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.