Delivering bad news to LPs without denting trust is a skill—and a fiduciary duty. By the end of this lesson, you’ll write investor-letter updates that balance candor and confidence: factual, quantified disclosures paired with clear ownership, timelines, and guardrails. You’ll get a precise framework, calibrated audience guidance, a language toolkit, real-world examples, and targeted exercises to test your judgment. Expect discreet, compliance-grade coaching that sharpens your prose and protects your credibility under scrutiny.