"Dear Investor" -- Quant Letters to Clients

Thursday, August 23, 2007 | 07:11 AM

These are floating around anyway, so we might as well offer them all up in one place: (Thanks, Rob!)

Below you will find the various letters written to clients from many of the quant shops which have experienced some "dislocations over the past month or so.

The list includes:

AQR (AQR.pdf)
Barclays Global Investor (
Black Mesa Capital (Black Mesa.pdf)
Highbridge Statistical Opportunities Fund (
Renaissance Technologies (Renaissance Technologies.pdf)
Sowood Capital Management (Sowood.pdf)
TYKHE (GS) (Tykhe.pdf)

I found it particularly interesting that very few managers took real responsibility for what occurred. Only Jim Simons of Renaissance Technologies actually blamed their own system ("the principal culprit was our Basic System") for the recent performance issues.


Did I miss any? If so, forward a PDF to me for posting . . .


Update:  August 23, 2007 10:23am

An amusing variation of these letters comes to us courtesy of Long or Short Capital blog via fund manager Scott Frew:

Long or Short Capital "Dear Valued Client" 
"Dear valued client".pdf

Update 2:  August 23, 2007 3:09pm

I see that most of these ran earlier this month in the WSJ:

Dear Investors, We're...

Hedge Funds Strain To Find Words to Say 'Sorry' for Your Losses
August 16, 2007; Page C1

Thursday, August 23, 2007 | 07:11 AM | Permalink | Comments (28) | TrackBack (0)
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in the last 48 hours over here all is forgiven
we premature bears are back in the cave
mr market 1 bears 0
rgds pcm

Posted by: peter from oz | Aug 23, 2007 7:31:17 AM

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