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tion. To varying degrees, both Soros and Robertson were hurt by technology stocks and their transforming effects on the markets. As a value investor, Soros got into technology too late and held on to the shares too long. Robertson missed out largely because he avoided technology stocks.

But the issue is more than trading technology stocks. It is also the ability to use technology to harness information flow coming in from a myriad of sources. The new technology has increased information dissemination, and that has eroded some of the hedge fund managers' edge.

One superstar manager suggests that some of the older hedge fund managers may not have wanted to learn new technologies, which may have led to their demise or put obstacles in their way of surviving. He observed, "The survivors will be those who are able to adapt to new markets, adapt to information technology, and instill rigorous risk control."

LONGEVITY IN THE MARKETS/SIGNIFICANCE

Being extremely wealthy, why did these managers need this aggravation? This was true for the younger Druckenmiller as well. One hedge fund superstar speculated that it may have been too heavy a load administratively for Druckenmiller to run his own business as well as Quantum. Druckenmiller was getting heat from Soros for staying too long in the technology positions. Soros was demanding. "Why do this when I can enjoy my money without aggravation? Why take it? I don't need this!" was the suggested scenario from this fellow superstar manager. Druckenmiller had indicated an interest to leave Soros Fund Management earlier in 1999.

In 2000, Robertson was 67 years old and Soros 69 years old. "I want to set up something that will outlast me," said Soros in an interview with the Wall Street Journal.12 These words were echoed by Michael Steinhardt: "I don't want to be remembered for being a great money manager. I want to be remembered for something more important." Philanthropy and writing books seem to fill some of that void for both Soros and Steinhardt.

It appears that as these superstar managers get older they become more conservative—the desire grows to use less leverage and less risk. Soros talked about this: "I'm looking for 15 percent returns, not 30