Corsair Capital is out with their Q4 letter (hat tip to Marketfolly for posting). In Q4 they were up 6.3% net and for al of 2011 they were down 3.7% this stands in stark contrast to their annualized return since inception of 14.4% (they were started in 1991 so its a pretty stellar track record).
Corsair-Capital-Q4-2011
Corsair also included a write up of one of their favorite positions - Aperam (APMA NA). Aperam are a stainless steel manufacturer that Corsair thinks offers 200% upside potential. Aperam was spun off from Arcelor Mittal and Corsair thinks they are worth somewhere in the neighborhood of $38-$63.
Enjoy.
Corsair-Aperam-Thesis
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