The boss of a successful US hedge fund has quit the industry with an extraordinary farewell letter dismissing his rivals as over-privileged "idiots" and thanking "stupid" traders for making him rich. Yesterday the year-old told his clients that he had hated the business and had only been in it for the money. And after declaring he would no longer manage money for other people, because he had enough of his own, Lahde said that instead he intended to repair his stress-damaged health; he made it clear he would not miss the financial world. God bless America. In his farewell letter, which concluded with an appeal for the legalisation of marijuana, Lahde said he was happy with his rewards and did not envy those who had made even more money. Meanwhile, their lives suck," he wrote, citing a life of back-to-back business appointments relieved only by a two-week annual holiday in which financiers are still "glued to their Blackberries".
|Published (Last):||27 December 2012|
|PDF File Size:||7.88 Mb|
|ePub File Size:||18.91 Mb|
|Price:||Free* [*Free Regsitration Required]|
I was in this game for the money. The low-hanging fruit, the idiots whose parents paid for prep school, Yale and then the Harvard MBA, who were there for the taking. These people who were often truly not worthy of the education they had received or supposedly received rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behaviour supporting the aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades.
God bless America. I will no longer manage money for other people or institutions. Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such a small war chest. That is fine; I am content with my rewards. I have enough of my own wealth to manage.
I will let others try to amass nine, 10 or figure net worths. Meanwhile, their lives suck. Appointments back to back, booked solid for the next three months, they look forward to their two-week vacation in January during which they will be glued to their Blackberries or other such devices.
What is the point? They will all be forgotten in 50 years anyway. I do not understand the legacy thing. Nearly everyone will be forgotten. Give up on leaving your mark. Throw the Blackberry away and enjoy life. So this is it. With all due respect, I am dropping out.
Please do not expect any type of reply to emails or voicemails within normal time frames or at all. I have no interest in any deals in which anyone would like me to participate. I truly do not have a strong opinion about any market right now, other than to say that things will continue to get worse for some time, probably years. I am content sitting on the sidelines and waiting.
After all, sitting and waiting is how we made money from the sub-prime debacle. You can find our Community Guidelines in full here. Want to discuss real-world problems, be involved in the most engaging discussions and hear from the journalists?
Start your Independent Premium subscription today. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. The most insightful comments on all subjects will be published daily in dedicated articles.
You can also choose to be emailed when someone replies to your comment. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. Please continue to respect all commenters and create constructive debates.
Want to bookmark your favourite articles and stories to read or reference later? Find your bookmarks in your Independent Premium section, under my profile. Long reads. Coronavirus Advice. Lockdown Guide. UK Politics. Lib Dems. Green Party. Boris Johnson. Jeremy Corbyn. US Politics. Help The Hungry. Shappi Khorsandi. Mary Dejevsky. Robert Fisk.
Mark Steel. Janet Street-Porter. John Rentoul. Matthew Norman. Sean O'Grady. Tom Peck. Andrew Grice. Stop the Wildlife Trade. Rugby union.
US sports. Miguel Delaney. Streaming Hub. Geoffrey Macnab. Clarisse Loughrey. Ed Cumming. Royal Family. Tech news. Tech culture. The Competition. Money transfers. Health insurance. Money Deals. Voucher Codes. Just Eat. National Trust. Climate Blogs. UK Edition.
US Edition. Log in using your social network account. Please enter a valid password. Keep me logged in. Want an ad-free experience? Subscribe to Independent Premium. View offers. Last week, he closed down the fund. The following is an extract from his farewell letter Download the new Independent Premium app Sharing the full story, not just the headlines Download now. Comments Share your thoughts and debate the big issues. Join the discussion.
Please be respectful when making a comment and adhere to our Community Guidelines. Create a commenting name to join the debate Submit. Please try again, the name must be unique Only letters and numbers accepted. Loading comments Please try again, the name must be unique. Cancel Post. There are no Independent Premium comments yet - be the first to add your thoughts. Follow comments Enter your email to follow new comments on this article.
Thanks for subscribing!
Charts & Numbers
I was in this game for the money. The low-hanging fruit, the idiots whose parents paid for prep school, Yale and then the Harvard MBA, who were there for the taking. These people who were often truly not worthy of the education they had received or supposedly received rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behaviour supporting the aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America. I will no longer manage money for other people or institutions. Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such a small war chest.
God bless America. What is the point? They will all be forgotten in 50 years anyway. I do not understand the legacy thing. Nearly everyone will be forgotten. Give up on leaving your mark.
Andrew Lahde's open letter: "Goodbye and F**k You"
Lahde received fame for his return rates in Lahde founded his own hedge fund, Lahde Capital, which was based out of Santa Monica. The fund speculated on increases of U. Lahde's hedge fund strategy was based on his knowledge of real estate, real estate finance, the complex world of securitized real estate finance, and various financial vehicles associated with the transactions. What differentiated Lahde from many other hedge fund operations was an understanding of the underlying asset, residential real estate. In September , Lahde closed his fund, telling investors that credit problems - the basis of his profits - were likely to continue, but that the possibility of defaults by counterparties was too high.
So long, suckers. Millionaire hedge fund boss thanks 'idiot' traders and retires at 37
Today he writes us a letter: quote: Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say goodbye. I was in this game for the money.