Page 73

I was also impressed that three of the managers—Ainslie, Och, and Rajaratnam—had never had an annual down year in their flagship funds despite 1994 and 1998, which were generally negative years for the hedge fund industry as well as 2000, which was a negative year for the stock market. And their performance in those years had been quite strong.

Then there was Cumberland Associates with a 30-year record and into its third generation—a rare feat in the hedge fund world.

These are some of the lasting impressions that these managers left with me.

LOVE WHAT THEY DO

The first and foremost similarity the managers have is that they love what they do—that is their prime motivation. Loving what they do and being the best at it runs hand in hand. Cooperman is a prime example—working 90 hours a week. He is motivated by doing a job well and gains satisfaction in finding what others don't. He makes a total commitment. Sussman also identified pride in a job well done as well as professional respect.

Kingdon also is motivated by the love of the business—the intellectual and emotional challenge. Kovner, Singer, and Stark echoed this sentiment, all making an analogy between investing and solving a puzzle.

Griffin is motivated by the competition—whether it's investing or a tennis game. The same theme was expressed by Ainslie, Henry, Rajaratnam, and Tepper.

Many say that once they don't love what they do, it's time to exit. Robertson was 67 when he called it quits—long after many others retire and with a lot more money.

Money is not the primary motivator. As Kingdon puts it, money is just a way of keeping score. Robertson, when he was trading, said this was a fun business (except for the very difficult days) and he, and probably others, would almost work for free. Working with and being associated with smart people was something he liked. Others feel the same way. Griffin also gets tremendous satisfaction from building a team of smart people who are always challenging him. Kovner also receives great satisfaction in creating a community of smart people with whom