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’Andrew Lahde bows out in style
Say what you will about Andrew Lahde, but the man knows how to write a letter.
Last month, the famed-for-betting-against-subprime hedge fund manager shuttered his operations, citing unacceptable levels of counterparty risk.
One way to protect hedgie profits (and a reputation)
Just give up.
Andrew Lahde (he of the 1000 per cent returns) has.
He’s shutting down his Short Credit fund in the name of preserving profit. From the FT:
The Short Credit fund being closed was set up last December to bet mainly against the credit quality of banks and broker/dealers,
Subprime CMBS
CMBS has long been speculated about as the next mortgage-backed penny to drop. Until recently, though, prices have -relatively speaking – held up quite well.
Here, however (HT Calculated Risk) is the latest CMBX chart from Markit (AA series 5):
Lahde Capital letter to investors: short California, and CMBS
Lahde Capital made one of the most successful hedge fund bets of all time in 2007, delivering a near 870% return, shorting subprime. Andrew Lahde’s full letter to investors is available after the jump.
Hedge fund’s 1000% subprime return
Californian hedge fund Lahde Capital has made more than 1,000 per cent return this year by betting against US subprime home loans, making it one of the world’s best-performing funds of all time. Mr Lahde,
Having a Lahde — the 410 per cent man
Hedge fund managers and big egos generally go together, but Andrew Lahde manages a new high with his latest investor letter, in which he says his Lahde Capital “has the top-rated performance for all hedge funds in the universe” for the year to August.