List OF HEDGE FUNDS FROM ODP

o The Abernathy Group - Long/Short equity alternative asset management firm located in New York City.
o Absolute Capital investments - An alternative investment management firm specialising in hedge fund and structured
debt products. Their proprietary investment process, is designed to combine non-traditional investment strategies to
achieve our absolute return objectives.
o Adair Capital LLC - Private research and alternative investment firm specializing in hedge fund of funds.
o Aerodynamic Investments Inc - An offshore and domestic hedge fund with extensive chart libraries to learn about
technical analysis.
o Aida Capital International - Company manages diversified portfolios of investments in hedge funds.
o A.I.M. Trading - Investment management firm offering an offshore fund, 3R Ltd., a Cayman Island corporation
administered by Trinity Fund Administration Limited.
o Altegris Investments - Hedge funds, managed futures and alternative investment products and services to help high net
worth individuals and institutions build diversified portfolios.
o Alter Capital - Offers a club solution to selected individuals looking for access toward alternative assets, hedge funds and
venture capital.
o Alternative Investment Strategies - An investment trust that is a listed in the UK. It is a globally diversified, multi-
manager fund of hedge funds.
o ALT-FX Limited - Australian based hedge fund manager regulated and licensed by the Australian Securities and
Investment Commission(ASIC). Runs a FX hedge fund domiciled in the Cayman Islands.
o Arden Asset Management - Investment Manager that offers resources for managing fund of hedge fund portfolios.
o Armajaro Asset Management - Manager of the Coolum Fund (a Pan European equity long/short market neutral strategy),
Armajaro Commodities Fund (a pure commodities fund managed on a discretionary basis)and they are currently
establishing a Fund of Hedge Funds.
o Around the Clock Trading and Capital Management, LLC - A domestic market neutral Hedge Fund limited to accredited
investors.
o Artradis Fund Management - An absolute return asset management company focused on delivering above average, risk
adjusted returns in Asian markets.
o ASA Home page - Money manager delivering non-correlated, absolute returns to its qualified investors. The Funds seek
to maximize after tax, risk-adjusted returns.
o Aspect Capital UK - Alternative investment manager for institutions and wealthy individuals. Portfolios independent of
stock and bond market indices.
o Asset Managent Group, LLC - Managed hedge funds.
o Asset Value Investors Limited - Money management firm established in 1985 to manage the assets of British Empire
Securities & General Trust plc. In 2004 formed a US entity for managing US funds.
o Aster-X Capital Management BV - Hedgefund manager, alternative investments based in Amsterdam
o AutraCapital - A statistical arbitrage strategy, focusing on the Asian markets. The strategy uses non-linear, probabilistic
technology. Using this technology, they strive to generate high risk-adjusted returns from a market neutral portfolio.
o BlueCrest Capital Management - Hedge fund manager contact details, and password-protected information for investors.
o BluMont Capital - Canadian hedge fund company.
o Bonita Capital Management, LLC - A private investment management organization dedicated to market-neutral
investing.
o Burlingame Asset Management - Manages Burlingame Equity Investors (BAM-I), a long-short value-oriented hedge
fund.
o Cadogan Management, LLC - Private investment management and research specializing in hedge fund-of-funds.
o Camomille Associates Limited - Offers two open-ended investment products, the Camomille Global Macro Fund and the
Momentum Global Fixed Income Fund.
o Cannonball Fund - A conservative fund of hedge funds that seeks to perserve capital across varied market conditions and
to generate attractive risk-adjusted returns with limited correlation to major financial markets, through a multi-manager,
multi-strategy approach to investing.
o Capital Fund Management - Paris based manager specialised in statistical arbitrage on futures,equities and options.
o Carnegie WorldWide Long/Short - Long/short fund whose primary objective is to deliver positive returns every year.
The Fund's managers will seek to deliver the highest possible return taking into account the primary objective and with
the 3-month money market rate as benchmark.
o Commerce Asset Fund Managers - Money manager for leading corporations, insurance, pension & unit trust funds and
Government institutions. With paid up capital of RM5.5 million and authorised capital of RM10 million, funds are
managed by a group of dedicated investment professionals with a combination of domestic and international expertise in
the funds management industry.
o CooperNeff - Proprietary trading and fund management.
o creInvest: access to non traditional investments - Company listed on Swiss Exchange that gives its investors access to a
diversified, professionally managed portfolio of international hedge funds.
