• 04 Mar 2009 at 8:20 AM

Dear Team T2,

By Bess Levin

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Monthly Letter: Feb ’09 [PDF]

Comments (17)

  1. 1
    Posted by guest | March 4, 2009 at 8:33 AM

    The hedgies continue to show themselves to be merely mortal.

  2. 2
    Posted by guest | March 4, 2009 at 8:35 AM

    Because they don’t hedge.

  3. 3
    Posted by guest | March 4, 2009 at 8:38 AM

    Hi, I am a hedge fund manager. What is a ‘hedge’?

  4. 4
    Posted by guest | March 4, 2009 at 8:49 AM

    @3 – win.

  5. 5
    Posted by guest | March 4, 2009 at 9:03 AM

    T2 Accredited Fund? Extended Warranty? How can I lose?!?!

  6. 6
    Posted by guest | March 4, 2009 at 9:05 AM

    I’ll be back. – T2 Capital Partners
    8==D~~

  7. 7
    Posted by guest | March 4, 2009 at 9:07 AM

    “rating” as in “rating out someone” and “rating” as in “rating a security”…spelled the same …hmmm

  8. 8
    Posted by er666 | March 4, 2009 at 9:15 AM

    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.

  9. 9
    Posted by guest | March 4, 2009 at 9:26 AM

    i love that net and gross are the same number.

  10. 10
    Posted by guest | March 4, 2009 at 9:27 AM

    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.

  11. 11
    Posted by guest | March 4, 2009 at 9:30 AM

    DISH and dELias trading at or below cash? Not even close…
    And, anyone that buys BRK is a FofF, not a real fund manager

  12. 12
    Posted by guest | March 4, 2009 at 9:45 AM

    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.

  13. 13
    Posted by guest | March 4, 2009 at 10:00 AM

    More like shat in your face, #12.

  14. 14
    Posted by guest | March 4, 2009 at 10:10 AM

    the S&P 500 is -29% and the Dow is -4% since the funds inception?
    am i missing something

  15. 15
    Posted by guest | March 4, 2009 at 10:32 AM

    #14, since ’99 or whatever.

  16. 16
    Posted by guest | March 4, 2009 at 10:49 AM

    @9, perhaps they’ve waived management fees?

  17. 17
    Posted by guest | March 4, 2009 at 10:55 AM

    I am a hedge fund quant and T2
    is the type of internet connection I have.

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