Michael Steinhardt

Michael Steinhardt graduated from the Wharton School at the University of Pennsylvania at age 19 and began his career at Calvin Bullock, a mutual fund company, before joining Loeb, Rhoades & Co. In 1967 he co-founded Steinhardt, Fine & Berkowitz — later known as Steinhardt Partners — one of the earliest hedge funds in the modern sense. Over 28 years of managing the fund, Steinhardt achieved an extraordinary performance record: approximately 24% annualised returns after fees from 1967 to 1995. A dollar invested in Steinhardt Partners at its inception would have grown to approximately $481 by 1995 — a compounding record rivalled by very few investment vehicles over any comparable period. Steinhardt's approach was eclectic: he traded equities, bonds, currencies, and options, and was known for his willingness to make large concentrated directional bets based on his fundamental and macroeconomic analysis. He was also known for his aggressive management style and his willingness to confront brokers and managers who brought him subpar ideas. He retired in 1995 and returned investors' capital. Steinhardt has since been active in Jewish philanthropy and in wildlife conservation. His 1995 retirement was seen as the end of an era — he was perhaps the original model of the modern hedge fund manager who generates absolute returns across asset classes through a combination of skill, research, and risk-taking.