Chairman's letters and speeches


01 December 2010

2010 Annual Review Letter

Our immediate task is to continue to achieve strong returns for TFCP II and TFDA and to recover all of the capital for our investors in TFCP III.

01 November 2010

2010 Q3 Investor Letter

My recent letters have set out my concerns about the global economy, and suggested that all investors, particularly illiquid investors, should proceed with great caution. I am afraid that the last three months have done little to change that view.

01 August 2010

2010 Q2 Investor Letter

A colleague of mine used to respond to pretty much any question about the status of any subject by concluding that the answer was finely balanced with a potential to fall either way. As I look at the world today, I find myself having similar thoughts.

01 May 2010

2010 Q1 Investor Letter

I am writing this quarterly letter as the UK General Election results come in. For the last year, I have been predicting a small Conservative majority of approximately 20 seats with a strong possibility of a second election in October.

01 February 2010

2009 Q4 Investor Letter

As we move in to a new decade, many people have been saying good riddance to 2009 and the past decade. Well, 2009 was certainly not great, but it definitely turned out to be a lot better than most people feared and, for the West, the decade ended as a decade lost rather than being a disaster.