On May 28, Scottwood Capital Management sent a letter to investors to let them know that despite never in the firm’s history had they discussed results in writing during the month, “aberrational circumstances” had forced them to do so. Obviously, one thought this could safely assume they meant things were ass-bleedingly bad, particularly because there were lot references to “lessons learned” and those that received a hard copy of the note reported tears streaked down the page. So more like rectal-prolapse bad. As it turns out, it was more like just a bit of chafing. According to investors the fund ended May down -18.5 percent, leaving them at -2.1 percent for the year.