Hedge fund manager quits, thanks idiots who made him rich

Discussion in 'The Intelligence Cell' started by Virgil, Oct 18, 2008.

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  1. The letter (link included in article) is worth the read!

    From Lahde, a Not-So-Fond Farewell
    by Christopher Glynn, Reporter October 17, 2008

    Sneering and snide, Andrew Lahde in a letter [read here - pdf] announcing his retirement heaped derision on the finance sector while expressing relief at leaving behind the stress of being a hedge fund manager.

    Lahde rose to prominence when it was learned that his Lahde Capital Management bet against subprime mortgage—the security that has laid waste to the finance sector. That call marked Lahde, along with hedge fund manager John Paulson, as a member of an elite few who profited mightily from the subprime mortgage collapse. While Wall Street as well as the hedge fund industry reeled, New York-based Paulson & Co. quadrupled its asset base. Lahde, meanwhile, posted a 1,000% gain.

    But unlike Paulson, Lahde has no intention of remaining a member of a profession that made him rich; a profession Lahde, it would seem, has no respect for.

    “I was in the game for the money,” Lahde wrote. “The low-handing fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking.”

    Those “idiots,” according to Lahde, went on to run AIG, Bear Stearns, Lehman Bros. and the like. “God bless America,” Lahde wrote.

    He went on to mock the notion that he is retiring with “such a small war chest.”

    “I will let other people try to amass a nine, ten or eleven figure net worth,” he wrote. “Meanwhile, their lives suck.”

    Lahde has “no interest” in managing money other than his own. Rather, he said relished the chance to “repair my health, which was destroyed by the stress I layered onto myself” as a hedge fund manager, “as well as my entire life—where I had to compete for space in universities and graduate schools, jobs and assets—with those who had all the advantages (rich parents) that I did not.”

    The final paragraph of the letter is devoted to questioning the illegality of marijuana, which, unlike alcohol, “does not produce a hangover” or “result in bar fights or wife beating.”
  2. SOunds like a man on the verge of a nervous breakdown, the last paragraphs ref hemp don't sit well with the rest of the letter or the professional background of the bloke

    an epiphany triggered by stress, self loathing and smoking to much weed

    Mess webley and a place on the 2008 dead pool unless he retreats to the mountains to grow/smoke hemp, grow a beard and wear sandals
  3. The letter sounds like an attempt to conceal from himself the realisation of it.
  4. Unless I have been sadly misinformed, Adam Smith was Scottish.....
  5. Reading the letter, it appears he has been nursing a lie for yeras. He really was in the business for the cash, not the enjoyment, he has the money now.... so he is off.

    He has made his money and is now, I believe, going to head out set up a home and attempt to live self sufficiently, maybe even "off the grid". He yearns for a quiet simple and slower pace of life. And why not?

    His talk of weed is not about the drug, but about hemp. Hemp can be used for all manner of things (as he points out) from paper and clothes to petrol for cars. He is not talking about smoking weed until it comes out of his eyeballs. It is a hit against the petrol companies of America which hold the countryin thrall.

    It is a currentsmall time idea, that is eing crushed by thed bigger companies that America could produce it´s own fuel from Hemp, Rape etc and rely on less imported oil.

    The American Big Business tends to crush "crazy ideas" like that.

    The swipe at beer companies is a similar thing. Basically he attacking the whole big corparation and money ruling the country idea.
  6. Good luck to him. He made a fortune betting against the berks who thought property could rise for ever, and that it was a great idea to persuade wage-slaves with hardly a bean that they could own their own home.

    The idea was that the person bought the house on a cheap-at-first mortgage, which went through the roof after six months or a year, that they'd spend every last penny to keep up the payments for as long as they could, wiping out whatever they'd saved, and at the end of that time the bank would repossess the house, having had a year or more of payments that were eaten up by late charges, and the house would be worth more than it was when the suckers borrowed to buy it.

    This man saw it would all go belly-up, bet on that, made his money and sent a big f***-you to corporate America before heading off to the hills to live in a log cabin, shoot moose and grow his own spuds.

    Sounds like a good swap to me.
  7. Sounds like a good lad. All the best to him.
  8. Clearly a complete c**t, but at least he's being honest about his blatant greed. He's not alone.
  9. At least his money wasn't based on the principle of draining people dry and then chucking them onto the streets. I'd say he was a bit of a c*** but if I had the chance to take Wall Street for several million and then rub their noses in what a bunch of throbbers they were, I doubt I'd turn the chance down.
  10. Sound very much to me as if this particular camel has finally realise just how small needle-eyes are.

    Hits the nail square on, though. I pretty much agree with him on all those points. Amazing how many financial types seem to find their consciences lying in a dust-covered box only once they retire.
  11. Rubbish, of course he was. Who do you think put the money up for mugs to get self-certified mortgages. It's arrseholes like him that deliberately fuelled the mess that has finally come to light. The only distinction is that he was one of the first rats to abandon ship.

    He's a scumbag of the highest order and is one of the reasons why the whole system is screwed up.