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Robert Aviv Robert Aviv Owner of Michael Fina Art and Antiques

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American businessman

Michael Steinhardt
Born (1940-12-07) December 7, 1940 (age 81)

New York City, U.S.
Alma mater University of Pennsylvania (B.S.)
Occupation Investor, hedge fund manager
Years active 1967 - present
Spouse(southward) Judy Steinhardt
Children 3, including Sara Berman

Michael H. Steinhardt (built-in Dec 7, 1940) is an American billionaire hedge fund manager and philanthropist. In 1967, he founded a hedge fund, Steinhardt Partners, that averaged an annualized return for its clients of 24.five% from 1967 to 1995.[2] His fund lost ane/3 of its value in the 1994 bond market crisis.[3] In 1995, later on finishing upwards 25%, he airtight his fund stating, "I thought at that place must be something more virtuous, more than ennobling to do with one's life than brand rich people richer," before returning to work in 2004 to head WisdomTree Investments, a fund with virtually Us$64 billion in assets under management.[2]

In January 2014 he was on the cover of Forbes Magazine, referred to as "Wall Street's greatest trader."[4] [v] Forbes Magazine reported his cyberspace worth at $1.1 billion as of October 2018.[1]

In Apr 2017, he fabricated history after existence selected as one of two diaspora Jews to light an official torch at the Israel Independence Day Torch-lighting Ceremony (Israel) equally a symbol of "Jewish unity" for contributions as the co-founder of Taglit-Birthright Israel.[vi]

In December 2021, after a 4-year multinational investigation, Steinhardt made a deal with the Manhattan district attorney'south office which involved surrendering 180 stolen antiquities valued at $70 million. He was barred for life from acquiring any other relics.[7]

Early life [edit]

Steinhardt earned a bachelor's degree at the Wharton Schoolhouse of the University of Pennsylvania, graduating in 1960. He started his career working for the mutual fund Calvin Bullock and the brokerage firm Loeb, Rhoades & Co. (the precursor to Shearson Loeb Rhoades).[viii] Steinhardt's male parent was his get-go investment customer, giving his son envelopes stuffed with cash to put in the stock marketplace giving him seed coin to begin his investment career.[viii]

Investment career [edit]

Early on career [edit]

Working as an analyst at Loeb, Rhoades & Co., Steinhardt followed the conglomerate manufacture, which included companies such equally Automatic Sprinkler (now defunct), City Investing (likewise defunct), and the best-known conglomerate of its day, Gulf+Western (now part of Viacom and Viacom'southward spinoff CBS).

Steinhardt Partners [edit]

In 1967, using earnings from his investments, Steinhardt founded the hedge fund Steinhardt, Fine, and Berkowitz (later Steinhardt Partners) with co-investors William Salomon, erstwhile managing partner of Salomon Brothers and Jack Nash, founder of Odyssey Partners.[8] Steinhardt Partners averaged an annualized return for its clients of 24.v%, later a 1% direction 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. Later decades of successfully managing the fund, Steinhardt and his firm were investigated for allegedly trying to dispense the short-term Treasury Note market in the early on 1990s. He personally paid 75% of a total fine of $lxx one thousand thousand every bit part of settlement with the U.S. Securities and Exchange Commission and Department of Justice. His business firm fabricated $600 million on the Treasury positions.[9] In his book, No Bull, Steinhardt said he did nothing wrong, simply only settled the case in order to "motion on."[ citation needed ] Following a negative performance in his hedge fund in 1994, Steinhardt Partners enjoyed an excellent 1995, with operation in line with its historical record. The hedge fund closed and distributed all monies to its limited partners at the end of 1995.[ commendation needed ]

WisdomTree Investments [edit]

In 2004, Steinhardt came out of retirement to work for Index Development Partners, Inc.,[10] now known as WisdomTree Investments. He is chairman of WisdomTree, which offers dividend and earnings-based alphabetize funds rather than traditional index funds based on marketplace capitalization. Every bit of July 2018, WisdomTree had $41.2 billion nether direction.[eleven] During the fall of 2007 and 2008, WisdomTree's growth stagnated, as the stock marketplace, especially the financial sector, in which WisdomTree'south dividend-based funds are overweighted, tanked, every bit did WisdomTree's stock. Withal, as the WisdomTree funds tended to outperform their "bogies," asset growth resumed its earlier pace and its stock price appreciated appropriately.[four]

Wealth and philanthropy [edit]

Ceded to American Friends of the Israel Museum by Judy and Michael Steinhardt: St. Peter in Prison (The Apostle Peter Kneeling), Rembrandt, 1631.

