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gers of groupthink, says Kingdon. New York also attracts bright, energetic people. Kovner describes it as the world's capital where you can see all kinds of people from economists to government officials.

However, Ainslie in Dallas; Griffin in Chicago; Henry in Boca Raton, Florida; and Stark in Mequon, Wisconsin, do not appear disadvantaged by not being located in the New York City area. Griffin highlighted the advantages—no other managers nearby trying to poach his key employees, and employees being more committed and long-term. Stark feels it makes the firm less influenced by herd mentality.

MINIMUM INVESTMENT

When they were open to investment, some of these superstar managers required a much higher minimum investment than the typical hedge fund manager, which is often $500,000 to $1 million. For example, Och's minimum was $10 million. Both Tepper and Sussman required a $5 million investment. Kingdon required a $5 million investment from corporations and $1 million from individuals. Ainslie's minimum was $2 million to $5 million.

LOCK-UP OF ASSETS

A number of the managers require investors' assets to be locked up for more than the typical one year—in some cases, two to three years. This helps ensure a stable investor base and a high-quality committed investor. Tepper requires a three-year lock-up. Ainslie has a three-year lock-up with a fee penalty if assets are redeemed earlier. Och generally requires a two-year lock-up.

FREE TIME

Most of the managers seem to lead balanced lives and are passionate about some outside interest. Sports is a common theme. The challenge of winning and/or the mastering of a technique is exhibited in what managers do in their free time. Griffin plays soccer; Ainslie plays basketball and golf. Kingdon has enjoyed tae kwon do for over 19 years. Och skis and golfs. In addition to golfing and swimming, Tepper coaches his children's teams. Wilcox has been a surfer for 30 years.