HEDGE FUND: IL MANAGER CHIUDE E RINGRAZIA GLI IDIOTI PER IL SUO SUCCESSO
Andrew Lahde, 37 anni, dopo una performance di +870%, dice addio ai clienti (a cui rimborsera’ i denari) con una lettera in cui ringrazia “i ricchi idioti” e gli “stupidi trader” che lo hanno reso agiato. “Buttate via il vostro Blackberry”.
vi lascio di seguito un esilarante articolo tratto dalla pagina Web di Wall Street Italia, il quale per un attimo illumina il “cuore palpitante” nel capitalismo globale, visto da un personaggio che si trova nella “stanza dei bottoni”.
Andrew Lahde si può paragonare al “baro” nel gioco del poker, il quale dopo una notte di vincite, prima di essere scoperto si alza, si prende il “malloppo” e se ne va.
E’ chiaro il sentimento che anima la sua lettera, che descrive un uomo che sapeva benissimo fin dall’ inizio le “chiavi” del successo: La cupidigia della gente, l’ ignoranza, la debolezza dei controlli, la faciloneria con cui si presta denaro quando ci si garantisce con sistemi adeguati di “controllo e ripartizione dei rischi”.
Ciò che stupisce è la candida sincerità con cui egli ammette di averlo fatto solo per diventare ricco, e di aver approfittato dei numerosi “idioti” con genitori ricchi.
C’ è da dire infine che lui non ha fregato nessuno!
Tanto è evidente che, prima di ritirarsi, si premura di restituire il capitale a tutti gli “idioti” che hanno contribuito al suo successo.
Andrew Lahde è un personaggio con la mente aperta e disincantata, che ha approfittato delle regole del gioco fatte da “stupidi”, al fine di raggiungere l’ obiettivo che tutta la società ritiene desiderabile a qualsiasi costo: Diventare straricchi!
Da ciò deriva la considerazione che il sistema economico ha dei fondamenti sbagliati, che stanno facendo affondare l’ intera società umana.
Mi chiedo quanto dobbiamo farci ancora del male per rendercene conto!
Dopo l’ articolo copio anche la versione integrale della lettera “di addio” in versione ovviamente inglese.
Wall Street Italia
Andrew Lahde, 37 anni, e’ il gestore di un hedge fund che diventera’ il quintessenziale simbolo di questi tempi di crisi: dopo aver messo a segno, l’anno scorso, una performance di +870%, ha chiuso i battenti del suo fondo e ha detto addio ai clienti (a cui rimborsera’ i denari) con una lettera in cui ringrazia “i facoltosi idioti” e gli “stupidi trader” che lo hanno reso ricco.
Lahde, gestore dell’hedge fund di Santa Monica, in California, che porta il suo nome, Lahde Capital Management LLC, ha annunciato ai propri investitori – secondo quel che scrive Bloomberg – la sua decisione di rimborsare il cash investito a ciascuno “perche’ il rischio di utilizzare derivati sul credito (tipo swap, CDS e CDO) – cioe’ il suo sistema per scommettere sulla perdita di valore di bond e strumenti di debito, compresi i mutui subprime – e’ diventato ormai troppo rischioso, per via della debolezza delle banche con le quale faceva abitualmente trading.
“Ho fatto parte di questo gioco solo per soldi” ha scritto Lahde in una lettera di 2 pagine, nella quale arriva alla conclusione di “odiare il mondo degli hedge fund”. “C’era un frutto molto facile da cogliere – scrive Bloomberg citando la missiva di Lahde – cioe’ gli idioti con genitori ricchi che avevano pagato per le migliori scuole, come Yale e poi l’MBA ad Harvard; erano li’ per essere tosati”. “Questa gente, che spesso non valeva affatto l’educazione ricevuta (o che avrebbero dovuto ricevere) e’ riuscita a salire al top di societa’ come AIG, Bear Stearns e Lehman Brothers e in tutti i livelli del governo”, scrive Lahde.
“Tutti questi comportamenti in supporto dell’Aristocrazia, alla fine non hanno fatto altro che rendermi piu’ facile trovar gente abbastanza stupida che fosse dall’altra parte delle mie operazioni di trading. Che Dio benedica l’America”.
Lahde, che aveva sotto gestione $80 milioni, alla fine della lettera dice di voler legalizzare la marjuana e inoltre che non capisce la questione del voler lasciare il proprio stampo in eredita’ alle successive generazioni. “Non lo capisco proprio – scrive – infatti praticamente tutti saranno dimenticati”. “Piantatela con questa storia di voler lasciare il vostro marchio. Buttate via il Blackberry, e godetevi la vita”.
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.