A few months ago, Distressed Debt Investing interviewed Toan Tran and Steve White of Castle Union Partners, LP as part of our emerging manager series. It was a fascinating interview well received by a number of readers.
This weekend, I received Castle Union's first letter to investors which discusses some of the philosophies and positions of the fund. From reading this letter, I have more confidence in what I wrote a few months ago: These two investors are stars with bright futures.
My favorite quote from the letter: "Steve and I have a substantial portion of our liquid net worth invested with you in the Fund, and we will not expose ourselves and you to the risk of permanent capital loss simply to say we are 'fully invested'. Whether we are 76% cash or 5% cash does not change whether an idea is suitable for investment." Fantastic stuff. Enjoy the letter!
2012 q3 Letter Ddic
Thanks for the letter. Makes for an interesting read.
ReplyDeleteQuick note though: not sure if this was intentional or not, but we can read the blacked-out line in the Fund Update by highlighting the section. Just thought I would let you know.
If todays environment is challenging to find suitable investments, then why did you launch a fund?
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ReplyDelete1. no
ReplyDelete2. yes
3. sure
4. if you were a VIC member, you'd know neither of us are Cameron57. Though we know Cameron and think he's great.
Any guesses which restaurant "Consumer Long A" could be?
ReplyDeleteStar buffet
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