Institutional Investor's Alpha Magazine - June 2008 - (Page 5)

Letter from the editor Time Capsule EDITOR Michael Carroll Peltz EXECUTIVE EDITOR Michael EDITOR Michael Carroll INTERNATIONAL EDITOR Tom Buerkle MANAGING EDITOR David Schutt U.S. EDITOR Jeffrey Kutler ART DIRECTOR Nathan Sinclair EDITOR-AT-LARGE Firth Calhoun ASSISTANT MANAGING EDITORS Peter Carbonara ART DIRECTOR Irene Ledwith (Money Management), Tom Johnson (Research), ASSISTANT MANAGING EDITORS Lewis Knox William Loob (Editorial Production), Sathya Rajavelu (Director, ResearchTechnologyGroup), (Research), Jeffrey Kutler (Global Operations and Tracy Tjaden (International) Banking), Deborah F. McClellan (Editorial BUREAU CHIEFS Loch Rudolph (Money ManageProduction), Barbara Adamson (London), Allen T. Cheng (Asia) ment) SENIOR EDITORS Steven Brull (Los Angeles), EUROPEAN EDITOR Tom Buerkle (London) Karl Cates, Jane B. Kenney (Editorial Research), Jo Wrighton (Paris) BUREAU CHIEF Kevin Hamlin (Hong Kong) SENIOR WRITERS Frances Denmark, Michael Shari, SENIOR EDITORS Steven Brull (Los Angeles), Andrew Capon (London), Jane B. Kenney STAFF WRITERS David Lanchner (Paris), (Editorial Research) Imogen Rose-Smith, Julie Segal SENIOR WRITERS Deepak Gopinath,Ewing SENIOR ASSOCIATE EDITOR Tucker Justin Henry Teitelbaum Schack ASSOCIATE EDITORS Sivert Hagen, WeiQing Lu (Research Specialist), Timothy STAFF WRITERS Rich Blake, David Lanchner Roberts (Research Specialist), Carolynn B. Tetro (Paris) COPY CHIEF David Wray SENIOR ASSOCIATE EDITOR Tucker Ewing SENIOR CONTRIBUTING EDITORS Fran Hawthorne, ASSOCIATED. Shapiro, Stephen Taub Sivert Harvey EDITORS Emily Fleckner, Hagen CONTRIBUTING WRITERS Pam Abramowitz, Danielle David Wray COPY CHIEF Beurteaux, Phil Davis, Katie Gilbert, SENIOR CONTRIBUTING EDITORS Fran Hawthorne, Nick Rockel, Jaye Scholl, Irwin Speizer, Udayan Gupta, Scott Martin, Neil O’Hara, Henry Scott Stokes Shapiro, Charles Smith Hal Lux, Harvey D. COPY DEPARTMENTTaub, Joan Warner (Tokyo), Stephen Deputy Copy Chief: CONTRIBUTING EDITORS Colin Barraclough, Copy Editors: Ingrid Accardi, Ruth Hamel Lucy Conger (Mexico City), Jonathan Kandell, ASSISTANT TO THE EDITOR Elizabeth Simroe ART DEPARTMENT Deputy Art Director: Diana Panﬁl; (Beijing), Leah Nathans Spiro Associate Art Director: Anthony Scerri; Senior Designer: Lee Deputy Copy COPY DEPARTMENT H.Wilson; Chief: Jeff CranAssociate: Sabrina Henley; Photo Editor: Daniella Nilva; mer Associate Photo Editor: Alden Gewirtz; ASSISTANT TO THE EDITOR Elizabeth Simroe Color Imaging Manager: John Miliczenko CHAIRMAN & CEO Gary Mueller ART DEPARTMENT Deputy Art Director: Patrizia Bove; GROUP PUBLISHER Christine Cavolina Associate Art Director: Stephanie Lora; Photo Editor: PUBLISHER Joy DeSanto Anastasia Pleasant; Color Imaging Manager: PUBLISHER, INTERNATIONAL Spencer Wicks John Miliczenko PUBLISHER, ASIA Wendy Gallagher ONLINE SALES DIRECTOR Chris DeAngelis PRESIDENT & CEO Christopher R. Brown EXECUTIVE DIRECTOR OF MARKETING PUBLISHER Christine Cavolina PRODUCTION DIRECTOR Brian Gill DIRECTOR OF FULFILLMENT Lisa Traeger PUBLISHER, INTERNATIONALRobert Tonchuk CHIEF OPERATING OFFICER David E. Antin PRODUCTION DIRECTOR Brian Gill Institutional Investor’s AlphaTM and Alpha,TM 225 Park Avenue South, New York, NY 10003; (212) 224-3300; Fax: (212)PRODUCTS MANAGING DIRECTOR OF RESEARCH 224-3171. © 2008 Institutional Investor, Inc. No statement in this magazine is Denise Murrell to be construed as a recommendation to buy or sell securities. Neither this publicationOF FINANCE it may be reproduced or transmitted DIRECTOR nor any part of AND OPERATIONS in any form or by any means, electronic or mechanical, including David E. Antin photocopying, recording or by any information storage and retrieval system, without the prior written permission of Institutional Investor magazine. For