Sneering and snide, Andrew Lahde in a letter [read
here] announcing his retirement heaped derision on the finance sector while expressing relief at leaving behind the stress of being a hedge fund manager.
Lahde rose to prominence when it was learned that his Lahde Capital Management bet against subprime mortgage—the security that has laid waste to the finance sector. That call marked Lahde, along with hedge fund manager John Paulson, as a member of an elite few who profited mightily from the subprime mortgage collapse. While Wall Street as well as the hedge fund industry reeled, New York-based Paulson & Co. quadrupled its asset base. Lahde, meanwhile, posted a 1,000% gain.
But unlike Paulson, Lahde has no intention of remaining a member of a profession that made him rich; a profession Lahde, it would seem, has no respect for.
“I was in the game for the money,” Lahde wrote. “The low-handing fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking.”
Those “idiots,” according to Lahde, went on to run AIG, Bear Stearns, Lehman Bros. and the like. “God bless America,” Lahde wrote.
He went on to mock the notion that he is retiring with “such a small war chest.”
“I will let other people try to amass a nine, ten or eleven figure net worth,” he wrote. “Meanwhile, their lives suck.”
Lahde has “no interest” in managing money other than his own. Rather, he said relished the chance to “repair my health, which was destroyed by the stress I layered onto myself” as a hedge fund manager, “as well as my entire life—where I had to compete for space in universities and graduate schools, jobs and assets—with those who had all the advantages (rich parents) that I did not.”
The final paragraph of the letter is devoted to questioning the illegality of marijuana, which, unlike alcohol, “does not produce a hangover” or “result in bar fights or wife beating.”