Michael Steinhardt
| Michael Steinhardt | |
|---|---|
| Born |
December 7, 1940 New York City, New York,U.S. |
| Alma mater | University of Pennsylvania |
| Occupation | Investor, hedge fund manager, philanthropist |
| Years active | 1967 - present |
| Known for | Leadership of Steinhardt Partners and Wisdom Tree Investments, realizing a multi-year return on investment of 24.5% |
| Net worth | US$1.05 billion (February 2017) |
Michael H. Steinhardt (born December 7, 1940) is an American investor, hedge fund manager, and philanthropist. In 1967, he founded a hedge fund, Steinhardt Partners, that averaged an annualized return for its clients of 24.5% from 1967 to 1978. In 1995, he closed his fund stating, "I thought there must be something more virtuous, more ennobling to do with one's life than make rich people richer," before making a 2004 comeback to head WisdomTree Investments, a fund with nearly $43 billion USD in assets under management.
In a January 2014 article by Bloomberg, he was referred to as "Wall Street's greatest trader."Forbes Magazine reported his net worth at $1.05 billion as of February 2017.
Born to an American Jewish family, Steinhardt is the son of Sol Frank Steinhardt, a compulsive high-stakes gambler, New York's leading jewel fence (according to then-DA Frank Hogan), and convicted felon. His father was close friends with underworld crime bosses Meyer Lansky, Vincent Alo (aka "Jimmy Blue Eyes" Alo), and Albert Anastasia (he was out gambling with Anastasia the night before he was killed). Sol, aka "Red McGee," was later convicted on charges of buying and selling stolen jewelry and sentenced to five to ten years in prison.
Steinhardt went to the University of Pennsylvania, graduating in 1960. He started his career working for the mutual fund Calvin Bullock and the brokerage firm Loeb, Rhoades & Co. (the precursor to Shearson Loeb Rhoades). Steinhardt's father was his first investment client giving his son envelopes stuffed with cash to put in the stock market giving him seed money to begin his investment career.
Working as an analyst at Loeb, Rhoades & Co., Steinhardt followed the conglomerate industry, which included companies such as Automatic Sprinkler (now defunct), City Investing (also defunct), and the best-known conglomerate of its day, Gulf+Western (now part of Viacom and Viacom's spinoff CBS).
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