Bear Stearns' letter to investors

Bear Stearns' letter to investors (PDF) on "their disappeared money".

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Fund managers and account executives have been informing the Funds’ investors of the significant deterioration in performance for May and June. The preliminary estimates show there is effectively no value left for the investors in the Enhanced Leverage Fund and very little value left for the investors in the High-Grade Fund as of June 30, 2007.

In light of these returns, we intend to seek an orderly wind-down of the Funds over time. This is a difficult development for investors in these Funds and it is certainly uncharacteristic of BSAM’s overall strong record of performance.

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How lovely...