Money Madness A couple of excellent reports relating to the current market conditions. the one from 1994 gives a insight into Michael Steinhardt. He founded Steinhardt, Fine, Berkowitz & Co., a hedge fund, in 1967. Steinhardt averaged an annualized return for his 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. http://www.abc.net.au/4corners/content/2008/20081013_debt/interviews.htm