Thursday, February 12, 2009

The investment game

All of us in the investment banking world know what we do to others' money, so that we make our money. In this context, there is a fascinating retirment letter written by hedge fund manager Andrew Lahde, who produced a one-year 866 percent return betting on the subprime mortgage collapse.
He announced he was leaving the hedge fund business with a rather hysterical letter…

I enjoyed reading this letter.

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