Another good month for New Zealand managers...

Hi - another good month for New Zealand managers with the Ernst and Young New Zealand Absolute Return Index returning +1.502% in November making it +17.597% year-to-date. Since inception the index has returned +27.471% and is currently annualizing at +19.24%. In terms of sectoral performance - weakness in global equities again in line with global equity indices, and strength in volatility and tail risk strategies.

Anthony Limbrick

Chairman

NZARA

From the FT - "Ten reasons to..."

Hi

The Financial Times (http://www.ft.com/) has some excellent columnists and their Alphaville blog (http://ftalphaville.ft.com) is a great way to get a real time view on market developments.

With the Madoff disaster putting the global alternative investment industry under even more pressure, I thought it was time for some educated light relief.

Please see the link below for "Ten reasons why you should hug a hedgie" from the Lombard column. Amusing - but also some good points made - points that should be considered before the proverbial "baby" is thrown out with "bath water".

http://www.ft.com/cms/s/0/0f5e33aa-cbdc-11dd-ba02-000077b07658.html