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URL:  http://boards.fool.com/an-open-letter-from-zilch-capital-29854294.aspx

Subject:  An open letter from Zilch Capital Date:  2/17/2012  10:27 AM
Author:  TMFCogitarius Number:  46504 of 46877

Highlights:
'Zilch Capital used to refer to itself as a “hedge fund” but 2008 made it embarrassingly clear we didn’t know how to hedge. At all. So like many others, we have embraced the title of “alternative asset manager”. It’s clunky but ambiguous enough to shield us from criticism next time around.'

'We know we used to promise “absolute returns” (ie, that you would make money regardless of market conditions) but this pledge has proved impo