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Today we present you Corsair Capital Management's investor letter as part of our wisdom Wednesday series of documents and resources. Since inception in 1991, Corsair has seen an annualized return of 15.4% and a total return of 1409%, very impressive numbers. Below you'll find the latest investor letter from Jay Petschek and Steven Major. They present their market outlook, summary of how their positions have fared, as well as the investment case for KAR Auction Services (NYSE:EFC).

Embedded below is Corsair Capital Management's fourth quarter 2009 investor letter:




You can also download the .pdf here.

Head to our posts on recent investment partnership and hedge fund letters for more insight and investment ideas.

We're continuing our theme of 'wisdom Wednesday' here at Market Folly where we've been posting insightful letters, research and resources from various sources. We've already posted Bill Gates' 2010 annual letter, as well as Bill Gross' February investment outlook out of PIMCO, and Bank of America Merrill Lynch's hedge fund trend monitor report.

Source: Corsair Capital's Market Outlook