Tuesday, October 21, 2008

Something good had to come out of the financial meltdown

This must be read to be believed.

Hedge fund investor Andrew Lahde retired in style at 37, leaving behind the ripest farewell letter you ever saw. You can read the whole letter here. The whole financial sector gets lambasted, from Lahde's rivals (whom he candidly calls "idiots whose parents paid for prep school, Yale and then the Harvard MBA") right down to their very lifestyle.

It's only right that somebody as jaded as Mr. Lahde would go into a field he would prefer not to, become one of the players and succeeds wildly by playing the game to the hilt, and then reveal the game for the dysfunctional burning house it is. It's too bad the word could only come out of the ashes.

I can't say the financial sector is inherently evil; that seems more ideological than factual. But certainly there were folks who thought they could work the system in their favor. And the consequences of such short-term thinking, by so many people, came together in an awful way. They were in it for the money, and so was Lahde. The difference: Lahde knew what he was about, and he knew what the game was all about. His fallout rivals knew neither.

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