Michael Steinhardt


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.

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  6. Mutual Fund

    An investment vehicle that is made up of a pool of funds collected ...
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  1. Can hedge funds trade penny stocks?

    Hedge funds can trade penny stocks. In fact, hedge funds can trade in just about any type of security, including medium- ... Read Full Answer >>
  2. Are hedge funds regulated by FINRA?

    Alternative investment vehicles such as hedge funds offer investors a wider range of possibilities due to certain exceptions ... Read Full Answer >>
  3. Should mutual funds be subject to more regulation?

    Mutual funds, when compared to other types of pooled investments such as hedge funds, have very strict regulations. In fact, ... Read Full Answer >>
  4. Can hedge fund returns be replicated?

    You can replicate hedge fund returns to a degree but not perfectly. Most replication strategies underperform hedge funds ... Read Full Answer >>
  5. Can foreign investors invest in US hedge funds?

    U.S. hedge funds are open to accredited investors. When they distribute profits to investors, those proceeds are taxed at ... Read Full Answer >>
  6. Do hedge funds manipulate stock prices?

    Some economics professors think there is evidence of manipulation of certain stocks by hedge funds on key reporting days. ... Read Full Answer >>

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