"Sorry About 2009"
Dear Limited Partners,
First, an apology. 2009 did not go as planned. In our defense, there was no plan. We have since drafted a plan, lost it, and drafted a second plan, which we are calling "the plan" to avoid confusion with the first one.
On a brighter note, the firm survived its first full year, which we count as a 100% survival rate. We deployed capital into six companies. Four no longer exist. One has changed its name three times. The sixth has stopped returning our calls, which we read as a healthy sign of independence.
We have learned a great deal. Chiefly, we have learned that "buying the dip" requires the dip to eventually stop dipping, a nuance that was not covered in the books we did not read.
We remain confident that 2010 will be the year everything turns around, just as we were confident about 2009.
Apologetically yet undeterred,
Chadwick "Chad" Burnsworth III
Managing Partner