From Cerberus With Love

Cerberus Capital Management made some non-Chrysler/GMAC news last week, when CNBC reported that the firm would limit investor withdrawals from one of its hedge funds. The announcement was made in a confidential Dec. 19 letter to limited partners of Cerberus Partners LP, and peHUB has scored a copy for your downloading pleasure. Most of the five-page letter is an ode to how lousy the market is and, by extension, how screwed investors are. It also reports that the fund's YTD performance as of Nov. 30 was -15.81%, including a loss of 12.18% in October and November alone. Follow the jump for some of the letters most quotable nuggets.

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