We are writing to let you know that, after careful consideration, we have decided to cease managing money together and will instead do so independently, in the firm belief that in doing so our investors will benefit over time. The friendship and admiration we have for each other is unchanged, we will continue operating our funds, and you do not need to do anything. We are, however, modifying our structure: Whitney will become the sole principal of T2 Partners and its three primary hedge funds. Glenn will be establishing a new investment firm, Deerhaven Capital Management, that will independently manage the T2 SPAC Fund, which will be renamed the Deerhaven Fund and become his hedge fund vehicle…Whitney’s Plans: “To ensure that I can focus intensely on in-depth company and industry analysis, I will adopt a much lower public profile and let my investment returns speak for themselves. Specifically, I will dramatically reduce my television appearances, interviews with the media, blogging/writing, and public speaking, both in the investment and philanthropic realms. I also plan to write letters to you quarterly rather than monthly (our bookkeeper will, course, continue to send you monthly statements).” [T2 Letter]