Hedge-fund manager's goodbye letter

BigT

BigT

CAGiversary!
http://www.bankersball.com/2008/10/19/andrew-lahde-letter-goodbye-idiot-bankers/

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVUE96d.HKyw&refer=home

This stuff is great.
Andrew Lahde, the hedge-fund manager who quit after posting an 870 percent gain last year, said farewell to clients in a letter that thanks stupid traders for making him rich and ends with a plea to legalize marijuana.
Click to expand...
I like this guy... he brings up a lot of good points... some of us (like me) sacrifice much of our young lives working to constantly be ranked in the 99th percentile of our competition. I've worked crazy hours and have stayed up for >35 hours at a time; I have worked my ass off and out-competed countless people to get into top 10 programs with
 
I loved the rant on open source government. I'm an open source disciple and think it's great (cept for the Soros part, maybe not so much).

I'm a senior at a business school now. The biggest scumbags by order of magnitude are the finance guys. For a $5 spot, they'd beat you with a pool cue until you had detached retinas.
 
What an idiot. At 37 he's ruined his health, missed his youth, and by his own admission done nothing worthwhile.

In approx 6 months he's going to get bored and regret burning his bridges and pissing on the embers - I've seen this type of thing happen before.

He's absolutely right about American aristocracy - only thing is he has his head so far up his ass he can't see that his entire life has been devoted to the problem not the solution.
 
[quote name='camoor']What an idiot. At 37 he's ruined his health, missed his youth, and by his own admission done nothing worthwhile.[/QUOTE]
To be fair, you've just indicted virtually every business person, lawyer, and anyone else chasing the brass ring, which is just about everyone.
 
[quote name='speedracer']To be fair, you've just indicted virtually every business person, lawyer, and anyone else chasing the brass ring, which is just about everyone.[/quote]

An indictment is required before a conviction.
 
[quote name='BigT']some of us (like me) sacrifice much of our young lives working to constantly be ranked in the 99th percentile of our competition. I've worked crazy hours and have stayed up for >35 hours at a time; I have worked my ass off and out-competed countless people to get into top 10 programs with
 
[quote name='mykevermin']For all your self-aggrandizing, I hope that this one day happens. You need some humbling.[/quote]

You shouldn't wish ill on others.

He could get into a car accident tomorrow and have no way to practice medicine ever again.

Then, he'll be flipping burgers next to a GED failure, but with all those student loans he can't bankrupt on.
 
[quote name='camoor']What an idiot. At 37 he's ruined his health, missed his youth, and by his own admission done nothing worthwhile.[/quote]

So, if someone who is poor or middle-class reaches this conclusion, it's a "Mid-Life Crisis", but if you're rich, then you're an "idiot". Interesting observation.

~HotShotX
 
[quote name='speedracer']To be fair, you've just indicted virtually every business person, lawyer, and anyone else chasing the brass ring, which is just about everyone.[/quote]

Not really. One of my buddies wanted to start a business, work our asses off and retire ~40 with all the cash in the world. Not me.

I'd rather work a more balanced schedule and enjoy my life including some activities outside of working. What would you rather remember about your youth when you're on your deathbed - all that exhausting overtime guzzling junk food and coffee in pursuit of the big score or that fall weekend when you hiked through the national park with friends just when the leaves were changing color?

I realize others will think different, it's just my opinion.
 
Yeah, that's a to each their own lifestyle choice.

I work very hard, but I don't do it to make as much money as possible, my field pays pretty crap for the amount of work required to succeed. I just enjoy the work I do and think it's important. I still enjoy my hobbies and social life, but definitely have less time for it than people with 9-5 jobs they don't have to take home with them.
 
[quote name='HotShotX']So, if someone who is poor or middle-class reaches this conclusion, it's a "Mid-Life Crisis", but if you're rich, then you're an "idiot". Interesting observation.

~HotShotX[/quote]

I think most poor and middle-class people with jobs actually do things that are worthwhile. I sure appreciate the home that I live in, the food that I eat, the cleanliness of my office surroundings. It's hard to feel like a failure if you helped build a 20 foot sky-scraper - that's impressive, that's real.

On the other hand if I spent the most productive years of my life as a drain on society, producing nothing while charging outrageous fees, and somehow managed to hold on to some vestige of a soul, I would probably feel as bitter as this guy :D
 
[quote name='fatherofcaitlyn']You shouldn't wish ill on others.

