Another legend retires

First we had Stanley Druckenmiller shutting down Duquesne, and now we have this:

Dear Caxton investors,

I write you this letter to announce that on December 31st of this year, I will retire as Chairman and CEO of Caxton Associates. After 34 years in the trading business and more than 28 years leading Caxton, the time has come to hand the leadership of the company to a new generation. I do so knowing that I will miss the adrenaline rush of confronting markets every day…

Ladies and gentlemen, Bruce Kovner, the former NYC cabbie turned hedge fund God, is about to retire.

The Commodities Corp alum will be leaving behind one of the most impressive track records ever in hedge fund land; returning over 20% a year for around 30 years, he reaped over $12 billion in profits after fees and turned Caxton into the 7th most profitable fund in history. All that with just a single down year (they lost a tiny 2.5% in '94).

As far as what his retirement plans are concerned however, it sure doesn’t sound like he’ll be bumming around in the Bahamas like the rest of us:

Bruce Kovner:

Although I will miss the stimulation and camaraderie of daily involvement at Caxton, I am also very much looking forward to spending more time on the many interests I have outside of the trading arena, These include my work at the Julliard School, my efforts in education reform, my family foundation and other philanthropy, and the nurturing of new companies particularly in the areas of drug discovery and medical technology. Most of all, I look forward to spending more time on the simple pleasures of life with family and friends.

What a legend. And I wish him all the best.

This should be a lesson to all the wannabe players here though; time and again threads pop up here of monkeys hating their jobs and simply doing it for the money, thinking that after enduring years of discontent they'll retire a lesser Henry Kravis. Kovner here, despite all the wealth he’s amassed seems disappointed to retire - even a bit sad. That's the mark of a man whose success was driven with love, not because of some hypothetical number he conjured at the start of his career.

Same thing applies to whoever "baller" you can think of.

Love your job first monkeys, the wealth, prestige, or whatever kind of glamour or happiness you’re chasing will surely follow.

If it sucks that bad though then go find something that you will. Heh.

Have a good one WSO.