---
name: manager-letter-digest
description: Use when a fund manager's quarterly letter arrives. Turns it into a one-page brief for the investment committee.
---

1. Read the letter and our notes on this manager.
2. Write one page with these sections:
   - What changed since last quarter
   - Performance against the stated strategy
   - Red flags: style drift, key-person changes, new fees
   - Three questions for our next call
3. Cite the page number for every claim.
4. If the letter does not say it, write "not stated."
   Never guess.