DEFINITION of 'Michael Steinhardt'
Michael Steinhardt was among the first of the hedge fund managers. He founded his own hedge fund in 1967, Steinhardt, Fine, Berkowitz & Co., which provided net returns of nearly 25% per year after fees, tripling the performance of the S&P 500 over the same time interval. Michael is also an avid collector of art, as well as a philanthropist and political activist. He currently acts as chairman for WisdomTree Investments.
BREAKING DOWN 'Michael Steinhardt'
Michael was born in 1940 in Brooklyn, New York. He worked as a financial analyst, where he learned about conglomerate business practices. His hedge fund was forced to repay $70 million dollars as a penalty for the alleged manipulation of treasury security positions in the early 1990s, on which the firm made approximately $600 million.