Forbes Magazine reported Steinhardt's cyberspace worth at US$1.1 billion every bit of October 2018.[i] The Steinhardt School of Culture, Pedagogy and Human being Development at New York University bears his name in recognition of two $10 million donations.[12] After 2018 sexual harassment allegations against Steinhardt, the student government at the school called for removal of philanthropist'due south name; a phone call which was renewed after his 2021 deal with the Manhattan District Attorney about Steinhardt'south 180 stolen antiquities.[xiii]

In the 1990s, Steinhardt bought and donated Steeple Jason Isle and M Jason Island in the Falkland Islands to the Wildlife Conservation Club (WCS), forth with US$425,000 for a enquiry station to be named later on himself and his wife.[14] Steinhardt invested in baseball teams, owning part of the Miami Marlins and the Los Angeles Dodgers.

Steinhardt is the past chairman of the Autonomous Leadership Council and a board member of the Foundation for the Defense of Democracies, to which he donated $250,000 in 2002.[fifteen]

Jewish causes [edit]

Steinhardt is chairman of the board at The Steinhardt Foundation for Jewish Life and Taglit-Birthright State of israel. He also makes public appearances, speaking with immature Jewish children through organizations such as Ezra United states of america and RAJE.[xvi] He has been an active philanthropist, donating over $125 million to Jewish causes. In 1999, he and Charles Bronfman co-founded Taglit-Birthright State of israel, which sends young Jews aged eighteen–26 on a ten-day trip to Israel without charge. In 2009, Steinhardt gave the American Hebrew Academy $5 million. The American Hebrew Academy released an advertizement featuring his endorsement.[17]

Steinhardt has founded a network of Hebrew-linguistic communication charter schools, which are secular and open to both Jews and non-Jews. He has said "these schools teach Hebrew in a mode that is demonstrably superior to Jewish twenty-four hours schools".[eighteen]

Steinhardt is part of the "Mega Group" – a loosely organized club of xx of the nearly wealthy and influential Jewish businessmen. The "Mega Group" was formed by Leslie Wexner, chairman of Express Inc. and Charles and Edgar Bronfman Sr., chairmen of Seagram.[nineteen]

Steinhardt is a strong supporter of the State of State of israel, which he regards equally the "Jewish miracle of the 20th century". He views State of israel as "the virtually moral land on this planet", and in a 2017 interview said "The more than one understands about Israel, the more comfortable one becomes with the politics of the Israeli government."[18]

Steinhardt served as Chairman of the Lath of Tel Aviv Academy, where he received an honorary doctorate in 2011, and endowed the Steinhardt Museum of Natural History in Ramat Aviv.[20]

Publishing [edit]

In 2001, Steinhardt made his foray into publishing. He, along with several other investors, including Conrad Blackness, founded the New York Sun, a niche New York City newspaper all-time known for its pro-Israel support and neo-conservative outlook. Steinhardt wrote a letter of the alphabet to President bill Clinton advocating the pardon of Marc Rich, calling him "my friend...who has been punished enough." On January 20, 2001, Clinton's concluding day in office, Rich was pardoned.[21] Steinhardt was an early supporter of the possible presidential candidacy of Michael Bloomberg in 2008.[22]

Sexual harassment allegations [edit]

On September 12, 2018, The Jewish Week reported that Hillel International was investigating Steinhardt for "inappropriate sexual remarks" to two female employees of one of the organizations he supports. The Jewish Calendar week story quoted "sources close to the investigation" equally saying that since, 2015, when the offset complaint by a female employee occurred, it has been a "practice" within the organization for no female employee to have meetings with Steinhardt alone. The second woman making allegations received a written apology from Steinhardt, dated Baronial 23, 2011, acknowledging his inappropriate comments fabricated toward her and two male colleagues at a coming together the year before. The study noted that Hillel had "quietly" removed his name from the lath of governors listed on their website while the organisation was investigating the claims.[23] [24] Hillel fabricated an official argument that the complaints nigh sexual harassment by its donors were justified.[25]

