A FAREWELL TO HEDGES

BURNED OUT BY HIGH FINANCE, FUND SUPERSTAR MICHAEL STEINHARDT PUTS HIMSELF OUT TO PASTURE

WHEN IT COMES TO LEISURE, Michael Steinhardt speaks a language all his own. In 1978 he was determined to escape the stress of his hedge-fund management job and took a year's sabbatical from Wall Street. However, he used that time to start a real-estate and construction business in Israel. Steinhardt's notion of a vacation, he admits, is "screaming into an antiquated telephone, trying to find out what's going on." Time off hasn't always been fruitful. In 1994, after a rare three-week vacation in China, Steinhardt returned to New York to find that his investment funds had lost 4% of their value...

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