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Andrew Ladhe Goes Too Far

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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 man who's just as distraught about the state of the markets, perhaps even more so, judging by last week's meltdown and who is trying to cope with it in his own way, 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.

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.


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