o CSFB/Tremont Hedge Fund Indices - Provides hedge fund indice and subindice performance and analytics.
o Culross Global Management Limited - A Fund of Funds manager specialising in themed portfolios of Hedge funds.
o Cupps Capital Management - Site includes a description of CCM's investment strategy, investment process and historical
returns.
o CyberFund, LLC - A value oriented private investment fund managed by Hammer Capital Management,Inc. They look
to participate in the growth of the computer, telecommunications and advancing technology industries through a
diversified portfolio.
o Deutsche Asset Management Australia - An Australia only fund manager offering individuals, financial advisers,
institutions and private investors a full range of investment products and services
o Deutsche Bank Absolute Return Strategies - Global Hedge fund manangement business of Deutsche Bank.
o DFL Financial Services SA - Swiss financial company which specializes in offering financial services to institutional
and private investors in all derivative and cash markets.
o DRC Capital, Ltd. - Venture capital fund investments in alternative energy, nanotechnology, American inventors,
entrepreneurs, oil and gas, gold, real estate.
o Dvorkin Investments - An alternative investment partnership that offers a value oriented portfolio with high return-low
risk attributes, investing primarily long in US equity and special situations.
o Dye Asset Management - Manager of the Contra Fund, a European Long/Short hedge fund.
o Eagle Rock Diversified Investment Fund - Hedge Fund managed by Eagle Rock Partners. An exclusive membership-
driven Hedge Fund Opportunity, for accredited potential individual, IRA, pension, corporate, trust, endowment, and
family office investors
o Eclectica Asset Management - Founded in 2005 by two ex-partners of Odey Asset Management. It was established on
the premise of performance-driven absolute return investing.
o EGM CAPITAL, LLC - SEC-registered, San Francisco-based investment advisor with long/short equity, multi-manager
("fund of funds"), high yield growth and small cap growth strategies.
o Eiger Capital Limited - A credit research intensive investment manager specialising in the management of collateralised
debt obligations, structured investment vehicles, and institutional corporate bond and asset-backed securities portfolios.
o EIM Group - Manager specialising in tailor-made Funds of Hedge Funds portfolios. A privately owned firm which
prides itself on working independently and objectively.
o Endevon Capital, LLC - Manages multi-manager hedge fund portfolios for private clients, family offices and small
institutions.
o Epic Capital Management Inc. - A long/short equity hedge fund. Our goal is to achieve superior risk-adjusted returns.
The fund is managed by Dave Fawcett and Tom Schenkel.
o Everest Capital - A global investment advisory firm managing over $2 billion in a family of hedge funds for institutional
and high net worth clients.
o EWorld Fund Management LLC - Specialized technology hedge fund.
o Fabien Pictet & Partners Ltd - Funds managed: FPP Emerging Hedge Fund I (Global, Absolute Return); FPP Emerging
Markets Fund II (Global, Relative to MSCI); The 395 Fund (European Emerging Markets, Absolute Return; GEMs
Bond Fund (Global Emerging Markets Absolute Return. Total AUM $200m USD.
o Ferrell Capital Management - Manager of a Multistrategy Fund of Hedge Funds / Absolute Return Strategy. The fund
features controlled risk, consistant compounded returns and a low correlation to the S&P500 Index. The firm specializes
in risk management.
o Finvest Primer - A long/short hedge fund which focuses on absolute returns regardless of market conditions.
o Fix Asset Management - Company specialises in the management of alternative investment portfolios since 1984.
o FMG - Fund managers limited - Selects the world's leading money managers and offers institutions and private investors
a simple, effective and low-risk way to invest with them.
o Fundana Group - Investment advisors based in Geneva that advise on Fund of Fund products.
o Futuris Asset Management - Futuris Asset Management AB managers of the Swedish hedge fund FUTURIS
o Global Equities Management - An asset management firm specialized in Emerging Markets.
o Gordon Asset Management - A New York based firm which manages hedge fund of funds.
o Guaranteed Returns Diversified, Inc. (GRDI) - Guaranteed consistent high returns. (SEC warning for individual
investors)
o Guidance Capital - Alternative investment manager offering hedge fund of funds. The firm offers a variety of products
focusing on absolute return as well as long biased equities.
o Hedge Fund - Absolute Value Fund, LLLP - An onshore hedge fund which utilizes a top-down value approach to
investing.
o The Hedge Fund Consistency Index Newsletter - Ranks and profiles on a risk-adjusted basis the most consistently
performing Hedge Funds.
o Highpoint Capital Advisors - A long/short equity hedge fund focused on absolute, risk-adjusted returns with low
volatility
o Hirst Investment Management Hedge Funds - Hedge Fund Manager.
