Thread: So long, suckers.

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  1. #1 So long, suckers. 
    Senior Member LogansPapa's Avatar
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    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.

    "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."

    http://www.guardian.co.uk/business/2...king-useconomy
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  2. #2  
    Senior Member LibraryLady's Avatar
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    Damn! I thought you were leaving CU.
    This is bigger than presidential politics. This is a battle for America.
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  3. #3  
    Good for him. They were idiots and a lot of them are over-privileged.
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  4. #4  
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    Quote Originally Posted by Gingersnap View Post
    Good for him. They were idiots and a lot of them are over-privileged.
    He shorted those financial companies that had large exposure to the housing/credit market. He made his money legit. However, the suckers he is talking about in many instances were not people in upper management because they saw the freight train wreck coming and got out. Thousand of investors got hosed and people lost their jobs because of either crooked/ incompetent managers. Those yo yo's should be held accountable. There should be investigation of the fat cats and sued if they misled the board or investors like the CEO of Lehman Bros, Fannie & Freddie.
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  5. #5  
    Quote Originally Posted by lacarnut View Post
    He shorted those financial companies that had large exposure to the housing/credit market. He made his money legit. However, the suckers he is talking about in many instances were not people in upper management because they saw the freight train wreck coming and got out. Thousand of investors got hosed and people lost their jobs because of either crooked/ incompetent managers. Those yo yo's should be held accountable. There should be investigation of the fat cats and sued if they misled the board or investors like the CEO of Lehman Bros, Fannie & Freddie.
    When the dust settles, I doubt they will be able to prove that "the average" investor was mislead directly. Management has always been full of opportunists and fools. Companies fail every day for that very reason. The suckers this guy is talking about are exactly the upper management types who had the decision-making authority all those years.

    That those fools milked the cow until she died and now Bob the Farmer has no milk for his kids isn't this guy's point. His indictment is completely focused on the train wreck that happens when class issues get multiplied by inflated educational expectations and whole thing gets divided by reality.
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    Quote Originally Posted by Gingersnap View Post
    When the dust settles, I doubt they will be able to prove that "the average" investor was mislead directly. Management has always been full of opportunists and fools. Companies fail every day for that very reason. The suckers this guy is talking about are exactly the upper management types who had the decision-making authority all those years.

    That those fools milked the cow until she died and now Bob the Farmer has no milk for his kids isn't this guy's point. His indictment is completely focused on the train wreck that happens when class issues get multiplied by inflated educational expectations and whole thing gets divided by reality.
    What I meant to say is that the suckers he was referring to were in upper management. However, in many cases they were the ones that came out smelling like a rose. The CEO's of some of these companies walked away with millions while investors saw their investments go down the tube. In other words, I would have used the word greedy, incompetent or crooked rather than suckers in referring to the top management brass.

    His hyberole about education is bull shit. Shorting stocks is a crap shoot and he came to the correct conclusion. He made a lot of money because he was on the right side. Many, many millionaires have been made investing in the stock market. This guy is no Einstein. The reality is that smart people like Warren Buffet have lost their ass this year in the market. B.H. is down over 40%. Buffet bought G.E. and in one week it dropped like a rock. I don't deny that the housing market was a pyramid scheme that was bound to fall because it had appreciated to high and because of excesses in the market and lending.
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  7. #7  
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    Quote Originally Posted by LibraryLady View Post
    Damn! I thought you were leaving CU.
    LOL! (when I posted this - I knew somebody would say that) No such luck, Lady.;)
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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