News Hedge fund manager quits after a 866% return and calls for legalization of pot.

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A recent discussion highlights a hedge fund manager's disillusionment with the hedge fund industry, expressing a strong dislike for the business. This sentiment resonates with others who have observed that many individuals in high positions, often educated at prestigious institutions like Yale and Harvard, may not possess the acumen expected of them. The conversation reflects on the ease of profiting from these individuals, who are perceived as lacking in judgment. While some participants share personal anecdotes about their connections to elite educational backgrounds, they acknowledge the existence of naive investors who fall prey to poor financial decisions. The overarching theme critiques the culture within the financial sector and the dynamics of wealth and intelligence.
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http://www.cnbc.com/id/27239479

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.

The whole letter is a pretty great read.
 
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Uhm, my ex-husband went to Yale, graduated from Dartmouth, and went to Harvard for his MBA.

My ex-boyfriend got his undergraduate degree from Yale and his PhD from Harvard. He is now Lord High Muckety Muck of Academia in the United States, and from one of the wealthiest familes in the US. They are not dummies, let me tell you.

But, yeah, there's a sucker born every minute.
 
I don't think he's trying to make a broad generalizations of Harvard MBAs. He's just characterizing the types of people who he personally dealt with that let him make money.
 
Vid said:
I don't think he's trying to make a broad generalizations of Harvard MBAs. He's just characterizing the types of people who he personally dealt with that let him make money.
Oh, I know many saps that were parted with their money. I warned them, but noooo. :devil:

My good fortune was to give birth to a financial black hole, that I love, and she spared me from making bad investments or being taken by the likes of him.
 

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