Below please find Kerrisdale Capital's Q4 2011 Letter. For those who are unfamiliar with Kerrisdale, they are led by Sahm Adrangi. The fund launched in July 2009 and was one of the first funds to start exposing chinese reverse-merger frauds. This clearly suited them well as they were up a staggering 198.3% in 2011. Since inception they have generated gains of 588% or an IRR of 103%. The letter includes a nice write-up on why they are now long Apple (NASDAQ: AAPL).
Kerrisdale Quarterly Letter 12-31-11