Hell’s Quarter January 7, 2009 Dear Investor: It’s difficult to sum up the events of the past quarter in one letter. It was the worst three months in financial markets since the dark days of the 1930′s. The fallout has been wide and deep. The global economy is now in severe recession, one which will last for at least half of 2009. We underestimated the depth of the market declines and the economic damage, which caused us to...