At the age of 19, Michael Mike Steinhardt completed his studies at the Wharton School of Finance and at the same time, gathered his first experience on Wall Street. In 1967 he co-founded the hedge fund “Steinhardt, Fine, Berkowitz & Co.”, making him a pioneer of hedge funds.
In 1979, his partners, Berkowitz and Fine, left the firm, which was renamed to Steinhardt Partner.
Delivering average annual yields of more than 24% over the course of 28 years, Steinhardt established a name for himself as a legendary hedge fund manager. His customers paid a 1% administrative fee and 15% in performance fees (20% in the firm’s earlier years).
After a successful business year, Steinhardt closed his hedge fund in 1995. In 1994 the firm had suffered heavy losses. Since that time, Steinhardt has been active as political philanthropist.
In April 2011, Steinhardt fell into the limelight once again when he accused better-known investor Warren Buffett of being “the greatest PR person of recent times” and conning virtually everyone in the press.
Although Steinhardt generally follows a long-term perspective, he is most famous as a short-term investor.
He trades in stocks, options, currencies and other assets, and purportedly keeps these in his portfolio for no longer than 30 days.