buckeyemike Posted October 21, 2008 Share Posted October 21, 2008 Linky. Certainly an interesting read, but I'm not sure what to make of it. Link to comment Share on other sites More sharing options...
BarkLessWagMore Posted October 21, 2008 Share Posted October 21, 2008 Linky. Certainly an interesting read, but I'm not sure what to make of it. In an industry full of a**holes, he was one of them. Personally, I love when people point fingers at a system that benefited them on their way out, it's very becoming. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 21, 2008 Share Posted October 21, 2008 In an industry full of a**holes, he was one of them. Personally, I love when people point fingers at a system that benefited them on their way out, it's very becoming. Good to see you understood why he's leaving the industry and who he made his money off of. This sounds like great advice to me. His final words of advice? "Throw the Blackberry away and enjoy life." Link to comment Share on other sites More sharing options...
EndZoneCrew Posted October 21, 2008 Share Posted October 21, 2008 "He has a BA, an MA and is a BMF besides.... Bob Bitchin'!" Link to comment Share on other sites More sharing options...
BarkLessWagMore Posted October 21, 2008 Share Posted October 21, 2008 Good to see you understood why he's leaving the industry and who he made his money off of. This sounds like great advice to me. I think I understand perfectly. Of course it's good advice. The difference I think is you are taking his words of wisdom at face value, I don't. If his point was to simplify his life and lower his stress level, I don't think a public letter to all the "idiots" he fleeced along the way would be necessary. He should just have walked away quietly with his spoils, IMO. I doubt even he batted 1.000 in his career. Sounds like a typical pompous d-bag to me, much like the ones he criticizes in his letter. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 21, 2008 Share Posted October 21, 2008 I think I understand perfectly. Of course it's good advice. The difference I think is you are taking his words of wisdom at face value, I don't. If his point was to simplify his life and lower his stress level, I don't think a public letter to all the "idiots" he fleeced along the way would be necessary. He should just have walked away quietly with his spoils, IMO. I doubt even he batted 1.000 in his career. Sounds like a typical pompous d-bag to me, much like the ones he criticizes in his letter. I think the people he made his money off of needed to be called idiots. Instead many of them still have their phoney-baloney jobs while "joe taxpayer" picks up the pieces. Link to comment Share on other sites More sharing options...
eSJayDee Posted October 21, 2008 Share Posted October 21, 2008 I believe the "idiots" that he's referring to are other traders. I can only assume that some/most of the instruments that Hedge funds invest in are "zero sum games" (I used to work in Managed Futures; an industry that some (I feel erroneously) lump in as hedge funds.); it's in essence a battle of brains & for someone to be "smart" & make money, someone else needs to be "dumb" and lose money. Ergo, it IS these idiots that he is competing against that allows him to make $, not his investors. Link to comment Share on other sites More sharing options...
The Dean Posted October 21, 2008 Share Posted October 21, 2008 I think the people he made his money off of needed to be called idiots. Instead many of them still have their phoney-baloney jobs while "joe taxpayer" picks up the pieces. "We have to protect our phoney baloney jobs here, gentlemen! We must do something about this immediately! Immediately! Immediately!" I didn't get a Harrumph outta that guy. Link to comment Share on other sites More sharing options...
KD in CA Posted October 21, 2008 Share Posted October 21, 2008 Seems to me he hit the nail right on the head. Kudos to him for making a loud statement from inside the club citicizing the people who created this friggin disaster. Few others would risk alienating many to speak their mind. "The low-hanging fruit, ie idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking," he wrote. "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," he said. "All of this behaviour 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." Link to comment Share on other sites More sharing options...
Chef Jim Posted October 21, 2008 Share Posted October 21, 2008 "We have to protect our phoney baloney jobs here, gentlemen! We must do something about this immediately! Immediately! Immediately!" I didn't get a Harrumph outta that guy. That's exactly where I got that from. Remember who started the Mel Brooks movie quote thread? Link to comment Share on other sites More sharing options...
The Dean Posted October 21, 2008 Share Posted October 21, 2008 That's exactly where I got that from. Remember who started the Mel Brooks movie quote thread? Harrumph Link to comment Share on other sites More sharing options...
