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and asset class, as well as month-end summaries of invested positions and quarterly SEC filings on long positions.

While a variety of detail is given, the most sensitive information is stock-specific short positions for a number of managers; Cooperman and Ainslie do not give out this information. Singer will not give out exact positions. In some cases, Stark will require a confidentiality agreement be signed if additional information is requested. Stark permits only on-site reviews of the portfolio. Tepper does not list individual names of companies.

The superstar managers generally tend to deal with investors from afar. The majority seem to delegate the responsibilities to others, saying that investors are long-term in nature and they don't receive many calls. The exceptions were Och, Rajaratnam, Stark, Sussman, and Wilcox, who meet with investors on a frequent and regular basis.

BACKGROUND

The managers came to the hedge fund community in a variety of ways. The 30-something managers were either spin-offs from larger hedge fund managers or investment banks, or came directly into the business. For example, Griffin started his first hedge fund while he was still in college. Ainslie had been at Tiger Management while Och had been at Goldman Sachs.

The 40-plus crowd often had Wall Street careers or worked elsewhere for awhile. Kovner was in academia before he joined Commodities Corp. Both Singer and Stark were attorneys whose hobby was investing. Kingdon started working at AT&T in the pension fund administration group, then joined a hedge fund before starting his own.

A number of managers were from brokerage firms. Rajaratnam had been at Needham & Company. Cooperman worked at Goldman Sachs for 24 years; Och had been at Goldman Sachs for 11 years, and Tepper for over seven years. Sussman had been a convertible bond arbitrageur at a brokerage firm.

Wilcox had been a portfolio manager at Central National-Gottesman.

Henry, who grew up on a farm, became a hedger, then commodity speculator, then trading adviser.