Below please find T2 Partners Q3 Letter. T2's fund declined 9.5% in September vs. a loss of 7% for the S&P 500 and a loss of 5.9% for the Dow. For the year T2 is down 29.6% vs. a loss of 8.7% for the S&P 500 and a loss of 3.9% for the Dow.
The letter does a nice job walkin through their losers and some of their current thinking. They compare this recent down performance tho the Oct 2008 period and think they can bounce back just like before.
They go on to do a nice job of walking through their thoughts on Berkshire Hathaway, Howard Hughes, Iridium, Grupo Prisa, Goldman Sachs, Citigroup, and MRV Communications.
T2 Partners - Q3 2011 Letter