Dear Investor

We've got good news and bad news. Mostly bad news.

TPG Axon Investor Letter [PDF]

Tontine Investor Letter [PDF]

Cerberus Investor Letter [PDF]

Greenlight Capital Investor Letter [PDF]

And...

The following fell into our laps an hour or so ago. It is said to come from a credible source BUT WE HAVE NO IDEA. Obviously it has not been confirmed by the parties mentioned.

Tontine Partners
Sept 08
-59.30%
YTD
-66.70%

Copper River
Sept 08
-55.00%

Tontine Capital Partners
Sept 08
-38.50%
YTD
-31.50%

Maverick Levered
Sept 08
-35.50%

Tremblant Concentrated
Sept 08
-26.00%

Tracer
Sept 08
-21.40%
YTD
-9.20%

Maverick Regular
Sept 08
-19.50%
YTD
-21.30%

Tremblant
Sept 08
-19.30%
YTD
-28.00%

Yaupon
Sept 08
-19.20%
YTD
-19.30%

Cambrian Energy
Sept 08
-19.10%
YTD
-20.20%

Southpoint Millennium
Sept 08
-19.00%
YTD
-20.90%

TCS
Sept 08
-16.80%
YTD
-44.60%

Glenhill
Sept 08
-16.00%

Shumway Levered
Sept 08
-16.00%

Spindrift
Sept 08
-16.00%
YTD
-20.00%

North Run
Sept 08
-15.80%
YTD
-20.20%

Atticus Europe
Sept 08
-15.80%

TCI
Sept 08
-15.30%
YTD
-26.40%

Southport Energy
Sept 08
-15.10%
YTD
+8.60%

Lone Pine
Sept 08
-14.80%
YTD
-26.60%

Polygon
Sept 08
-14.50%
YTD
-19.00%

Springbok
Sept 08
-14.40%
YTD
-20.20%

Hayground Cove
Sept 08
-14.40%
YTD
-14.00%

Tiger Global
Sept 08
-14.30%
YTD
-13.70%

Kleinheinz
Sept 08
-14.00%
YTD
-31.00%

Southpoint
Sept 08
-13.60%
YTD
-20.30%

Galleon Buccaneers
Sept 08
-13.60%
YTD
-12.70%

Greenlight
Sept 08
-12.40%
YTD
-15.20%

Baypond
Sept 08
-11.80%
YTD
-22.50%

Eastside
Sept 08
-11.40%
YTD
-14.20%

Alson Signature
Sept 08
-11.10%
YTD
-19.50%

Bellman Walter
Sept 08
-11.10%

Third Pt
Sept 08
-11.00%
YTD
-17.90%

SAC Multi-Strat
Sept 08
-10.70%

Farallon
Sept 08
-10.50%

Conatus
Sept 08
-10.40%
YTD
-8.10%

Eminence
Sept 08
-10.30%
YTD
-15.30%

Tala
Sept 08
-10.30%
YTD
-27.80%

Weiss Multi-Strat
Sept 08
-10.00%
YTD
-2.60%

Corsair
Sept 08
-9.90%
YTD
-2.80%

Meditor
Sept 08
-9.40%
YTD
-3.90%

Whitebox High Yield
Sept 08
-9.30%
YTD
-8.90%

Jana Partners
Sept 08
-9.30%
YTD
-14.70%

Egerton
Sept 08
-9.30%
YTD
-20.60%

Coatue
Sept 08
-9.20%
YTD
-9.40%

Clovis
Sept 08
-9.10%
YTD
-15.40%

Gramercy Emerging Markets
Sept 08
-9.00%
YTD
-18.30%

Intrepid Multi Sector
Sept 08
-8.70%
YTD
-18.30%

Shumway Ocean
Sept 08
-8.60%
YTD
-9.00%

Coeus
Sept 08
-8.40%
YTD
-7.40%

Highbridge Long/Short Equity
Sept 08
-8.20%
YTD
-7.90%

Viking
Sept 08
-7.90%
YTD
+0.30%

Artis 2x
Sept 08
-7.80%
YTD
+13.50%

Royal
Sept 08
-7.80%
YTD
-7.00%

Intrepid
Sept 08
-7.70%
YTD
-13.00%

Valinor
Sept 08
-7.50%
YTD
-12.90%

Ivory Flagship
Sept 08
-7.50%

Taconic
Sept 08
-7.00%
YTD
-11.00%

Trilogy
Sept 08
-7.00%
YTD
-7.90%

Steel Japan
Sept 08
-6.80%
YTD
-19.50%

Seligman Technology
Sept 08
-6.80%
YTD
-3.30%

Abrams Bison
Sept 08
-6.50%
YTD
+1.40%

Kingdon
Sept 08
-6.10%
YTD
-12.40%

Camulos
Sept 08
-6.00%
YTD
-23.70%

Swiftcurrent
Sept 08
-5.80%
YTD
-12.00%

Cobalt
Sept 08
-5.60%
YTD
-2.90%

Highline
Sept 08
-5.40%
YTD
-6.00%

Davidson Kempner
Sept 08
-5.30%
YTD
-6.80%

Shannon River
Sept 08
-5.20%
YTD
-2.60%

Artis Partners
Sept 08
-4.30%
YTD
7.80%

PFM
Sept 08
-4.00%

Brant Point
Sept 08
-3.50%
YTD
-2.60%

Marea
Sept 08
-3.50%
YTD
-28.40%

PFM Tech
Sept 08
-3.40%
YTD
-6.00%

Artha
Sept 08
-3.30%
YTD
-12.80%

Alydar
Sept 08
-2.90%
YTD
-0.40%

SAB
Sept 08
-2.70%
YTD
-3.70%

Effissimo
Sept 08
-2.40%
YTD
-3.30%

Owl Creek
Sept 08
-2.30%
YTD
-9.50%

Axial
Sept 08
-2.30%