o IKOS Fund Management - Fund management for investments such as statistical arbitrage and global equity.
o Indea Capital Pte Ltd - A Singapore based investment advisor which run Indea Absolute Return Fund , a hedge fund
investing in India and Indian companies globally.
o Intelligo Capital Corporation - An alternative investment fund based in Canada. They offer to meet the needs of
institutions and high net worth individuals who are seeking to diversify their investment holdings. They focus their
investment strategy on the following markets: foreign exchange, fixed income, and selective exchange traded index
futures.
o International Asset Management - Multi-manager of hedge funds based in the UK, offering alternative investment
strategies to clients in UK, Europe, USA and rest of the world. - Site requires FLASH to view
o Ion Partners LLC - High-net worth individuals and institutional investor hedge fund manager.
o iPerform Investments - Hedge fund managers offering alternative investments to Canadians.
o Joe Feshbach Partners, LLC - Palo Alto based fund, managed by Joe Feshbach. The fund uses a long only proprietary
strategy (Crisis InvestingSM) to create value in small to mid-cap stocks.
o Jon Sundt - Altegris Investments - Profile of hedge fund and managed futures firm president.
o Joy Asset Management ltd. - A licensed Financial Service Advisor, Asset Management and Introducing Broker. They
offer hedge funds and managed accounts.
o Jupiter Asset Management - Hedge Funds - Offshore hedge funds with a team of fund managers.
o KGR Capital - Asian fund of hedge funds in Asia. Low volatility. Absolute returns. Diversified portfolio. Capital growth
and preservation.
o Lampe, Conway & Co. LLC - Hedge Fund that specializes in distressed securities.
o LGT Capital Partners and Castle - An alternative asset and fund-of-funds manager in Europe, managing private equity
and hedge fund investments on a global basis. Castle Alternative Invest is a global portfolio of hedge funds. Castle
Private Equity is a global portfolio of private equity partnerships.
o Lindsell Train Limited - An independent Investment Management company that specialises in absolute return products.
o The Man Group - Provider of alternative investment products and solutions as well as a futures broker.
o Mark Capital Management - UK based hedge fund management company established to provide investment
opportunities for sophisticated high net worth and institutional investors.
o Martin Quantitative, Inc. - Hedge Fund Manager - Alternative investments for accredited investors.
o Mellon Global Alternative Investments - Provides information on MGAI's range of hedge fund of funds solutions.Web
site contains sophisticated charting tools built specific to the alternative risk market.
o Midland Funds - Eligible investors seeking a secure investment with the potential for a healthy return. The fund invests
in bank deposits and money market funds.
o Miton Investment Management - Investment advisor with fund of fund products.
o MSS Capital - Multi fund manager, located in London and the Provider of Alternative Assets.
o Newfield Partners LLC - A global distribution platform of world class hedge fund managers
o Newton Fund, L.P. - Long-term market timing fund that uses statistical analysis of fundemental stock and bond data.
o Nikitsky Russia/CIS Opportunities Fund - A long-short, absolute return vehicle, aiming to profit from mispricings,
misinformation, and misconceptions about the Russian Market.
o Octagon Capital Management - A Singapore-based hedge fund company which adopts a quantitative approach to
investing. They aim to generate superior absolute returns based on a disciplined quantitative investment process.
o Odey Asset Management - European hedge fund manager with $550 million under management.
o Old Hill Partners, Inc. - Registered Investment advisor that currently manages 5 fixed-income strategies. The firm
invests primarily in highly collateralized fixed-income assets that are relatively short in duration.
o Olsen Managed Accounts - Managed accounts as a liquid investment for retail market: site offers opportunity to invest in
currency hedge fund program developed by Olsen Ltd, a sister company of OANDA.
o Opportunity Hedge Fund - Fund which seeks growth of capital while tightly managing risk and volatility.
o Optimation Investment Management - Optimation Investment Management LLC creates investment products for
sophisticated investors to deploy capital in the world's equity, commodities, and foreign exchange markets. Manages the
Black Swan Fund.
o P2 Capital Partners, LLC: Investment Manager - Investment manager located in New York City.
o Pantheon Capital Management - Mangers of Pantheon Partners, a conservative technology hedge fund in public stocks.
Their stated goal is to maximize capital gains in both long and short positions. Leverage is rarely used.
o Paradigm Global Advisors - Fund of hedge Funds - This site contains information regarding their theoretical and
statistical approach to hedge fund investing. This site is a brief overview and introduction to their methodology. They
were established in 1991.