Steinhardt stated in response to the findings "If I had been told immediately nigh concerns regarding annihilation I said at the time, I would accept apologized immediately. I only recently learned about this investigation when Hillel chosen me near comments I made several years ago. I am lamentable and deeply regret causing whatsoever embarrassment, discomfort or pain, which was never my intention."[25] As of March 2019, half dozen women had come forward alleging that Steinhardt had made unwanted sexual requests of them.[26]

Individual antiquities collection and lifetime ban from collecting artifacts [edit]

A Stag's Head Rhyton, dating to 400 B.C.E., first appeared without provenance on the international art market later looting in Milas, Turkey. In March 1993, Steinhardt loaned the Stag's Head Rhyton to the Met, where it remained until the D.A.'southward office applied for and received a warrant to seize it.[27] [28]

Steinhardt is an art collector, especially of antiquities. A special exhibition, "Ancient Art of the Cyclades", held at the Katonah Museum of Art included some pieces owned by him.[ citation needed ] He sat on the American advisory board of Christie'due south, the fine art & antiques sale house.[29] In Dec 2021, Steinhard surrendered 180 stolen antiquities valued at $70 meg and received a lifetime ban on acquiring antiquities.[7]

In Nov 2014, Christie's had to withdraw a prehistoric sculpture from Sardinia, valued at $800,000-$i.2m, put on sale by Steinhardt and previously put on sale by the notorious and convicted antiquities dealer Giacomo Medici. In January 2018, investigators raided Steinhardt's New York City apartment and seized a large amount of stolen antiquities which had been illegally purchased by Steinhardt.[30]

In December 2021, an agreement was reached with the New York County Commune Attorney that after examining Steinhardt's "acquisition, possession and sale of more than than 1,000 antiquities since at least 1987" [31] Steinhardt had to relinquish 180 items with an estimated value of $lxx one thousand thousand, in substitution for the dismissal of a 1000 jury investigation into Steinhardt's collection and Steinhardt's existence permanently banned from acquiring new pieces. Steinhardt kept the remaining pieces that he legally purchased. The seized antiquities were slated to be returned to their proper owners in much of the Eastern Mediterranean region, also equally Republic of bulgaria and Republic of iraq.[32] [33] In a press release, District Attorney Cyrus Vance Jr. said, "For decades, Michael Steinhardt displayed a rapacious appetite for plundered artifacts without concern for the legality of his actions, the legitimacy of the pieces he bought and sold, or the grievous cultural harm he wrought across the earth."[34] A lawyer for Steinhardt said many of the dealers from whom he bought the artifacts "made specific representations as to the dealers' lawful title to the items, and to their declared provenance."[35]

Heliodorus Stele [edit]

In 2007 Steinhardt lent Israel Museum the "Heliodorus Stele", (commons) which he had recently acquired. The stele was two,200-year-onetime Greek text inscribed in limestone. However, an skillful soon noted that two pieces excavated from a cave in Maresha fit the Heliodorus Stele "similar a jigsaw puzzle", and hence concluded that the stele came from the same cave. In Dec 2021, the "Heliodorus Stele" was among the 180 artifacts Steinhardt agreed to surrender to the Manhattan District Attorney's office. Equally of January seven, 2022, the "Heliodorus Stele" was still on display in the Israel Museum, together with 2 Neolithic masks.[37]

Guennol Stargazer [edit]

Steinhardt acquired the Guennol Stargazer in 1993.[39] The marble idol depicts a nude human figure and is estimated to be half dozen,000 years erstwhile. After attempting to sell the idol at auction in 2017, the Turkish government sued to halt the auction. The auction occurred, though the heir-apparent later backed out. A demote trial in 2021 determined that Turkey had waited besides long to attempt to repatriate the idol, and that information technology would remain in the United States.[twoscore]

Personal life [edit]

In 1967, Steinhardt met his time to come wife, Judy, in a car pool he organized. During 1 of the carpools into New York City, he mentioned the name of the grain lift company Colorado Milling and Grain Elevator. Judy mentioned the company to her father who invested in the company and made a substantial turn a profit after Colorado Milling was acquired by Cracking Western Carbohydrate in 1968; the merged company was renamed Great Western United. Judy is the chairwoman of New York University's Establish of Fine Arts and of the American Friends of the Israel Museum.[41] They accept three children.[42] His daughter, Sara Berman, a former announcer and parenting columnist for The New York Sun, is the president of the Hebrew Language University Charter Schoolhouse in Brooklyn.[43]

