Interesting article: http://detachedtrader.com/2006/02/birth-of-trillion-dollar-fund-manager.html It would suggest that by running a trillion, he would be the biggest influence on markets, in terms of a single person next to Bernanke. Possibly Bill Gross would be right behind him. As Bill Lipschutz indicated in Market Wizards, if your running a lot of money, over a yard (Billion) or so, you have a competitive advantage. If you know what your doing, this negates the disadvantage of finding liquidity to run your money or dealing with the slippage of running that nice size coin. Why? Because you can bully the market. You want something to go up, you can take it up and vice versa. You can "paint the charts" and create your own trends and trigger technical triggers where the manager could unload once momentum players step in, etc. If you look at Soros and his click when he gunned down sterling for billions in profits in a week, that was pure manipulation and balls. Soros and his "offshore network" forced capitulation. When the BOE (Bank of England) said they would defend sterling with X amount of yards, the book The Life and Times of the Messianic Billionaire indicates Soros was laughing saying "thats all" in so many words. It seems Fink and maybe Bruce Kovner at Caxton are the biggest players in the market that few have heard of.