Dear Ron Insana

An old friend has been giving me an earful over his monies tied up in Ron Insana's Fund of Funds. He is not happy, but the letter he wrote in an effort to vent is much tamer than his bawdy language.

August 16, 2008
Dear Managing Member:
(Or should I say former Managing Member?)

I am receipt of your recent letter regarding the stalemate you have placed on The Insana Capital Legends Fund. Having been in business just 14 months now and shutting down personally, I must say you have no business being in any aspect of the investment advisory profession. A 5% decline overall is not tragic in this market, yet there is always more beyond the prima facie text. My guess is the lack of the prospect to collect incentive fees and maybe more bad news to come. Yeah, not too hard to figure out.

The real lack of class found in the letter is the fact that you are not staying to manage the liquidation. You're leaving, my money has to stay.

Not surprisingly, CNBC doesn't seem to be covering this mess.

Well the good news is I could have had my money with Marty Whitman, Bill Miller or David Dreman this year. Some consolation.

Regards,

Limited Partner

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