A few months ago, we did an exclusive interview with hedge fund managers Chris White and Tim Stobaugh of the Greenstone Value Fund. See below for their 3rd quarter letter. My favorite quote:
Investors have flip-flopped dramatically, from a fearful and anxious little boy one minute (August) to an exuberant girl skipping through the fields without care the next minute (September). Even the financial press has coined a new phrase to describe the market action: risk on/risk off. In other words, like flipping a light switch, investors either want risky assets (stocks, risk on), or they don’t (fixed income, risk off).
Enjoy the letter! And for those with interesting hedge fund letters, please send them my way - Your identity will be never be revealed (coming from the Zorro of the blogosphere - that has to mean something right?)