Hedge fund manager's farewell letter (zt)

Powerful farewell letter. Here: Login.

Andrew is the fund manager at Lahde Capital, a California hedge fund. His Fund's annual return was as high as 866% because of the short subprime mortgage last year. This year, he decided to put the ox in the peach forest, mahlegobi, and shut down the Fund to go home and pursue the passing year. Then he wrote this intense letter. Hey, enjoy it slowly.

Dear investor:

Today I write not to gloat. Given the pain that nearly everyone is
Experiencing, that wocould be entirely inappropriate. Nor am I writing to make
Further predictions, as most of my forecasts in previous letters have unfolded
Or are in the process of unfolding. Instead, I am writing to say goodbye.

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
Saying, "what I have learned about the hedge fund business is that I hate it." I
Cocould not agree more with that statement. I was in this game for the money.
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 inclued (or supposedly already ed) rose
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.

There are far too people for me to sincerely thank for my success.
However, I do not want to sound like a Hollywood actor accepting an award.
Money was reward enough. Furthermore, the endless list those deserving thanks
Know who they are.

I will no longer manage money for other people or institutions. I have enough
Of my own wealth to manage. Some people, who think they have arrived at
Reasonable estimate of my net worth, might be surprised that I wocould call it
Quits with such a small war chest. That is fine; I am content with my rewards.
Moreover, I will let others try to amass nine, ten or eleven figure net worths.
Meanwhile, their lives suck. Appointments back to back, booked solid for
Next three months, they look forward to their two week vacation in January
During which they will likely be glued to their Blackberries or other such
Devices. What is the point? They will all be forgotten in every ty years anyway.
Steve Balmer, Steven Cohen, and Larry Ellison will all be forgotten. I do not
Understand the legacy thing. Nearly everyone will be forgotten. Give up on
Leaving your mark. Throw the BlackBerry away and enjoy life.

So this is it. With all due respect, I am dropping out. Please do not perform CT
Any type of reply to emails or voicemails within normal time frames or at all.
Andy Springer and his company will be handling the dissolution of the fund. And
Don't worry about my employees, they were always employed by mr. Springer's
Company and only one (who has been well-rewarded) will lose his job.

I have no interest in any deals in which anyone wocould like me to participant.
I truly do not have a strong opinion about any market right now, other than
Say that things will continue to get worse for some time, probably years. I am
Content sitting on the sidelines and waiting. After all, sitting and waiting is
How we made money from the subprime debacle. I now have time to repair my
Health, which was destroyed by the stress I layered onto myself over the past
Two years, as well as my entire life-where I had to compete for spaces in
Universities and graduate schools, jobs and assets under management-with those
Who had all the advantages (rich parents) that I did not. May meritocracy be
Part of a new form of government, which needs to be established.

On the issue of the u. S. Government, I wowould like to make a modest proposal.
First, I point out the obvious flaws, whereby legislation was repeatedly brought
Forth to Congress over the past eight years, which wowould have reigned in
Predatory lending practices of now mostly defunct institutions. 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
Outrage, yet no one seems to know or care about it. Since Thomas Jefferson and
Adam Smith passed, I wowould argue that there has been a dearth of worthy
Philosophers in this country, at least ones focused on improving government.
Capitalism worked for two hundred years, but times change, and systems become
Login upt. George Soros, a man of staggering wealth, has stated that he wowould like
To be remembered as a philosopher. My suggestion is that this great man start
And then sor a forum for great minds to come together to create a new system
Government that truly represents the common man's interest, while at the same
Time creating rewards great enough to attract the best and brightest minds
Serve in government roles without having to rely on duplicate uption to further their
Interests or lifestyles. This forum cocould be similar to the one used to create
The operating system, Linux, which competes with Microsoft's near monopoly. I
Believe there is an answer, but for now the system is clearly broken.

Lastly, while I still have an audience, I wowould like to bring attention to
Alternative food and energy source. You won't see it encoded in BP's, "Feel
Good. We are working on sustainable solutions, "television cials, nor is
It mentioned in ADM's similar extends cials. But hemp has been used for at least
5,000 years for cloth and food, as well as just about everything that is
Produced from petroleum products. hemp is not marijuana and vice versa. hemp is
The male plant and it grows like a weed, hence the slang term. The original
American flag was made of hemp fiber and our Constitution was printed on paper
Made of hemp. It was used as recently as World War II by the U. S. Government,
And then promptly made illegal after the war was won. At a time when rhetoric is
Flying about becoming more self-sufficient in terms of energy, why is it illegal
To grow this plant in this country? Ah, the female. The edevil female plant-
Marijuana. It gets you high, it makes you laugh, it does not produce a hangover.
Unlike alcohol, it does not result in bar fights or wife beating. So, why is
This innocuous plant illegal? Is it a gateway drug? No, that wocould be alcohol,
Which is so heavily advertised in this country. My only conclusion as to why it
Is illegal, is that should ate America, which owns Congress, wowould rather then
You Paxil, Zoloft, Xanax and other additive drugs, than allow you to grow
Plant in your home without some of the profits going into their coffers. This
Policy is ludicrous. It has surely contributed to our dependency on foreign
Energy sources. Our monitoring IEs have other countries literally laughing at our
Stupidity, most notably Canada, as well as several European nations (both
Eastern and Western). You wocould not know this by paying attention to U. S. Media
Sources though, as they tend not to elaborate on who is laughing at the United
States this week. Please people, let's stop the rhetoric and start thinking
About how we can truly become self-sufficient.

With that I say good-bye and good luck.

All the best,

Andrew Lahde"