I get that Andrew Lahde is upset about closing his tiny hedge fund, Ladhe Capital, after returning 866 percent last year betting against that can't miss asset class, subprime mortgages. And I do not begrudge him his need to vent and reflect and get angry. But when you bring an innocent man into your little tirade who's never wished you anything but the best, prompting him to say "HEY!," you go too far. When you DARE to impugn on the integrity of a pillar of Pillsbury who's just as distraught about the state of the markets, perhaps even more so, judging by last week's meltdown that resulted in not only going to cash but an near* wasting of food as demonstrated by throwing a Twinkie at the trader closest to him and knocking over the chocolate fountain on the way out, and who is trying to cope with it in his own way (retreating to his office with 30 boxes of K.Kremes to wait it out), you prompt me to say--YOU BITCH. Portfolio has a copy of Ladhe's "good bye" letter. After reading this early paragraph, I've decided not to read on. You do what's best for you.
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 a reasonable estimate of my net worth, might be surprised that I would 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 the 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 fifty 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.
*He popped back to the floor to scrape it off the guy's face.
Update: I was so blind with rage over the totally uncalled for shout out to Stamford I missed the inclusion of Steve Balmer [sic] in those who shall be forgotten. Are you kidding Ladhe? Are you seriously trying to make the argument the people will ever forget THIS?
If you're being serious, and this might sound harsh but it's the truth, it's amazing you held your fund together this long.
Posted by Lowly Assistant , Oct 17, 2008 12:37PM
Wow.
I get the whole, "Fuck this fucking bullshit life!" thing, but how does one play brickbreaker without a bberry? I mean, Fuld does have that huge version in his finished basement, but if you're on the lam...oh, nm. Zen.
Posted by guest , Oct 17, 2008 12:37PM
Rick’s Cabaret and Tittie Bars (RICK) = $7.49/shr
GM = $6.51/shr
Ford (F) = $2.49/shr
Reliant Energy (RRI) = 4.85/shr
Posted by guest , Oct 17, 2008 12:38PM
Douche. But at least he sounds like a pothead
Posted by guest , Oct 17, 2008 12:39PM
In history we'll all be dead.
Posted by guest , Oct 17, 2008 12:43PM
The bottom is in!!!!
Posted by guest , Oct 17, 2008 12:44PM
Sounds like he and Jimmy Cayne will get along just fine!
Love it
Posted by guest , Oct 17, 2008 12:46PM
blah blah blah blah I'm off to smoke pot, Asswipes.
Posted by guest , Oct 17, 2008 12:46PM
Puff Puff pass... E-mail him at Snoops pad in the valley.
Posted by guest , Oct 17, 2008 12:46PM
Puff Puff pass... E-mail him at Snoop's pad in the valley.
Posted by guest , Oct 17, 2008 12:47PM
blah blah blah blah I'm off to smoke pot, Asswipes.
Posted by guest , Oct 17, 2008 12:47PM
That is a truly legendary Good-Bye letter.
I have never witnessed someone transistion from complaining about his own poor up-bringing, to the creation of think-tanks, to legalizing pot so effortlessly.
Greatest.Good-Bye.Letter.EVER.
Posted by guest , Oct 17, 2008 12:51PM
Is this the guy posting everywhere that people are important and to smell the roses and get out and take a walk and hold someone's hand?
Posted by guest , Oct 17, 2008 12:53PM
This guy sucks. Oh, and money is everything.
Posted by guest , Oct 17, 2008 12:55PM
This guy sucks. Oh, and money is everything.
Posted by chad , Oct 17, 2008 12:56PM
i'm cut and pasting that to my boss.
Posted by Phobos , Oct 17, 2008 12:57PM
I, for one, love it: it's honest.
"Fuck you, fuck you, fuck you, You're cool, fuck you, I'm out."
Posted by guest , Oct 17, 2008 12:58PM
Of course he's whining but there are essential truths in what he says about a number of things. "I hate my job, I hate my bberry but I've been making $3-5 sticks a year for the past five years and I'm kinda glad it's over."
That's what I'm thinkin' anyway. It was a mirage. The mirage is over.
Posted by Joseph di Jersey City , Oct 17, 2008 12:58PM
He sort of loses focus at the end (maybe he was doing bong rips while writing) but that is a great letter. It always amazes when people who have more money than any one person could enjoy can think of nothing better to do with their life than add incrementally to their fortune by continuing in the largely miserable world of finance.
