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

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Discussion Overview

The discussion revolves around a hedge fund manager's resignation after achieving an 866% return and his critical views on the hedge fund industry, particularly regarding the educational backgrounds of some individuals in finance and government. The conversation touches on personal experiences with finance, investment strategies, and perceptions of intelligence among elite educational institutions.

Discussion Character

  • Debate/contested
  • Meta-discussion

Main Points Raised

  • One participant expresses agreement with the hedge fund manager's disdain for the industry, suggesting that many in finance are undeserving of their positions due to their educational backgrounds.
  • Another participant counters by sharing personal experiences with highly educated individuals from prestigious institutions, asserting that they are not unintelligent.
  • Some participants propose that the hedge fund manager's comments are not meant to generalize about all Harvard MBAs but rather reflect his specific experiences with certain individuals.
  • A participant humorously claims that their child has prevented them from making poor financial decisions, implying a personal connection to the discussion of investment pitfalls.

Areas of Agreement / Disagreement

Participants express differing views on the hedge fund manager's statements, with some agreeing with his critique of the industry while others defend the intelligence of individuals from elite educational backgrounds. The discussion remains unresolved with multiple competing perspectives.

Contextual Notes

Some statements reflect personal anecdotes and subjective interpretations of intelligence and success in finance, which may not encompass broader trends or realities in the industry.

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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.