The Hidden Value in Vistaprint

Dear Partners: In the third quarter of 2012, our Partnership returned 8.9% net of fees and expenses. As of September 30th, our year to date net return is 27.8%. On average, we held 17% of our assets in cash throughout this year. There’s No Such Thing As a Free…Drug Free options are one investment bucket to which we allocate capital. Derma Sciences (mentioned in our 2011 Q4 letter) owns a drug that accelerates the healing of diabetic foot ulcers. The drug should soon enter the final stages of the FDA approval process. Statistically, it has a 55% chance of making…