DrDawkinstein Posted October 21, 2008 Share Posted October 21, 2008 I think I understand perfectly. Of course it's good advice. The difference I think is you are taking his words of wisdom at face value, I don't. If his point was to simplify his life and lower his stress level, I don't think a public letter to all the "idiots" he fleeced along the way would be necessary. He should just have walked away quietly with his spoils, IMO. I doubt even he batted 1.000 in his career. Sounds like a typical pompous d-bag to me, much like the ones he criticizes in his letter. he didnt "fleece" anyone. he bet against all the dumbasses who were making money by pushing people in mortgages they couldnt afford. and sure enough, when they collapsed under their own greed, he made out on the deal. Link to comment Share on other sites More sharing options...
KD in CA Posted October 21, 2008 Share Posted October 21, 2008 he didnt "fleece" anyone. he bet against all the dumbasses who were making money by pushing people in mortgages they couldnt afford. and sure enough, when they collapsed under their own greed, he made out on the deal. If a few more people had had the foresight of this guy, we might not be in such a mess now. Link to comment Share on other sites More sharing options...
HopsGuy Posted October 21, 2008 Share Posted October 21, 2008 We had this going around in an email chain last Friday. I don't have an opinion on the guy other than to say "Wow, there's a guy that had a plan for his FU money!" Portfolio had the whole letter in a PDF, but it looks like they took it down. For those interested, here's the entire letter: Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say goodbye. Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, "What I have learned about the hedge fund business is that I hate it." I could not agree more with that statement. 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. There are far too many people for me to sincerely thank for my success. However, I do not want to sound like a Hollywood actor accepting an award. The money was reward enough. Furthermore, the endless list those deserving thanks know who they are. 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. So this is it. With all due respect, I am dropping out. Please do not expect any type of reply to emails or voicemails within normal time frames or at all. Andy Springer and his company will be handling the dissolution of the fund. And don't worry about my employees, they were always employed by Mr. Springer's company and only one (who has been well-rewarded) will lose his job. I have no interest in any deals in which anyone would like me to participate. I truly do not have a strong opinion about any market right now, other than to say that things will continue to get worse for some time, probably years. I am content sitting on the sidelines and waiting. After all, sitting and waiting is how we made money from the subprime debacle. I now have time to repair my health, which was destroyed by the stress I layered onto myself over the past two years, as well as my entire life -- where I had to 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. On the issue of the U.S. Government, I would like to make a modest proposal. First, I point out the obvious flaws, whereby legislation was repeatedly brought forth to Congress over the past eight years, which would have reigned in the predatory lending practices of now mostly defunct institutions. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. 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. George Soros, a man of staggering wealth, has stated that he would like to be remembered as a philosopher. My suggestion is that this great man start and sponsor a forum for great minds to come together to create a new system of government that truly represents the common man's interest, while at the same time creating rewards great enough to attract the best and brightest minds to serve in government roles without having to rely on corruption to further their interests or lifestyles. This forum could be similar to the one used to create the operating system, Linux, which competes with Microsoft's near monopoly. I believe there is an answer, but for now the system is clearly broken. Lastly, while I still have an audience, I would like to bring attention to an alternative food and energy source. You won't see it included in BP's, "Feel good. We are working on sustainable solutions," television commercials, nor is it mentioned in ADM's similar commercials. But hemp has been used for at least 5,000 years for cloth and food, as well as just about everything that is produced from petroleum products. Hemp is not marijuana and vice versa. Hemp is the male plant and it grows like a weed, hence the slang term. The original American flag was made of hemp fiber and our Constitution was printed on paper made of hemp. It was used as recently as World War II by the U.S. Government, and then promptly made illegal after the war was won. At a time when rhetoric is flying about becoming more self-sufficient in terms of energy, why is it illegal to grow this plant in this country? Ah, the female. The evil female plant -- marijuana. It gets you high, it makes you laugh, it does not produce a hangover. Unlike alcohol, it does not result in bar fights or wife beating. So, why is this innocuous plant illegal? Is it a gateway drug? No, that would be alcohol, which is so heavily advertised in this country. My only conclusion as to why it is illegal, is that Corporate America, which owns Congress, would rather sell you Paxil, Zoloft, Xanax and other additive drugs, than allow you to grow a plant in your home without some of the profits going into their coffers. This policy is ludicrous. It has surely contributed to our dependency on foreign energy sources. Our policies have other countries literally laughing at our stupidity, most notably Canada, as well as several European nations (both Eastern and Western). You would not know this by paying attention to U.S. media sources though, as they tend not to elaborate on who is laughing at the United States this week. Please people, let's stop the rhetoric and start thinking about how we can truly become self-sufficient. With that I say good-bye and good luck. All the best, Andrew Lahde Link to comment Share on other sites More sharing options...
