Andrew Lahde’s Farewell Letter. Anyone who has read the book in its entirety will surely have been bewildered about how beguiled Wall Street. Retiring hedge fund manager Andrew Lahde: “All of this behavior supporting the Aristocracy, only ended up making it easier for me to find. Andrew Lahde’s goodbye letter (and what’s wrong with our country). One of my next posts, that has been coming together in my head for a.
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Andrew Lahde’s goodbye letter October 17, 3: I don’t want to laugh at all of you who lost money, but I have to say, bwahahahahahasuckers. You didn’t mention the best part- he advocates marijuana legalization at the end of letter. He’s like a smart Ricky Williams: This guy is my hero. He seems to be under some delusion that he was the only guy who thought the mortgage market was a debacle in the making.
The only thing special about him was that he got lucky as to when he put his massively levered short positions on. He was either going to be a fareell or a zero. Lots of people as smart or smarter lstter him ended up zeros because they thought the market was on a precipice in instead of So yeah, just more hubris from a hedgie. BTW he obviously is smart but I just wish he said “Yeah I got crazy lucky and now I’m out of here” Def entertained by the last paragraph.
I’m quite sure I’ll be re-reading that again this weekend. People’s republic of Santa Monica representin’. Off with his head. I love it when people open up and show who they really are, for even a moment. This guy likes smoking weed and making money.
I andred hate him too much. He’s eschewing the perennial desire to ‘make your mark,’ reminding all these hubris-filled workaholics that they won’t even be footnotes in the history books. When I say he’s my hero, it’s because I’d do the same thing in his shoes.
You only get one life, and many people are stuck on going through the motions of pursuing money even when they don’t need it. He’s been in the news a bit because he’s a loudmouth.
The FT blog had posted farewell returns. Do you notice anything looking at them? You should — he didn’t start the large fund until the end ofand it didn’t start performing until This was a one-time-trade of a fund.
He cites counterparty risk as a reason for getting out of the game, but I bet you dollars to donuts that his prime broker put limits on his leverage. Without leverage his upside is limited, and there may be downside should housing start to recover. It may be better for his reputation to just get out of the game now, and start a new fund with different focus.
It’s not like he had a ton of investors. Pretty interesting rant, there. I’m inclined to agree at least in part with most everything he says, but I can’t ignore that he’s fired off this little polemic right before shuttering his business and presumably withdrawing from public life altogether. He talks a big game, but it seems like he’s decided to leave the heavy lifting to others.
I’m curious what are his plans, if any, lwhde his possible advocacy of these issues?
Or what other reasons he might have to close shop. Right now I see it like this: I know I know, I’m amazing, but I should be able to squeak by for at least a little while with 8 figures. Plus, most of you are awful, I don’t know if you knew that. I’m above it all now though, and the air is better up here.
Andrew Lahde’s open letter: “Goodbye and F**k You”
So good luck with all that Soros should be able to handle most of it. By the way, did you know how amazing hemp is?
Or that marijuana is safer than alcohol and prescription drugs?! Food for thought; at least for you it is. I’ve feasted already and now I think I’ll head lettwr the wine cellar to find a nice port. Anyway, ,etter you want to contact me, don’t bother. What makes him an asshole?
Is this part of the delusional idea that shorts are somehow causing our problems? In fact, the opposite is true. If it wasn’t for the shorts, the problems would have gotten a lot worse before crashing.
Well, they do say that the Lahde helps those who help themselves. I’m just gonna go ahead and apologize for that right now. Marijuana prohibition was initiated for precisely that reason–corporations like Dow wanting to push their new synthetic processes for plastic, and concerned that the cheapness and versatility of hemp would hinder their growth in that market.
Of course, the subsequent entrenchment of the war on drugs, the DEA, and other bureaucratic money sinks made the established status quo all the easier to retain. Regardless of whether this guy essentially profited from others’ misery, it’s refreshing to see someone in his position who yet sees the true value of money; it’s very rare that you’ll find an individual so driven to make money, who also has the ability to then say, “Okay, 20 million.
Time to go do something that’s actually fulfilling to me. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency OCC. Its mission is to ensure the fiscal soundness of national banks. For years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function.
But a few years ago, for the first time in its history, the OCC was used as a tool against consumers. Induring the height of the predatory lending crisis, the OCC invoked a clause from the National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative.
The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.
Pretty darn effective trolling, designed to provoke an emotive reaction I hate you s. Who in his right mind would have wasted time irritating plebs and clients, let alone pretend to have some guilty coscience, after fixing all of his financial problems forever? That smells like he has got to make believe he’s soluble, whereas he has but words to offer. You know, my eyes work pretty great, but whats with the small lettering?
Thanks for the post for which I will be sharing with others. I like how terrible a writer he is. You really don’t have to be a genius to get rich managing hedge funds, do you?
Sorry for the eyestrain, Captain. It was a lot of info– I was just trying to take up less real estate here in this thread. This is exactly what makes this letter disgust me. People like Warren Buffett who fled the derivatives market entirely are the smart and responsible businessmen who deserve our respect. This guy is just yet another sociopath in a business full of them, that happened to be luckier than the people he bet against. If you’re going to villify hedge fund managers, you at least gotta be consistent.
This note was pretty funny. It doesn’t really teach us anything other than the guy is a loudmouth jerk. There are thousands of guys like this running hedge funds, and I imagine most of them are loudmouth jerks. Hope they like each other’s company.
Andrew Lahde’s goodbye letter (and what’s wrong with our country)
Actually, I was pretty impressed on that count, considering. I figured it would be a bland, dictated tone, all as-told-to the ghostwriter before he fucked off to the golf course. At letter he seems to have typed it with his own ten fingers. I still don’t understand the hating on short sellers. Just like making money on a stock going up, you can make money on the stock going down. It’s a zero sum game either way.
I wouldn’t call it “making money on other people’s misery”, in any fashion. For me I work in the industry I feel like vilifying short sellers is just like people getting upset when someone won’t buy a house these days for it’s list price – as if there was some sort of obligation for people to always make money on farweell deal?
This guy made a very good gamble on when the subprime stuff would pull everything else down, and certainly others tried to do the same and got wiped out because their timing was off. Speculation isn’t a crime. Would you lahce upset if he had lost everything? I was pleased to read that he’s doing a smart thing and walking away while he’s up, something that most gamblers don’t know how xndrew do.
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And of course we all know he’s going to be spending all his upcoming years at his luxury flat in Amsterdam, toking his brains out. Yeah, the guy is basically a prick, but that’s kind of the territory that a Type-A person who would be in his position treads in. Somehow I’m supposed to respect him since he’s leaving the business now that he’s earned his own. Where I completely lose respect for him is that he supposedly knew how horrible the situation was for all those years, and rather than do something about it, he tucked in his greed and fed at the table while a whole lot of ordinary people are getting taken.