Hedge fund whiz Andrew Lahde lashes out while cashing in
By Josh Friedman, Los Angeles Times Staff Writer
October 18, 2008
Andrew Lahde, the Santa Monica hedge fund manager who shot to fame with an 870% gain last year by betting on the subprime mortgage collapse, has left the building -- with a bang.
Lahde, 37, who closed his operations last month citing the risk of trading with teetering banks, said goodbye Friday to his clients and good riddance to the investment world with a stinging, widely circulated letter skewering "idiot" traders, the U.S. government and marijuana laws.
"I was in this game for the money," Lahde wrote in the two-page missive, saying he would now focus on his personal portfolio of unspecified millions. "The 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 received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Bros. 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."