安普若经典文章Blog汇集

Goodbye and Fxxk You 去你妈的，再见！

Letter: Andrew Lahde, Lahde Capital Management
累的资本管理公司，按住撸·累的之公开信。

By Andrew Lahde
作者：按住撸·累的

October 17, 2008
2008年10月17日

Translated by Anpuruo
安普若翻译

Jan 14, 2013
2013年1月14日

Today I write not to gloat. Given the pain that nearly everyone is experiencing, that would be entirely inappropriate. Nor am I writing to make further predictions, as most of my forecasts in previous letters have unfolded or are in the process of unfolding. Instead, I am writing to say goodbye.

我今天不是给你们写信想幸灾乐祸一把的。现在几乎所有人都蛋痛，所以现在幸灾乐祸太不合适。我也不是写信告诉你们进一步的市场预测，我以前信里的预言都已经兑现，或者正在兑现。今儿我是要告诉你们：拜拜了您了！

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.

最近，《华尔街日报》第三版首页上，一个对冲基金（3亿的盘子）的经理也把基金给关了，他说：“我在对冲基金这个行业里所学到的就是我憎恨这个行业。”这话我再同意不过了。我玩这行儿就是为了钱。那些唾手可得的软柿子们，也就是那些傻逼，他们父母花大钱送他们上私校，然后上耶鲁，跟着上哈佛读MBA，这些傻逼就是给我宰的。这帮傻逼（常常）真的不值他们所受的教育，或者说他们假设应该受到的那些教育，他们爬到了像美國國際集團、贝尔斯登、雷曼兄弟这些大公司的高层，以及各级政府部门。这些上层社会的所有作为，最后全是为了让我更容易地发现这帮傻逼有多傻，然后在交易中对冲他们。上帝保佑阿美利加。

There are far too many people for me to sincerely thank for my success. However, I do not want to sound like a Hollywood actor accepting an award. The money was reward enough. Furthermore, the endless list of those deserving thanks know who they are.

为了我的成功，有太多人需要我真诚地表示感谢。但是，我可不想像个好莱坞明星领奖那样。钱已经是足够的奖赏。而且再说，那些值得我感谢的无尽的名单上的人知道他们是谁。

I will no longer manage money for other people or institutions. I have enough of my own wealth to manage. Some people, who think they have arrived at a reasonable estimate of my net worth, might be surprised that I would call it quits with such a small war chest. That is fine; I am content with my rewards. Moreover, I will let others try to amass nine, ten or eleven figure net worths. Meanwhile, their lives suck. Appointments back to back, booked solid for the next three months, they lookforward to their two week vacation in January during which they will likely be glued to their Blackberries or other such devices. What is the point? They will all be forgotten in fifty years anyway. Steve Balmer, Steven Cohen, and Larry Ellison will all be forgotten. I do not understand the legacy thing. Nearly everyone will be forgotten. Give up on leaving your mark. Throw the Blackberry away and enjoy life.

我再也不为别人或机构管理资金了。我自己已经有足够的财富需要管理了。有些人可能会合理地估计的我身价，他们可能会惊讶，你丫才弄了那么点资金就辞了。没事儿！我对我的回报已经心满意足了。再着说了，我会让别人把我的钱拿去管理，那就是十亿百亿的资产了。可是这么着，这帮孙子的生活就操蛋了！一个接一个的会，后面三个月都排的满满当当的，只能盼着一月份那两个星期的休假了。但是就算休假，这帮孙子也会天天盯着黑莓手机或计算机之类。为啥呢？50年以后，没人会记得这帮孙子是谁。史蒂夫·鲍尔默（微软的CEO）、史蒂夫·科恩（冲基金巨头SAC资本公司的老板）、劳伦斯·埃里森（骨文公司老板）这些人都会被忘得干干净净的。我不理解所谓的传奇之类的东东。几乎所有人都会随风而逝。你想留个记号，算了吧。快把你的黑莓手机扔了吧，好好享受生活吧！

So this is it. With all due respect, I am dropping out. Please do not expect any type of reply to emails or voicemails within normal time frames or at all. Andy Springer and his company will be handling the dissolution of the fund. And don’t worry about my employees, they were always employed by Mr. Springer’s company and only one (who has been well-rewarded) will lose his job.

所以，就这么着吧，您了！尽管对您尊敬之至，但我还是撤了。请不要期待我会在正常时间内对电子邮件或语言留言有任何形式的回复，或者根本就不回您了。安迪·弹簧人和他的公司将会处理资金解散事宜。别担心我的雇员，他们总是会被安迪·弹簧人的公司雇去的，只有一个人（他已经赚够了）将会失业。

I have no interest in any deals in which anyone would like me to participate. I truly do not have a strong opinion about any market right now, other than to say that things will continue to get worse for some time, probably years. I am content sitting on the sidelines and waiting. After all, sitting and waiting is how we made money from the subprime debacle. I now have time to repair my health, which was destroyed by the stress I layered onto myself over the past two years, as well as my entire life – where I had to compete for spaces in universities and graduate schools, jobs and assets under management – with those who had all the advantages (rich parents) that I did not. May meritocracy be part of a new form of government, which needs to be established.

