Michael Steinhardt

At 83 years old, Michael Steinhardt physical status not available right now. We will update Michael Steinhardt's height, weight, eye color, hair color, build, and measurements.

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).

In 1967, using earnings from his investments, Steinhardt founded the hedge fund Steinhardt, Fine, and Berkowitz (later Steinhardt Partners) with co-investors William Salomon, former managing partner of Salomon Brothers and Jack Nash, founder of Odyssey Partners.

Between 1967 and 1995, Steinhardt Partners averaged an annualized return for its clients of 24.5%, after a 1% management fee and a "performance fee" of 15% (early in his career, later 20%) of all annual gains, realized and unrealized, nearly triple the annualized performance of the S&P 500 Index over the same timeframe. After decades of successfully managing the fund, Steinhardt and his firm were investigated for allegedly trying to manipulate the short-term Treasury Note market in the early 1990s. He personally paid 75% of a total fine of $70 million as part of settlement with the U.S. Securities and Exchange Commission and Department of Justice. His firm made $600 million on the Treasury positions. In his book, No Bull, Steinhardt said he did nothing wrong, but merely settled the case in order to "move on."

His fund lost 1/3 of its value in the 1994 bond market crisis. In 1995, after finishing up 25%, decided to close 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 returning to work in 2004 to head WisdomTree Investments, a fund with nearly US$64 billion in assets under management. The hedge fund distributed all monies to its limited partners at the end of 1995.

In 2004, Steinhardt came out of retirement to work for Index Development Partners, Inc., now known as WisdomTree Investments. He is chairman of WisdomTree, which offers dividend and earnings-based index funds rather than traditional index funds based on market capitalization. As of July 2018, WisdomTree had $41.2 billion under management. During the fall of 2007 and 2008, WisdomTree's growth stagnated, as the stock market, especially the financial sector, in which WisdomTree's dividend-based funds are overweighted, tanked, as did WisdomTree's stock. However, as the WisdomTree funds tended to outperform their "bogies," asset growth resumed its earlier pace and its stock price appreciated accordingly.

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