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
Now people are charging much fancier fees, and they don't make the same demands on themselves. I was always anxious that my fees were egregious and that I had to have the best performance in the world to justify them.
I was always anxious that my fees were egregious and that I had to have the best performance in the world to justify them.
I hope he has the breadth to do it.
Speculative joy, the joy derived from being right and being rewarded, may well be similar to the rush felt by a winning gambler.
He knows Hillel as well as anyone coming in, certainly better than the other candidates. He's familiar with the system, he's committed, intelligent, he's attractive and he's got great motivation to do the job.
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.
Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.
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.
The balance between confidence and humility is best learned through extensive experience and mistakes.
The markets are always changing, and the successful trader needs to adapt to these changes.
You have to be intellectually honest with yourself and others. In my judgment, all great investors are seekers of truth.
Time and again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only [bonds], you can almost close your eyes and [buy] stocks.
A good trader has to have three things: a chronic inability to accept things at face value, to feel continuously unsettled, and to have humility.
Brokerage firms don't sell customers stock so much as they sell those horrible mutual funds