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Summary of Past Reports and Commentaries to Partners
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VCM, the General Partner of its partnerships, ordinarily sends quarterly reports to the limited partners of its partnerships. These reports consist of a cover letter written by Michael Schwartzman, which describes the returns achieved by the partnerships in the past quarter, and compares the returns with several indices. The letter also describes the returns for the year up to date and compares them to the indices.
In addition, the letter covers various other subjects, from the relation of VCM Investment Framework to the current stock market, economy and political events, to relationships with VCM service providers such as its prime brokers and auditors.
With the cover letter, every limited partner also receives a report describing the exact returns of his/her own partnership stake, with details regarding his/her capital withdrawals and deposits, partnership expenses allocated to the account, and management fees charged.
During particularly intense political, economic and stock market events, VCM may send out, and did this in the past, a commentary addressing these events and their relevance to VCM investments.
The regular cover letters and reports are sent to the partners by mail approximately a month after the end of the quarter and are posted on this website as well, but only partners have access to them.
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Reports Posted Here May Be Abridged
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We have a close relationship with our partners and practice transparency in describing the actions of the General Partner, and we practice equal treatment of all our limited partners. A letter to partners will often contain such details of our relationship with our service providers which, if disclosed even to a restricted audience, may undermine our competitive or negotiating positions. We rarely explicitly disclose even to our partners our actions or plans related to particular companies or industries, and if we do, such disclosure is done long after the fact and with due regard to safeguarding our competitive advantages. Posting of even such postponed disclosures may be of great value to our competitors.
Thus, the letters and commentaries to partners posted on this page may not contain the most recent quarterly letter or commentary. Even the letters posted here may have been edited by us to remove information pertaining to our service providers as well as our plans, strategy and decisions that may still be of value to our competitors. Usually we mark the abridgement with a short note inside the report.
However, such abridgement will never include removal or modification of our returns as reported to the limited partners, and re-writing of our predictions and observations: we do not make many predictions, and the few that we make sometimes end up being wrong. If we do edit a letter or commentary, it will mostly consist or removal of whole sections still deemed to be of competitive value, and correction of mistakes in spelling and grammar not caught in the original report.
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Learn From the Reports but Use Caution
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These reports and commentaries written to limited partners are posted here to help our prospects learn our style of communication, our investment framework, and our views. This is the purpose of the entire website: we want our potential limited partners to make an informed and well thought out decision about investing with us.
Past reports until 2001 cover the period when VCM investments were in separately managed accounts as opposite to the current structure of partnerships.
Predicting the future is a risk-prone activity, so be cautious in extrapolating anything you read in the past reports posted here. Use your common sense and our Cautionary Statement and Disclaimer when making your decisions.
All documents that follow contain information about past returns, and thus require access privileges.
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Report for the 4th Quarter of 2004
Please Click here to see the document.
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Report for the 3rd Quarter of 2004
Please Click here to see the document.
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Letter to VCM observers, October 2001
Please Click here to see the document.
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Report for the 2nd Quarter of 1998
Please Click here to see the document.
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