http://www.portfolio.com/views/blogs/daily-brief/2008/10/17/hedge-fund-manager-goodbye-and-f-you
dope, thanks buddy.
that is awesome. I quit. you suck. don’t bother me. let’s all get high.
Just read this one a moment ago. WHAT A STORY. If only… Willy
Very interesting, he surprised me with all that hemp talk. My favorite quote: “Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, “What I have learned about the hedge fund business is that I hate it.” I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. 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. All of this behavior 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.”
virginCFAhooker Wrote: ------------------------------------------------------- > that is awesome. > > I quit. you suck. don’t bother me. let’s all > get high. LOL
he’s holds CFA and MBA from UCLA.
self-righteous spiel
If I were in his shoes, I would do the same exact thing. It’s probably bad that I’ve become disillusioned so quickly. Throw the Blackberry away. If only we all could…
virginCFAhooker Wrote: ------------------------------------------------------- > This is him on the right: > http://www.collegehumor.com/video:1827416 +1000000 That video just made my day
So, this guy got lucky, hoarded tons of money and now will just step away without even attempitng to help humanity like BGates and other philanthropist. Good job
Awesome, this guy rules hard. I wrote this letter mentally years ago, you don’t have to be a successful hedgie to get your priorities straight, success just gives some people the courage to do so. Am quite happy with my decent salary, 7hr work day, zero stress life. Just cant understand these blackberry-on-vacation over achiever finance types I occasionally meet. It is all about diminishing returns, sure I could work harder, and those 3 units of extra work would get me another 1 unit of wealth to buy crap I don’t need, and then work even harder to buy servants to maintain all the crap that I bought that I didn’t need…or I could say screw that and be unreachable on vacation with my hot asian girlfriends! 
Be free, say no thanks to the man, run wild!
Wow… this guy made a ton of money betting that Americans would lose their homes, and he believes that qualifies him to write a long diatribe on everything from Dick Fuld to the legality of marijuana. I mean, you’d think he was the first person to make money betting against the market. Yes there is an aristocratic society in America that has more advantages in life. Thats capitalism, and he’s a part of it. Get used to it Secondly, a lot of *normal* people work much harder then bankers and hedge fund managers and earn MUCH less. These people don’t have the luxury of just deciding to pack things up whenever they’re feeling cynical about their industry. Why would you knock the very industry that allowed you that luxury? So, he made a ton of money doing what was probably extremely risky (800% gain? hello people). This is no different than what all those “evil ivy league” bankers were doing, only he just happened to be on the right side of the fence. Big f-ing deal.
the thing is this guy is from Santa Monica. Seems like everyone who made a killing w/ the subprime fallout was living right where it all started. You smell the sh*t quick when you are living in the bowl. There is also the PIMCO guy who warned the bell and saved their @sses… based in OC. I saw the absurdity of the situation, you couldn’t help but see it- it was smacking everyone in the face in SoCal, but was not knowledgeable enough to know how to profit from it- and probably would have chickened out if I did. I lived in Santa Ana- average per capita income=$12,152, 80% of SAUSD students participate in free or reduced-price meal programs, yet everyone was buying homes in 2006- average prices reached 600k! And these are small housed with bars on the windows. Marketing was like used car advertising… ‘no down payment’, ‘everyone approved’… gov’t will get YOU, Juancho the gardener a 500k house because its the american dream! Now 1 in 88 is on brink of foreclosure and prices are down 30%. Better yet, during an Oct. 3 foreclosure auction at the Santa Ana courthouse, 33 out of 34 properties went back to the bank because NO ONE bid. Same was happening all over OC/LA. Ever see an episode of “Flip that House” with people making 100k on houses selling for 500k in Watts, as in ghetto get killed on the corner Watts. Hindsight is 20/20 right- looking back now I don’t know how this could NOT have happened. But I also would have never thought the consequences would be so severe and widespread. I always thought those ppl would be screwed and lose their homes, but I never thought to keep going down the reaction chain to see the effects of credit markets, derivatives, etc.
What a nice quote from such a successful and intelligent finance multimillionaire: “The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. 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. All of this behavior 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.” Andrew Lahde, you are the man.
These guys knew all along they were financing crap. They neaked shorted the heck out of people’s 401(k)s and investments. They made themselves rich by first selling this crap and then shorting these garbage stocks back around Nov 2007. Wall St. is nothing but a bagholders ponzi scheme. The few insiders get filthy rich while your average investor, 401(k) and pension fund are the bagholders.
I don’t know how much of what he got is being smart vs. being lucky, but I can’t really take much issue with anything he said. Good luck dude! Invite me to some cool parties if you’re ever in town!
I would take lucky over smart any day. 