Andrew Lahde, 37 year old California based Hedge Fund manager, last year took a speculative position that the sub-prime mortgage market was a catastrophe waiting to happen and invested heavily on that premise… now he bids farewell with a classic “so long, suckers” letter.
I was in this game for the money. 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 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.