Tuesday, April 5, 2011

[Video] CNBC - Hedge Fund Legend Michael Steinhardt Takes Dramatic Jab at Warren Buffet in Between a Series of Macro Views

One of the pioneers of the hedge fund world, Michael Steinhardt, is not that well known by much of the current trading community because if anything most of his era was pre "Wall Street" (Charlie Sheen version) - late 60s through early 90s.  If interested there is a short write up here but the numbers tell the tale.

Steinhardt Partners achieved a performance track record that still stands out on Wall Street: 24% compound average annual returns – more than double the S&P 500 – over a 28-year period

That said it was a different time, with far less competition, and pre HAL9000 - the landscape is so much different know... and so many hedge fund managers are essentially running the same models or techniques.  Far less opportunity to find situations to exploit and profit from.

This morning CNBC had a 16 minute interview with the man, mostly on his macro views (which correspond to mine in many ways).  Strangely, about half way through he went on a rant against Warren Buffet.  The commentary is not so strange because if anyone does PR good it's Buffet - one of the most savvy and hard driving investors of our era, but cloaked in "aww shucks" - but it's the public undressing of the man is what catches one off guard.  Reading between the lines it seems like one of Steinhardt's friends was let go by Buffet during his one wayward attempt at investing in a Wall Street financial firm (excluding the Goldman investment a few years back), and Steinhardt has not forgotten.  Then again he may have been taking a poke at Becky Quick who is the personal PR machine for Buffet on CNBC.  Who knows.  Based on how blunt he is, one wonders if once you get past a certain age, your guard comes down and you are willing to actually speak your mind publicly.

Either way, the rest of the interview focuses on mostly macro views, and his comments on what is happening in America will be very familiar to the FMMF audience. 

16 minute video, email readers will need to come to site to view

[Jun 6, 2009: Michael Steinhardt: "A Lot More Pain"]

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