o Park Place Capital Limited - UK-based investment advisory firm specializing in European long/short equity hedge funds.
Founded 1991.
o Parkcentral Capital, LLP - An absolute return, relative value fund that invests in global fixed-income and equity-linked
arbitrage opportunities.
o The Peligrin Fund - A transparent collective fund - their website shows all their positions and why they are there.
o Pentagram Investment Partners - An experienced asset management firm offering focused investment products in
alternative and more traditional asset classes developed after comprehensive analysis of the global marketplace.
o Plusfunds.com - Publishes net asset values of hedge fund shares on a real-time basis and risk reports on hedge funds on a
daily basis.
o PrivateMortgageInvestment.com - High-yield private mortgage investment partnership.
o Prodis Advisors SA - Alternative investment specialist.
o Resolute Capital Growth Fund LTD - A British Virgin Island hedge fund offering low risk investment strategies.
o Rigel Fund - Diversified fund focused on futures, foreign exchange and fixed income products.
o Righthedge Investments LLC - A Canadian based hedge fund geared toward providing high Alpha,and low Beta by
diversifying into different time frame horizons.
o The RMF Investment Group - An independent Alternative Investment Advisor focused on Institutional Clients including
insurance companies, banks, pension funds, large corporations and distribution intermediaries. Not available to US or
UK residents.
o Rockfish Capital, LLC - Hedge Fund Management - Long/Short Equity Fund
o SALUS ALPHA - An alternative strategies and fund of hedge funds manager headquartered in Europe.
o Sanno Point Capital Management - Manager of a multistrategy hedge fund.
o Sascam Global I - The first German Managed Futures Fund established under the legal form of an investment stock
corporation with variable capital (the German equivalent to the Luxembourg SICAV), meeting all reporting and tax
transparency criteria of the German Investment Act.
o Scandium Management - An offshore hedge fund of funds that seeks above average risk adjusted returns with no
correlation to equity or bond markets.
o Schultze Assest Management, LLC. - Hedge fund management company. Specializes in the turnaround of bankrupt
companies.
o Shoval Asset Management - Manager of funds that invest in multiple hedge funds for high net worth and institutional
investors.
o Sigma Fund Sicav funds of hedge funds - Luxembourg Sicav comprising three absolute return funds of hedge funds:
Sigma Fund Universal, Sigma Fund Valencia and Sigma Fund Man. Attractive risk-adjusted returns with low correlation
to traditional assets.
o SKIRITAI Capital LLC - Investment fund in small and microcap companies.
o Sonz Partners - Hedge Fund established in 1986 by Paul D. Sonz.
o SP Trader Investment Futures Growth Fund - Investment Futures Fund with $150mm under management.
o Sprott Asset Management Inc. - Investment manager of hedge funds for high net worth individuals and institutional
investors.
 o Staats Capital Management - A private investment fund focused on undervalued securities and arbitrage situations.
o Stanfield Capital Partners - Specializes in providing credit based alternative investment strategies to investors globally.
o Stuart Street Advisors, LLC - Provides hedge funds in stock indexes, bonds, energy and forex managed by professionals
formerly with Wachovia Securities since 1985.
o SUPERFUND Hedge Funds - QUADRIGA - Hedge Funds for the private investor.
o TechInvest - Australian based international equities manager. Focusing on investing globally in health care, information
technology and telecommunications. Manager of long bias and market neutral long/short equity funds.
o Turnstone Asset Management - Fund of hedge funds manager, focused on achieving absolute returns for its clients using
"long / Short" strategies.
o Twin Cedars Investments, LLC - Chicago-based hedge fund with a multi-strategy approach that includes both
fundamental and directional investing in growth (technology, emerging markets) and value (price dislocation)
opportunities in U.S. and global equity and fixed income markets. The Fund has the ability to invest in both long and
short opportunities.
o Uniastrum Capital Hedge Fund - UK based investment company specializes in alternative investments and managed
futures.
o Unicom Capital LLC - An investment management firm specializing in the global equities market.
o Vision Investment Management: Hedge Fund Specialist in Asia - Asia based hedge fund specialist headquartered in
Hong Kong that offers fund of fund products as well as proprietary hedge funds.
o VN Capital Management, LLC - A non-registered investment advisory firm located in New York, New York that
manages the VN Capital Fund I, LP, a Delaware based hedge fund that holds a concentrated portfolio of small-cap
equities.
o 4X Capital Management LLC - Global Macro manager offering absolute return directional strategies in global equities,
futures (commodities and financial) and foreign exchange.
o Zephyr Management - Asset management company with various international funds.

