last night.
Posted by guest , Mar 04, 2009 10:00AM
More like shat in your face, #12.
Posted by guest , Mar 04, 2009 10:10AM
the S&P 500 is -29% and the Dow is -4% since the funds inception?
am i missing something
Posted by guest , Mar 04, 2009 10:32AM
#14, since '99 or whatever.
Posted by guest , Mar 04, 2009 10:49AM
@9, perhaps they've waived management fees?
Posted by guest , Mar 04, 2009 10:55AM
I am a hedge fund quant and T2
is the type of internet connection I have.