Sorry about the cliched Half Baked reference but if you bare with me, it actually winds up being pretty damn appropriate.
I'm going to go ahead an assume that none of you have heard of Andrew Lahde. That's probably a good thing.
Long story short: In late 2006/early 2007 he set up a hedge fund in Santa Monica California. The fund's strategy was based on his prediction that the US housing market would collapse. Needless to say he was correct. His fund earned returns of over 1,000% (not a typo) and he became one of the most famous investors in the world.
He just quit and left this gem of a goodbye letter:
http://www.portfolio.com/html/assets/AndrewLahdeFarewell.pdf
Tuesday, October 21, 2008
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