Andrew Lahde managed a hedge fund which made huge returns betting on the subprime collapse. This is his good bye letter (it even includes some reflections on hemp) and note the newly created "wise people category" Thanks to Raja K.
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Monday, October 20, 2008
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GLG's CEO predicts 1/3 of hedge funds will close, of necessity rather than voluntarily. Most will stay, but certainly the industry is also shrinking in terms of AUM as investors run to redeem. However industry fatalists should not that we are still posting 25+ industry jobs per day, average over the last week.
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