He could get into a car accident tomorrow and have no way to practice medicine ever again.

Then, he'll be flipping burgers next to a GED failure, but with all those student loans he can't bankrupt on.[/quote]

Nah, I've got it covered:

If I get a head injury, I can still be a surgeon or orthopaedist.
...arm injury, I'll just be an endocrinologist or some other non-procedurally based specialty.
...para/quadraplegia, I'll just be a radiologist or pathologist.

It's all good... ;) I can still switch fields.
 
[quote name='BigT']Nah, I've got it covered:

If I get a head injury, I can still be a surgeon or orthopaedist.
...arm injury, I'll just be an endocrinologist or some other non-procedurally based specialty.
...para/quadraplegia, I'll just be a radiologist or pathologist.

It's all good... ;) I can still switch fields.[/quote]

And a nervous breakdown?

EDIT: The only time Dave Ramsey couldn't offer real advice was the vet with $100K in student loans and mentally incapable of performing vet work.
 
[quote name='dmaul1114']Yeah, that's a to each their own lifestyle choice.

I work very hard, but I don't do it to make as much money as possible, my field pays pretty crap for the amount of work required to succeed. I just enjoy the work I do and think it's important. I still enjoy my hobbies and social life, but definitely have less time for it than people with 9-5 jobs they don't have to take home with them.[/quote]

Careers vs. Jobs.
 
[quote name='fatherofcaitlyn']And a nervous breakdown?

EDIT: The only time Dave Ramsey couldn't offer real advice was the vet with $100K in student loans and mentally incapable of performing vet work.[/quote]

Then I'd do psychiatry where I would relate to my patients well... or I'd get an MBA as well and go into administration... they're all crazy anyway.

Student loans are truly evil... I took advantage of multiple scholarships, lived like a pauper for many years, and managed to "only" take out 100K, but I know people who have 350K... I feel sorry for people who go to certain private med schools where tuition alone is ~46K per year... because of the easy availability of student loans and high demand/positions ratio, they can charge whatever the hell the want...
 
[quote name='camoor']It's hard to feel like a failure if you helped build a 20 foot sky-scraper - that's impressive, that's real.[/quote]

Not by Dubai standards, it's not ;)
 
That guy is my hero, just for having the guts to say all of that.

I would laugh though, if it turned out he was high while writing that letter.:lol:
 
[quote name='cochesecochese']Not by Dubai standards, it's not ;)[/quote]

Lol, I didn't notice that. The sky isn't as high as it used to be.
 
[quote name='fatherofcaitlyn']Careers vs. Jobs.[/QUOTE]

That's a good way of putting it I suppose.

People should strive for careers they enjoy and think are worthwhile and not just settle for jobs that pay the bills.

Life is pretty miserable if you have jobs you don't like and especially if you have a job you hate.

It doesn't matter what that career is, just find something you like doing that earns you a good living. There's no point in slaving away at a job you loathe just to attempt to get rich IMO.

You have to do what it takes to earn a comfortable living, support a family etc. as that's simply necessary. But life's much better if you can do that in a career you enjoy and don't begrudingly go to work each day to pay the bills or load up the trust funds.
 
[quote name='cochesecochese']Not by Dubai standards, it's not ;)[/quote]

:lol:

My very own Spinal Tap moment

this-is-spinal-tap-1.jpg
 
I'd rather get paid than be happy at work. If a horrible job takes care of family and myself than I am happy, that and I would like to own/keep a house until I am dead so my kids can fight over who gets to live there when I am shoved off of this mortal coil.
 
[quote name='cindersphere']I'd rather get paid than be happy at work. If a horrible job takes care of family and myself than I am happy, that and I would like to own/keep a house until I am dead so my kids can fight over who gets to live there when I am shoved off of this mortal coil.[/QUOTE]

Like I said, being able to live comfortably and take care of your family is of course the number 1 goal.

But it's much better to do that in a job you enjoy vs. one you hate. That's all I was saying.

And it's better to work a job you love, which gives you and your family a nice, decent middle class life than to work 80+ hours a week in a job you hate leaving you little time for family and friends in effort to get rich.

But to each their own I guess. I just see life as much more enjoyable if you're career both takes good care of you and your family and is something you enjoy and find worthwhile. I've never met anyone who hated their job who was happy in life and pleasant to be around.
 
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