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

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In summary, this hedge fund manager's letter eloquently describes his experience in the hedge fund industry and how he truly hates it. He explains that there are many people who are easily taken advantage of in this business, and that he was fortunate to have a daughter who was not swayed by his good fortune.
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Vid
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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. :grumpy: They are not dummies, let me tell you.

But, yeah, there's a sucker born every minute.
 
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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.
 
  • #4
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.
 

1. What is a hedge fund manager?

A hedge fund manager is a financial professional who manages a hedge fund, which is a type of investment fund that pools money from investors and uses various investment strategies to generate high returns.

2. What does it mean to quit after a 866% return?

Quitting after a 866% return means that the hedge fund manager has decided to leave their position after achieving a significant amount of success, with a return of 866% on their investments.

3. Why did the hedge fund manager call for legalization of pot?

The hedge fund manager likely called for legalization of pot because they believe that the legalization of marijuana could lead to a profitable investment opportunity and contribute to the growth of their hedge fund.

4. Is it common for hedge fund managers to call for the legalization of certain substances?

No, it is not common for hedge fund managers to call for the legalization of substances. This is typically seen as a personal opinion and not related to their role as a financial professional.

5. How does the hedge fund manager's return compare to the average return for hedge funds?

The hedge fund manager's return of 866% is significantly higher than the average return for hedge funds, which is typically around 8-10%. This is why their success and call for legalization has gained attention in the financial world.

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