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• derek - Oct 24 2008 | business, news, finance, hedge funds

  Quoted: 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.

  • sung - Oct 24 2008
    

    nice - would like to see the actual letter

  • derek - Oct 25 2008
    

    http://bigpicture.typepad.com/comments/2008/10/andrew-lahde-go.html

  • sung - Oct 25 2008
    

    awesome~
• srainier - Oct 22 2008 | people, business, news

  This is priceless:

  Quoted: 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.

  Quoted: "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.

  Quoted: "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."

  So how well did he do?

  Quoted: Lahde became one of the biggest names in the investment industry when one of his funds produced a return of 866% last year, largely by forecasting the US home loans industry would collapse.

  I wouldn't mind that rate of return.

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