Posted by guest , Oct 17, 2008 1:00PM
i was with him with the "there's more to life part" but in all seriousness he sounds like a total douche when he talks about how OTHER people's lives will suck.
Posted by guest , Oct 17, 2008 1:00PM
Everyone has an amount where they lose all motivation to gain more. His was in the tens of million range. And good for him, hope the rest of his life is stress free.
Posted by guest , Oct 17, 2008 1:01PM
Trust me bitches, click the link.
http://www.youtube.com/watch?v=305vRNoofr8
SPODE
Posted by guest , Oct 17, 2008 1:03PM
Trust me bitches, click the link.
http://www.youtube.com/watch?v=305vRNoofr8
SPODE
Posted by guest , Oct 17, 2008 1:03PM
Trust me bitches, click the link.
http://www.youtube.com/watch?v=305vRNoofr8
SPODE
Posted by guest , Oct 17, 2008 1:05PM
Everyone has an amount where they lose all motivation to gain more. His was in the tens of million range. And good for him, hope the rest of his life is stress free.
Posted by guest , Oct 17, 2008 1:05PM
SPODE I thought you would have learned to post on this site by now you knucklenuts (not clicking on the link)
Posted by guest , Oct 17, 2008 1:06PM
I did not click the button three times. Server problems.
SPODE
Posted by guest , Oct 17, 2008 1:08PM
Was Ballmer doing a Cramer impression?
Posted by guest , Oct 17, 2008 1:18PM
I agree with SPODE, DB needs another hampster wheel.
Posted by guest , Oct 17, 2008 1:19PM
Of course he's whining but there are essential truths in what he says about a number of things. "I hate my job, I hate my bberry but I've been making $3-5 sticks a year for the past five years and I'm kinda glad it's over."
That's what I'm thinkin' anyway. It was a mirage. The mirage is over.
Posted by guest , Oct 17, 2008 1:28PM
Is this a suicide note? Wow.
Posted by guest , Oct 17, 2008 1:39PM
Will he move to Singapore now?
Posted by BSD , Oct 17, 2008 1:41PM
@30 - sorta. It's making sure nobody will ever hire him again, so he can't change his mind later. Burning the bridge.
Posted by guest , Oct 17, 2008 1:41PM
So only the LEH execs are going to be held responsible for this mess? Why?
Posted by guest , Oct 17, 2008 1:46PM
He's awfully bitter for someone who basically just hit the jackpot. I predict that I will be happier working in finance than that douche will be chain smoking hooch.
Posted by BSD , Oct 17, 2008 1:48PM
@34 - I don't know about that, you can get some really good shit from Cayne's Private Hoochidor with that much cash...
Posted by whatelseisgoingon , Oct 17, 2008 1:52PM
CNBC just reported this... I agree that they just read DB all day.
Posted by guest , Oct 17, 2008 1:57PM
What totally pisses me off is that they give no credit to dealbreaker. At least gasparino gives credit when it was due. That's how I found this site, he mentioned it.
Posted by guest , Oct 17, 2008 1:58PM
All I can say is he must have been a magician, if he "returned 866 percent betting AGAINST the subprime collapse"
Posted by guest , Oct 17, 2008 2:00PM
I think he is trying to say that WS brought this on themselves and that so many hedge funds grew up out of the need to teach the pompous jerks a good lesson.
Problem is, the collateral damage, main street, particularly the baby boomers.
Posted by guest , Oct 17, 2008 2:05PM
There are always guys that hit the lottery...
However, that is not investing....
Staying in the game and being consistent with good returns is a true investor... like Buffett.
Posted by guest , Oct 17, 2008 2:05PM
Places like GS shut out anyone who didn't go to an IVY. That really makes those who didn't go want to teach the pompous Harvard guys a lesson. Essentially, he and other hedgies did.
Posted by guest , Oct 17, 2008 2:06PM
There are always guys that hit the lottery...
However, that is not investing....
Staying in the game and being consistent with good returns is a true investor... like Buffett.
Posted by guest , Oct 17, 2008 2:07PM
There are always guys that hit the lottery...
However, that is not investing....
Staying in the game and being consistent with good returns is a true investor... like Buffett.
Posted by guest , Oct 17, 2008 2:20PM
He is right! He stuck it to those Harvard suits.