Chef Jim Posted October 21, 2008 Share Posted October 21, 2008 We had this going around in an email chain last Friday. I don't have an opinion on the guy other than to say "Wow, there's a guy that had a plan for his FU money!" Portfolio had the whole letter in a PDF, but it looks like they took it down. For those interested, here's the entire letter: Thanks for that. Interesting how things change when taken out of context. I'm not sure which is worse though, the rich people who attended Harvard and Yale on mommy and daddy's nickel or the ramblings of a stoner. I think I'll take the stoner. I think he's top of the list who I'd like to share a joint with even though it's been many years since I've smoke one. Link to comment Share on other sites More sharing options...
BarkLessWagMore Posted October 21, 2008 Share Posted October 21, 2008 We had this going around in an email chain last Friday. I don't have an opinion on the guy other than to say "Wow, there's a guy that had a plan for his FU money!" Portfolio had the whole letter in a PDF, but it looks like they took it down. For those interested, here's the entire letter: Thanks for posting that. Wholly different tone in the letter than portrayed in the article originally linked, at least the way I read it. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 21, 2008 Share Posted October 21, 2008 Thanks for posting that. Wholly different tone in the letter than portrayed in the article originally linked, at least the way I read it. Amazing isn't it. I hate the media. I'm not sure if the twist was intentional but man big difference huh. Link to comment Share on other sites More sharing options...
HopsGuy Posted October 21, 2008 Share Posted October 21, 2008 Thanks for that. Interesting how things change when taken out of context. I'm not sure which is worse though, the rich people who attended Harvard and Yale on mommy and daddy's nickel or the ramblings of a stoner. I think I'll take the stoner. I think he's top of the list who I'd like to share a joint with even though it's been many years since I've smoke one. I know a guy that runs a huge portfolio. I mean 9 figures HUGE. He also smokes more than anyone on the planet and I'm not being hyperbolic. This guy smokes more than Bob Marley ever could have dreamed. He smokes more than anyone suffering from cataracts. Think of the biggest chain smoker you know. This is that guy except he smokes dope. It's crazy. And he's quite successful. It's weird. Link to comment Share on other sites More sharing options...
buckeyemike Posted October 22, 2008 Author Share Posted October 22, 2008 I know a guy that runs a huge portfolio. I mean 9 figures HUGE. He also smokes more than anyone on the planet and I'm not being hyperbolic. This guy smokes more than Bob Marley ever could have dreamed. He smokes more than anyone suffering from cataracts. Think of the biggest chain smoker you know. This is that guy except he smokes dope. It's crazy. And he's quite successful. It's weird. Sometimes people who smoke pot are wildly successful. I think of Peter Lewis, who founded Progressive Insurance, and is largely retired at this point. He's spreading the wealth around Cleveland; he has a building named after him at Case and also put Progressive's name on the former Jacobs Field. He's probably nearing 65 and is worth over a billion dollars. He's also a huge ganja smoker. Lewis has given quite a bit of money to NORML, among other organizations, moving to legalize weed. I also think that Lewis and the guy you spoke of are the exception. Most of the people I know personally who toke aren't the most ambitious people in the world. Link to comment Share on other sites More sharing options...
PromoTheRobot Posted October 23, 2008 Share Posted October 23, 2008 I know a guy that runs a huge portfolio. I mean 9 figures HUGE. He also smokes more than anyone on the planet and I'm not being hyperbolic. This guy smokes more than Bob Marley ever could have dreamed. He smokes more than anyone suffering from cataracts. Think of the biggest chain smoker you know. This is that guy except he smokes dope. It's crazy. And he's quite successful. It's weird. Don't smoke dope, kids, or you could wind up retiring from Wall Street at 37 a multi-millionaire. PTR Link to comment Share on other sites More sharing options...
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