Investor’scontact TM and Palmieri (212) 224-3675; Institutional reprints, Alpha Dewey Alpha,TM 225 Park AvFax: (212) 224-3563; e-mail: dpalmieri@iinvestor.com. Subenue South, New York, NY 10003; (212) 224-3300; Fax: (212) scription hotline (800) 437-9997; Overseas (44-20) 7779 8999 224-3171. Bill Christophersen; Lois Madison Reamy, Kazuhiko Shimizu Louis Cassetta FOR MOST HEDGE FUNDS, ﬁve years must seem like an eternity. Powered by an incentive-laden economic model that favors shortterm performance, they have little choice but to live in the here and now. But for a magazine created to cover the fast-paced world of hedge funds, ﬁve years have gone by in an instant. This month marks the ﬁfth anniversary of Alpha, and what a ﬁve years it has been. When we published our ﬁrst issue in June 2003, there were some 6,000 hedge funds managing about $600 billion, pension funds had only recently begun to pour serious money into them, and regulators were talking about the need to rein them in, or at least monitor them more closely. Today there are upwards of 10,000 hedge funds managing more than $1.8 trillion, with much of that growth coming from pension funds and other institutional investors looking for alpha. Hardly a day passes without a hedge fund manager or two making headlines for their latest deals, and regulators are still jawboning about the need for tighter regulation. To honor the people behind this incredible growth, we have established the Alpha Hedge Fund Hall of Fame. In this month’s cover story, which begins on page 27, we unveil our ﬁrst inductees: 14 ﬁnanciers who have had an outsize impact on the success of the hedge fund industry. We hope you will enjoy reading what the members of this exclusive club have to say as much as we enjoyed interviewing them. Although many of the inductees rarely talk to the press, they were refreshingly candid about their successes and failures, the enormous sums of money most of them have made, their investment strategies and the prospects for competing in a world overrun with hedge funds. For the two men being honored posthumously, Alfred Winslow Jones and Leon Levy, we spoke to family members and former colleagues. (On September 24, we will honor all 14 members at a Hall of Fame induction dinner at the St. Regis in New York.) What will the next ﬁve years hold for hedge funds? To ﬁnd out, we turned to our past, asking six savvy investors who have previously appeared on the cover of Alpha to offer their insights. In “Back to the Future,” a series of essays starting on page 79, Bob Boldt, Mark Anson, J. Tomilson Hill, Robert Hunkeler, Marc Lasry and Chris Hitchen give their perspectives on the challenges and opportunities hedge funds are likely to face. They generally agree that institutional investors will continue to be attracted to larger ﬁrms, and, as a result, capturing alpha will become increasingly difﬁcult. That’s where we come in — helping you, our readers, by continuing to deliver “the powerful brand of independent, unbiased reporting and probing analysis” that we promised ﬁve short years ago. MICHAEL PELTZ EXECUTIVE EDITOR mpeltz@iimagazine.com JUNE 2008 • INSTITUTIONAL INVESTOR’S ALPHA • 5 FEBRUARY2008 • INSTITUTIONAL INVESTOR’S ALPHA • 00

Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - June 2008

Investor's Alpha Magazine - June 2008 Contents Letter From the Editor Longs & Shorts Cover Story: Alpha Hall of Fame Bruce Kovner Michael Steinhardt Kenneth Griffin Louis Bacon Steven Cohen George Soros James Simons Seth Klarman Julian Robertson Jr. Jack Nash Leon Levy Paul Tudor Jones II Alfred Winslow Jones David Swensen Looking Ahead: Back to the Future Research Center: Europe Hedge Fund 50 Unhedged: Let the Sunshine In

Institutional Investor's Alpha Magazine - June 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.