Michael Steinhardt quit the hedge fund industry in 1995, before the bubble blew up to extraordinary levels and his peers got incredibly wealthy.Does he regret it, asks an interviewer at Benzinga.
Here’s his answer. Keep in mind this is coming from a guy who says he doesn’t much focus on the difference between $X and $Y, because he tries to find what’s more valuable than the stock market.
When I see some of the net worth statements of some of the people that have been in business these years, and… I don’t know how well I would have done, but it’s probably not unreasonable to think that I would have made an egregious amount money over this period of time.
As arrogant as his comment sounds, we don’t think it was meant that way.
It’s more like Steinhardt is just in disbelief over the amounts guys like John Paulson and David Tepper are making in one year. Even to successful people in the same industry who are, by most standards, pretty well-off themselves, the amount of wealth some guys have accumulated is really mind boggling.
Of course, we are still under the spell of the charming interview Steinhardt gave to the Wall Street Journal last spring.