Michael Steinhardt
Michael Steinhardt
Michael H. Steinhardtis an American hedge fund manager, financier, investor, newspaper publisher, and philanthropist active in Jewish causes. He was one of the first prominent hedge fund managers, and is a graduate of the Wharton School of the University of Pennsylvania. He founded Steinhardt, Fine, Berkowitz & Co., a hedge fund, in 1967. Author Sebastian Mallaby referred to Steinhardt as "a legend in the story of hedge funds, partly because of his success as a trader, but also because of...
NationalityAmerican
ProfessionBusinessman
Date of Birth7 December 1940
CountryUnited States of America
The balance between confidence and humility is best learned through extensive experience and mistakes.
The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.
Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.
I was happier when pursuing success than I was when savoring its fruits; the attraction, perhaps the addiction, was in the process, as much as in its end.
The Orthodox believe in Jewish literacy, and most of the rest of us couldn't care less. Rabbis and other creatures have a monopoly on Judaism. This is a turnoff in a world that is increasingly secular and that has turned away from religion. Jews are simply turning away from Judaism.
Art is a form of asset. Hedge-fund managers who have made money fast should diversify into other areas.
Part of my attraction to ancient art is that there is an element of risk, of speculation.
A little part of my life is built around ancient art.