Monday, October 20, 2008

Un bacán llamado Andrew Lahde es una de las pocas personas que previno la crisis financiera que estamos presenciando. Apostando en contra del mercado (notando la estupidez de las deudas malas en las que los bancos se embarcaron) hizo millones manejando un fondo de inversión que tuvo un retorno de 1000% en 2007. Aburrido de la codicia y de trabajar tanto renunció a todo hace un par de días dejando de despedida esta carta que dada lo excepcional de esta crisis es un documento casi histórico:

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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.

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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.

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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.

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All the best,

Andrew Lahde

1 comment:

JCV said...

Hasta no hace mucho, la codicia era un pecado capital... la decadencia mundial de la forma de vida occiental-protestante-capitalista la elevó a la categoría de valor social.
En el primer mundo se le llama Wall Street, Bolsa de Londres, Tokio o lo que sea... en Colombia, pirámide, DMG o cualquiera otra miserable apuesta por el riesgo.

codicia + estupidez = crisis financiera.