In Sebastian Mallaby's 2010 book entitled More Money Than God: Hedge Funds and the Making of a New Aristocracy, he dedicated a chapter to Steinhardt. He described Steinhardt every bit a "lover of botany and a collector of exotic animal," living in his retirement "on his country estate an hour's bulldoze north of New York City." Mallaby included a photo of Steinhardt "dancing on his estate opposite... an elegant blue crane . . . that had taken to courting him with a graceful gavotte."[44]

In 2001, Steinhardt published an autobiography: No Balderdash: My Life in and out of Markets. In this book, he addressed for the offset time the question of his father, Sol Frank Steinhardt, who also went by the moniker "Red McGee." "Red" Steinhardt was bedevilled in 1958 on 2 counts of buying and selling stolen jewelry, and was sentenced to serve two 5-to-10 year terms, to run consecutively, in the New York Land prison house organization. In his book, Steinhardt describes how his male parent bankrolled his early forays into the stock market past giving him envelopes stuffed with $x,000 in greenbacks and sometimes much more than that. The book also suggests that Steinhardt's didactics at the Wharton School may take been paid for with illicit funds.[45]

In 2008, he was inducted into Institutional Investors Blastoff's Hedge Fund Manager Hall of Fame along with Julian Roberston, Kenneth Griffin, Steven A. Cohen, and others.[46]

See also [edit]

  • List of University of Pennsylvania people

References [edit]