我现在对任何人让我加入的任何交易都不感冒。我确实对现在的任何市场都没有强烈的观点了，只能说现在事情越来越糟，这还会持续一段时间，大概几年吧。我坐在边上等着，挺满意。再说了，坐等就是我们如何从次级贷崩盘中挣钱的。我现在有时间来修复一下我的健康了，压力快把我快压垮了。我过去两年，压着自己以及我整个的生活，我不得不与那些贼有优势的（也就是有个好爹的）的孙子们竞争，从上大学、靠研究生、到找工作、然后干理财。论拼爹，可惜我没有。但愿知识精英们能成为新的政府的一部分，一个需要重建的新政府。

On the issue of the U.S. Government, I would like to make a modest proposal. First, I point out the obvious flaws, whereby legislation was repeatedly brought forth to Congress over the past eight years, which would have reigned in the predatory lending practices of now mostly defunct institutions. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. Since Thomas Jefferson and Adam Smith passed, I would argue that there has been a dearth of worthy philosophers in this country, at least ones focused on improving government. Capitalism worked for two hundred years, but times change, and systems become corrupt. George Soros, a man of staggering wealth, has stated that he would like to be remembered as a philosopher. My suggestion is that this great man 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, while at the same time creating rewards great enough to attract the best and brightest minds to serve in government roles without having to rely on corruption to further their interests or lifestyles. This forum could be similar to the one used to create the operating system, Linux, which competes with Microsoft’s near monopoly. I believe there is an answer, but for now the system is clearly broken.

说到美国政府的毛病，我想弱弱地提个建议：首先、我要指出这些明显的瑕疵，在过去的八年里，立法机构不断把这些问题提交国会，国会也早可以对大部分现在已经完蛋的机构所做的掠夺性贷款行为进行监管。但这些机构总是对两党都提供献金，然后让国会把所有那些保护老百姓的立法统统毙掉。这他妈的是骇人听闻的暴行，但是好像没有人知道或者在乎。托马斯·杰斐逊总统和亚当·斯密死去之后，我要说这个国家再也没有智者了，至少缺少能改善政府的智者了。资本主义200年都运行得挺好，但是时代变了，这个体系变得腐败了。乔治·索罗斯，一个巨有钱的主儿，说他想重新成为一个智者。我建议，这个牛人弄一个论坛，让有头脑的人来，一起创建一个新的政府体系，这个体系能真正代表普通老百姓的利益；同时，也能产生可观的回报以吸引最好、最聪明的人才服务于政府，他们可以不靠腐败来获取利益或者改善生活。这个论坛就和当年做Linux操作系统对抗微软垄断的那个论坛相似。我相信会有答案的，但是现在的体系已经清清楚楚地废了。

Lastly, while I still have an audience, I would like to bring attention to an alternative food and energy source. You won’t see it included in BP’s, “Feel good. We are working on sustainable solutions,” television commercials, nor is it mentioned in ADM’s similar commercials. But hemp has been used for at least 5,000 years for cloth and food, as well as just about everything that is produced from petroleum products. Hemp is not marijuana and vice versa. Hemp is the male plant and it grows like a weed, hence the slang term. The original American flag was made of hemp fiber and our Constitution was printed on paper made of hemp. It was used as recently as World War II by the U.S. Government, and then promptly made illegal after the war was won. At a time when rhetoric is flying about becoming more self-sufficient in terms of energy, why is it illegal to grow this plant in this country? Ah, the female. The evil female plant – marijuana. It gets you high, it makes you laugh, it does not produce a hangover. Unlike alcohol, it does not result in bar fights or wife beating. So, why is this innocuous plant illegal? Is it a gateway drug? No, that would be alcohol, which is so heavily advertised in this country. My only conclusion as to why it is illegal, is that 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. This policy is ludicrous. It has surely contributed to our dependency on foreign energy sources. Our policies have other countries literally laughing at our stupidity, most notably Canada, as well as several European nations (both Eastern and Western). You would not know this by paying attention to U.S. media sources though, as they tend not to elaborate on who is laughing at the United States this week. Please people, let’s stop the rhetoric and start thinking about how we can truly become self-sufficient.

最后，如果我还有听众。我想提请大家注意可替代食品和能源。你看不到这些，包括在英国石油的电视广告“感觉真好，我们正在寻找可替代的解决方案”，更不用说ADM公司的类似广告。但是大麻已经在衣服和食品上应用了5000年，还有几乎所有现在从石油制品里生产出来的产品上。汉普（大麻）不是麦瑞旺（大麻毒品），反之亦然。汉普是雄株植物，它像杂草一样迅速蔓延，因此有那个毒品的俚语。最近的例子，二战时美国政府就在用。可是仗一打赢了，马上就宣布非法了。在一个说能源能自给自足的花言巧语满天飞的时代，为什么在这个国家种植大麻是非法的？哦，雌株，那个邪恶的雌株植物，就是麦瑞旺（大麻毒品），它让你嗨，它让你笑，但是没啥后遗症。不像酒精那样，它不会让你械斗或打老婆。所以，为什么这种无害的植物是非法的呢？它是不是引人不断上瘾的毒品呢？不是，那是酒精。在这个国家到处都是酒精饮料的铺天盖地的广告。我的结论为什么它是非法的？那是因为美国的那些大公司，他们拥有国会，他们要卖给你帕罗西汀（抗忧郁症药）、左洛复（抗忧郁症药) 、贊安諾这些让人上瘾的药，但是不让你在你自己家种植大麻，否则那些利润就不能流向政治献金了。这个政策是荒唐的，它确实让我们的民主依赖外国的能源资源。我们的政策使得其他国家在嘲笑我们的愚蠢，最明显的是加拿大，还有其他几个欧洲国家（东欧和西欧）。你在美国的媒体上是不会看到这些的，因为美国的媒体不想告诉你谁在嘲笑美国。同胞们，让我停止这些花言巧语，开始思考我们如何能使资源自给自足吧！

With that I say goodbye and good luck.

至此，我想说：咱见了，祝你好远（去你妈的！）

All the best,

祝一切安好。

Andrew Lahde
按住撸·累的

原文请见：

http://www.ft.com/cms/s/0/128d399a-9c75-11dd-a42e-000077b07658.html#axzz2HxezCGpa

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