So long, suckers. Millionaire hedge fund boss thanks 'idiot' traders and retires at 37

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.

Andrew Lahde's $80m Los Angeles-based firm Lahde Capital Management in Los Angeles made a huge return last year by betting against subprime mortgages.

Yesterday the 37-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.

"The low-hanging fruit, ie idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking," he wrote. "These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government," he said.....

http://www.guardian.co.uk/business/2008/oct/18/banking-useconomy


Wow.

Bush

"In his farewell letter, which concluded with an appeal for the legalisation of marijuana..."

Wonder what he'll do now? Playing golf day after day would get boring.

He could build a giant cage with spider monkeys or start a Nascar team to keep him entertained.

if you're high enough.

I haven't had a chance to read the entire article yet, but I completely agree with him about how these morons ended up in top levels of their firms, and ended up destroying companies that had lasted for over a century. They're fucking idiots. On a much lower scale, I have to deal with these type of people, that are too fucking dumb for the high position they hold, and they end up hurting others because they don't have the know-how to truly manage. Our nation is full of these idiots, and they're running our companies, and subsequently us, into the ground.

Maybe he's a DUer...(just kidding but it seems like DUers were some of the few people who saw the economic collapse coming from a long way off and were criticized for being pessimists).

One econ class in the 10th grade, taught from a textbook written decades earlier, and a lifetime of living frugally taught me what i need to know..

1.. you cannot borrow your way out of debt
2.. once you are IN debt, you are SCREWED
3.. want less, buy less
4.. always be prepared to get stuck with the hot potato

any pictures?

http://www.ratemyeverything.net/image/5311/0/rate_my_mullet.ashx



Handsome Devil he is.

My dreams have been shattered.

Bwaahahaaa!



:hi:

That's an astounding display of the true feelings of a Wall St. boss.

is even less competent than the degenerates who ruled Europe for a millenium.

That's about as accurate as it gets.

From the article:

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.

"I will let others try to amass nine, 10 or 11 figure net worths. 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".

Stick it to those Ivy League assclowns, Andy!

Let's remember that he waited until he had made his 10's of millions of dollars before the honesty started flowing.

He was not an outspoken critic until he "had his." Not uncommon.

To me, he is a hero because he used rich people's greed against them to take their money.

especially those of us on the hedge fund side of the business. We're also overwhelmingly Obama supporters. A colleague of mine told me the other day that one of the few right-wing guy on his desk stood up and screamed "I'm voting for Obama, I don't care if he raises my taxes I just want this economy fixed!". Keep in mind most people on Wall Street are just doing their jobs, the fact that banks took excessive amounts of leverage and things like that was due to deregulation and decisions from the top.

Maybe after that he'll get around to repairing his spite-damaged mind.

What a sad little creature he is. Living a life he hates just long enough to spit in the face of everyone he shook hands with.

He'll be back.

"Today I write not to gloat." Then he gloats for two pages.

HEDGE SLAMMER
(Sledge Hammer, Peter Gabriel)
WilliamBanzai7

You could have a net gain
If you just laid on your back
You could have your P&L flying
When leverage was cheap and
the market wind was at your back

All your trades were long
2/20 was easy and it was sweet

You could be a swinging big dipper
Going up and down, all around the bends
You could have three fast ferraris bumping
You thought the performance fees would never end

Now the markets a hedge slammer
Why don’t you call it a day
Oh the markets just a hedge slammer
This will be your testimony
Now you have to earn a fair wage
the old fashioned way
Cos life’s hard for a hedge hog
You don’t have to be a sage to know
Money don’t grow on trees