H/T to http://pragcap.com. Legendary hedge fund manager,Steinhardt averaged an annualized return for his clients of 24.5%, after a 1% management fee and a “performance fee” of 15% (early in his career, later 20%) of all annual gains nearly triple the annualized performance of the S&P 500 Index over the same timeframe. Michael Steinhardt had some very harsh words about Warren Buffett and “sokolgate”. Steinhardt explained the difference between the hedge fund industry today, and in his time. He talked a bit about his past performance, investing today, and the current macro picture. Steinhardt does not believe in the slogan don’t fight the fed”. On that note he is short short term treasuries.