Michael H. Steinhardt (born December 7, 1940) is an American billionaire 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 1995. His fund lost 1/3 of its value in the 1994 bond market crisis. In 1995, after finishing up 25%, 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 returning to work in 2004 to head WisdomTree Investments, a fund with nearly US$64 billion in assets under management. - Source: Wikipedia
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