Posted by diablo , Oct 17, 2008 2:21PM
@30
This is not a suicide note. It's quite the opposite.
Posted by guest , Oct 17, 2008 2:42PM
Portfolio.com commentators are like Yahoo Finance Tier 2
Posted by guest , Oct 17, 2008 3:11PM
Straight balling it. He's going to take his winnings and just smoke on it. All you hippies turned quants will understand
Posted by guest , Oct 17, 2008 3:29PM
Never saw that Steve B video before. That is f*cking crazy.
Posted by guest , Oct 17, 2008 3:49PM
Hemp does have legitimate potential as a resource for producing or helping to produce an endless number of things. As for recreating our government, that will never happen. Pretty good letter
Posted by guest , Oct 17, 2008 3:50PM
Hemp does have legitimate potential as a resource for producing or helping to produce an endless number of things. As for recreating our government, that will never happen. Pretty good letter
Posted by guest , Oct 17, 2008 5:17PM
@8/9 Snoop doesn't live in the valley.
@31 funny...I was thinking the same thing
Great letter though
Posted by guest , Oct 17, 2008 8:01PM
let's see.
S Cohen - made money for investors; Larry E - introduced one of the most useful database software, improved efficiency of whoever uses it, etc.
Andrew Ladhe - screwed up his investors, blames market and was pawned to such extend that hopefully we will never see his name as hedge fun manager. His logic is solid though "hey since I failed in leaving any legacy after myself, why don't I turn it around, and proclaim my failure is an achievement... "
Posted by guest , Oct 17, 2008 8:04PM
I'm thinking the guy is pretty fing awesome. Everyone who is hating on this guy has a net worth that is probably 10% of what it was the last time they had a Christmas tree or a Hannakuh pole up.
Posted by Investorcluzo , Oct 17, 2008 8:26PM
he's grandstanding good for him - better to be lucky than smart. the ironic thing is that he IS creating a legacy by writing the letter (or rant). he fooled you again! clever that guy...until we find out the fund wasn't audited and he was really down for the year (oops).
Posted by guest , Oct 18, 2008 7:12PM
Funny almost forgot about Equity Private's hatred of Stanford...
I guess studying in the freezing cold of the east coast makes one bitter
Congrats to Ladhe to getting out before the industry broke him.
Posted by MarshallStack , Oct 20, 2008 1:48PM
How much did this guy run?
Before mutliplying it 10X in 2007.
Posted by guest , Oct 20, 2008 7:00PM
"I have no interest in any deals...[or] a strong opinion about any market right now, other than to say that things will continue to get worse for some time... I am content sitting on the sidelines...[and not] 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."
I have trouble looking at this a guy as a cool guy, I agree with a lot of posts but i must admit, he makes himself out to be some kind of oracle or battle-hardened, old world financier; please, the guy hit the thing at the right time. We could do it too, maybe his "new government" will get a F/U letter when they increase his taxable income.
Posted by guest , Oct 21, 2008 1:10AM
"Since Thomas Jefferson and Adam Smith passed, I would 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 corrupt."
Adam Smith was Scottish!
Maybe he meant it in the sense that the USA used to be part of Britain, where Jefferson was a citizen before writing the ultimate FUCK YOU document. I could see how this guy would be a Jefferson fan.
Posted by guest , Oct 21, 2008 7:08AM
There is some truth in what he is saying but when you've had the benefits and opportunity of making your millions and then turn around and complain about the system - this seems to me somewhat hypocritical!!
Posted by guest , Oct 22, 2008 1:11PM
re guest @ #58, I suspect Lahde knows Smith was Scottish, and also that he died before Jefferson. Re comments he was lucky in his decision making, not lucky, smart: the one eyed man in the land of the blind actually doing well, unlike in the H.G. Wells story "Kingdom of the Blind".
I just hope he's enough out of the general fog to take his loot and leave California and all coasts, for by standard geology there will soon be earthquakes under ice of Greenland and West Antarctica sufficient to move megatons of the lightening glaciers into the waiting seas. (Summer of 2007 had first reported small ones under NW Greenland, and for this reason.) For more on subject, all based on mainstream sources, google "plushtown". For $1000 offer for refutation of my basic argument made several times last 2 years, google: plushtown $1000. No attempted takers so far.
More complicated is where he should go inland, i.e. what will happen when thermohaline system alters drastically, coupled with the brand new sun cycle, and what will happen with political/power systems.