Corsair Capital is out with their Q2-2011 letter. Year-to-date their return is 6.2% which is a might bit better than most other hedge funds. In the letter they focus on some of their macro concerns and give position updates on Inophos (IPHS), Expedia (EXPE), Maiden Holdings (MHLD), KAR Auction Services (KAR), and Pae Oil & Gas (PCE). As usual their appendix includes a write up of an investment idea. This quarter's write up is on TNS Inc. (TNS).