ThirdQuarter2009InvestorLetter ʹͶǡʹͲͲͻ ǣ ͳͻǤͺΨ ʹͲͲͻ ʹǤΨ ͵Ͳǡ ʹͲͲͻǤ
ƬͷͲͲ ǡ
ͳͷǤΨ ͳͻǤ͵ΨǡȀ ǡ
ǤΨ ͳͷǤʹΨǡ ǡ
ͻǤͲΨ ʹͲǤΨ Ǥ
ͳǡʹͲͲͻ̈́ʹǤͶǤ QuarterlyResults
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Ȃ
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Ǥǡ
Ȃ
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Ǥ CorporateCredit ǡǦ
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̵ǡ
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1
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ʹͲ
Dz
dzȚ͵͵
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͵ͲΨ
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Ȁ ǤͶͺǦ
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ǦͷͲǡǤ
ͳͳǡ
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ǦǤ
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Ǧǡ
ǡ Ǧ
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Ǥ ǦͷͲ ȋ ͶͲ
Ȍǡ ǦͲǤ ǯ
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Ǥ 2
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ȌǤDzdz Ȃ
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ͻͲǤ
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Ǧ ͲǤ
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Ǥ MortgageSecurities ʹͲͲǡ
Ǥ ʹͲͲͻǡ
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Ǥ ǡ
Ǥ ǡ
Ǧ
ȋDzdzȌǤ
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Ǥǡ
ʹͲΨ
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Ǧǡ
Ǧ Ǧ
Ǧ Ǧ ǯǤ
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3
ȋ
ͳͷΨ
ʹͲΨ ͶͲΨ Ȍǡ
Ǥ EquityInvestments ǡ ǡ
Ǥǯ
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ͶͷΨǡ
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Ǧǡ
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Ǧ
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ǡǦ ʹͲΨΪǤ
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ȋ
̈́Ǥͷ ͳͷΨ
Ȍ ǯ
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ͳͲ ǡ
Ǥ
ʹͲͳͲǡ
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ȂʹͲΨǤ
ǯ
ǡ
ȋȌǡ
Ǥ ̵ǡ
̈́ͲǤͶ
̈́ͳǤͷͲ
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Ǥ 4
RiskArbitrage ǦǡʹͲΨ
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ǤȀ
Ȁ
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Ǥ InvestmentOutlook ǡ Ǥ
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ǡ
ȋǦǡ ǡ Ȍǡ Ǥ ǡ ǡ
ǯǤ ǡ
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Ǥ
ǡ
ǦʹͲͲͷǦͲ
Ǥ ǡ
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ǡ ͳͷΨ
ǡ Ǧ
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Ǥ Ǥ
Ǥ ǡ
Ǥ ǡ
Ǥ Dzdz
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5
ȋ Ȍ Ǥ
Ǥ
ǯ ͶͲ ǡ
ǣǡ
ǡ ǡ
Ǥ ǡ
ǡ ǡ ǡ
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ǡ ǡ
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ǣ Ǥ
Ǥ WelcometoThirdPoint
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Ǥ magnacumlaude
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Ǥǡ
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ǤǤ
ʹͳʹǤʹʹͶǤͶͲͲ̷Ǥ
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6
Notes: _____________________ ͳ
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ǡǡ
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ȋ Ȍ Ǥ
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ǯ
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ǡ ǡ
ȋ
Ȍ
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ƬͷͲͲǡȀ ǡ
Ǥ ǡ ǯ
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ǯ
ǡ
ǯ
Ǧ
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ȋ
ȌǤ _____________________
7