For those interested in the current tension in the hedge fund world, the letter from the recently-imploded Sowood Capital Management to its investors provides a glimpse into what went wrong.
In this case, it’s annotated by Marc Andreessen, which makes it more insightful.
Cem Sertoglu 
Shorter version: Sorry for losing half your money, but I’m still going to charge you a 2% fee for doing so.
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