  1. ^ a b c "Michael Steinhardt". Forbes . Retrieved 2018-10-28 .
  2. ^ a b "Michael Steinhardt, Wall Street'southward Greatest Trader, Is Back -- And He's Reinventing Investing Once more". Forbes . Retrieved Apr 20, 2017.
  3. ^ The peachy bail massacre - Fortune, Dec 1994; republished 3 February 2013
  4. ^ a b Noer, Michael. "Michael Steinhardt, Wall Street's Greatest Trader, Is Back -- And He'southward Reinventing Investing Again". Forbes . Retrieved 2017-02-18 .
  5. ^ Sebastian Mallaby (2010). More Money Than God, pg.41
  6. ^ "How a US billionaire's Jewish spark became an Independence Day torch". The Times of Israel.
  7. ^ a b Mashberg, Tom (7 December 2021). "Michael Steinhardt, Billionaire, Surrenders $70 Million in Stolen Relics". The New York Times . Retrieved 17 Dec 2021.
  8. ^ a b c Lenzner, Robert (November viii, 2001). "Michael Steinhardt'southward Voyage Around His Father". Forbes.com. Archived from the original on 2013-01-23. {{cite magazine}}: CS1 maint: bot: original URL status unknown (link)
  9. ^ "Michael Steinhardt's Voyage Around His Male parent - Forbes.com". Forbes. Nov viii, 2001. Archived from the original on January 23, 2013.
  10. ^ "IDP completed $9 1000000 financing" (PDF) . Retrieved May 10, 2007. [ dead link ]
  11. ^ "WisdomTree Investments, Inc. - Investor Relations". Wisdomtreeinvestments.com. Archived from the original on 2006-11-16. Retrieved 2014-08-06 .
  12. ^ http://world wide web.nyu.edu/nyutoday/archives/fourteen/04/steinhardt.nyu
  13. ^ Student government at NYU school named for Steinhardt calls for removal of philanthropist's name, Shira Hanau, Dec 9, 2021, Jewish Telegraphic Agency
  14. ^ "News from Zoos: March and April 2002". Umich.edu. Retrieved 2014-08-06 .
  15. ^ McCarthy, Daniel (Nov 17, 2003). "Most Favored Republic". Amconmag.com.
  16. ^ "rajeusa.com". rajeusa.com. 2014-05-29. Retrieved 2014-08-06 .
  17. ^ Sales, Ben (July 31, 2012). "A Jewish expressionless poets' society?". The Times of Israel.
  18. ^ a b Ben Sales, Michael Steinhardt thinks American Jews demand to stop focusing on religion, Jewish Telegraphic Agency; June nine, 2017.
  19. ^ Titans of Manufacture Join Forces To Work for Jewish Philanthropy, The Wall Street Journal, four May 1998
  20. ^ [1] [2]
  21. ^ Vickers, Marcia (July eighteen, 2005). "The Rich Boys". Business Calendar week.
  22. ^ Heilemann, John (December four, 2006). "His American Dream". Nymag.com.
  23. ^ Sommer, Allison Kaplan (2018-09-13). "Report: Jewish-American Philanthropist Michael Steinhardt Accused of 'Inappropriate Sexual Remarks'". Haaretz . Retrieved 2018-09-xiv .
  24. ^ "Hillel Investigating Allegations Against Major Philanthropist". Retrieved 2018-09-fourteen .
  25. ^ a b Rosenblatt, Gary (13 Jan 2019). "Hillel Finds 'Complaints Were Justified' On Sexual Harassment Past Donors". jewishweek.timesofisrael.com.
  26. ^ Otterman, Sharon; Dreyfus, Hannah (21 March 2019), "Michael Steinhardt, a Leader in Jewish Philanthropy, Is Accused of a Pattern of Sexual Harassment", The New York Times
  27. ^ D.A. Vance: Michael Steinhardt Surrenders 180 Stolen Antiquities Valued at $70 Meg, Press Release, Dec six, 2021
  28. ^ Exhibit 1-92, Stag's head: exhibit no 49
  29. ^ "Informational Board". Christies.com. Retrieved 2014-08-06 .
  30. ^ "Looted Antiques Seized From Billionaire's Home, Prosecutors Say". The New York Times. 5 January 2018.
  31. ^ Jack Guy. "New York billionaire Michael Steinhardt surrenders $70 million of stolen ancient art". CNN.
  32. ^ "Hedge-fund pioneer Michael Steinhardt surrenders 180 stolen antiquities valued at $70 one thousand thousand, Manhattan DA Vance says". CNBC. vi December 2021.
  33. ^ "U.s.a. billionaire surrenders $70m of stolen art". The Guardian. 7 Dec 2021.
  34. ^ "Jewish Billionaire Steinhardt To Return Looted Antiquities". Associated Press. 6 December 2021. Retrieved 6 Dec 2021.
  35. ^ Mashberg, Tom (7 Dec 2021). "Michael Steinhardt, Billionaire, Surrenders $70 Million in Stolen Relics". The New York Times.
  36. ^ exhibit 72; List of exhibits
  37. ^ Several of Michael Steinhardt's looted art pieces all the same on display at Israel Museum, Ilan Ben Zion, January 7, 2022, Times of Israel
  38. ^ exhibit 75; List of exhibits
  39. ^ Ludel, Wallace (8 September 2021). "Stargazer idol volition non be returned to Turkey, New York federal gauge rules". The Art Paper . Retrieved half dozen January 2022.
  40. ^ Moynihan, Colin (viii September 2021). "Judge Rejects Turkey's Claim That Aboriginal Sculpture Was Looted". The New York Times . Retrieved 6 January 2022.
  41. ^ "WEDDINGS/CELEBRATIONS; Anna Hoffman, David Steinhardt". New York Times. April 4, 2004.
  42. ^ http://www.jewishlife.org/about.html Archived July 29, 2012, at the Wayback Machine
  43. ^ Julie Wiener. "Sara Berman, 35". The Jewish Week. Retrieved 2014-08-06 .
  44. ^ Patterson, Scott (16 June 2010). "The Long and Short of It: You'd be secretive, too, if you were making billion-dollar bets". Wall Street Periodical . Retrieved 31 December 2015.
  45. ^ Lenzner, Robert (November viii, 2001). "Michael Steinhardt'south Voyage Effectually His Father". Forbes. Archived from the original on 2013-01-23. {{cite magazine}}: CS1 maint: bot: original URL condition unknown (link)
  46. ^ "Cohen, Simons, 12 Others Enter Hedge Fund Hall". Institutional Investor. Institutional Investor LLC. 23 September 2008. Retrieved 16 June 2019.

Further reading [edit]

  • Schwager, Jack D. (1993). Market Wizards: Interviews with Peak Traders (reissue ed.). 27 pages: Collins. ISBN0-88730-610-1. {{cite volume}}: CS1 maint: location (link)
  • Steinhardt, Michael (2001). No Bull: My Life In and Out of Markets . Wiley. ISBN0-471-66046-9.

External links [edit]

  • Official website
  • Curated interview with Michael Steinhardt from Market place Wizards
  • The Steinhardt Foundation for Jewish Life official site
  • "Forbes.com Contour". Forbes. Archived from the original on 2013-01-23. Retrieved 2006-xi-xv . {{cite web}}: CS1 maint: bot: original URL status unknown (link)
  • Steinhardt Judaica Collection

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