How rich is Andrew Lahde?
Andrew Lahde Net Worth:
Andrew Lahde Net Worth:Andrew Lahde (born 1971) was a California-based hedge fund manager who in 2007 earned some fame for achieving return rates in the vicinity of 1000% with his Lahde Capital, based in Santa Monica, California. The fund speculated on increases of U.S. subprime mortgage defaults.He earned a bachelor's degree in finance from Michigan State University and an MBA from the Anderson School of Business at the University of California Los Angeles.Lahde's hedge fund strategy was based on his knowledge of real estate, real estate finance, the complex world of securitized real estate finance and various financial vehicles associated with the transactions. What differentiated Lahde from many other hedge fund operations was an understanding of the underlying asset, residential real estate.In September 2008, Lahde closed his fund, telling investors that credit problems - the basis of his profits - were likely to continue, but that the possibility of defaults by counterparties was too high.On October 17, he released an open good-bye letter to his investors, in which he said that the "low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking." Lahde criticized the harried life of the rich, and said that "Capitalism worked for two hundred years, but times change, and systems become corrupt." He suggested that George Soros "start and sponsor a forum for great minds to come together to create a new system of government that truly represents the common man’s interest", which could be based on Meritocracy. He concluded his letter by proposing to legalize hemp (but not necessarily marijuana), saying that hemp had been used for at least 5,000 years for cloth and food, as well as just about everything that is produced from petroleum products, and thus should be part of making the U.S. "truly become self-sufficient". He also said that marijuana is only kept illegal because "Corporate America, which owns Congress, would rather sell you Paxil, Zoloft, Xanax, and other addictive drugs, than allow you to grow a plant in your home without some of the profits going into their coffers."Lahde's increased media visibility has attracted attention from hemp-legalization organizations, and even fan-merchandise surrounding his much-reported farewell letter.
|Education:||Michigan State University|