LIST OF HEDGE FUND TRADERS AT ELITE TRADING

Tuesday Aug 21, 12:21PM

This interesting list of hedge fund managers originally appeared on a forum at Elite Trading in 2005 so bear in mind that some of
the information here is out of date. There's no attribution at the site and I'm going to reproduce it in full until someone asks me to
take it down.

STEVIE COHEN

City: Stamford, Connecticut

Firm: SAC Capital Advisors
Age: 48
He looks a little like George from Seinfeld and dresses as plainly as a suburban accountant, but make no mistake: Stevie Cohen is
the master of the hedge-fund universe, and he made more money than anyone else on the Trader Monthly 100 for the second year
running. Intensely secretive, Cohen was said to have been annoyed when the New York Times recently ran a front-page story
highlighting his art collection, and unsurprisingly, he declined to be interviewed for this story, the man behind 13-year-old SAC
Capital commands what might be the most powerful trading force on the planet.

Because the firm has been so successful, Cohen is comfortable taking half the profits from the few clients lucky enough to have
access to his greatness, but in truth, he hardly has any clients left. Cohen, who overall produced returns somewhere in the mid-20
percent range last year, is mostly trading his and other SAC employees' money. "In what was a difficult year for the markets,
Stevie is trading better than ever," says one industry insider.

What does Cohen do with all his cash? His 14-acre Greenwich, Connecticut, estate is referred to locally as "Chelsea Piers" for its
array of sporting amusements. Then, of course, there's that art collection: enough Warhol and Pollock to earn him a seat on the
board of the Museum of Modern Art. And like many of the hedge-fund elite, Cohen donates a considerable amount to charity.
Estimated income: $600-$650 million

JAMES SIMONS
City: East Setauket, New York
Firm: Renaissance Technologies Corp.
Age: 67
Renaissance's Long Island retreat more resembles a college campus than a hedge-fund hub, and Simons, a former math professor
with a Ph.D. from Berkeley who was once fired from a government defense job for protesting Vietnam, is not your typical tycoon.
But industry insiders say that Renaissance's Medallion fund, with its black-box quantitative strategies, had another phenomenal
year. Simons's cut of the profits: more than 35 percent.
Estimated income: $500-$550 million

PAUL TUDOR JONES II

City: Greenwich, Connecticut
Firm: Tudor Investment Corp.
Age: 50
Even when other hedge funds stumble, Jones stays near the front of the pack. In the nearly 20 years since he started his fund, the
former New York Cotton Exchange floor trader has never had a down year. The past 12 months were no exception — insiders say
Tudor Investment, bolstered by returns in the energy markets, kicked ass.
Well-liked on Wall Street and known for his philanthropy (he launched the Robin Hood Foundation in 1988), Jones is a
Hemingway-esque sportsman. Among his extravagances: a game ranch in Zimbabwe. When not on safari, Jones, who loves the
Florida Everglades, is big on conservation projects.
Estimated income: $500-$550 million

EDDIE LAMPERT
City: Greenwich, Connecticut
Firm: ESL Partners
Age: 42
IN 2003, Eddie Lampert was kidnapped. After 30 hours, he was able to talk his way out of the motel room in which he was being
held hostage. Last year, the former head of Goldman Sachs's risk-arbitrage desk was putting his dealmaking skills to different use:
He made headlines orchestrating the merger of Sears with Kmart, which he had previously led out of its financial despair.
Lampert, who started ESL in 1988 with funding from Richard Rainwater, epitomizes the new generation of hedge-fund managers
who meld trading, private equity, leveraged buyout and traditional hedge-fund management.
Estimated income: $450-$500 million

BRUCE KOVNER
City: New York
Firm: Caxton Associates
Age: 60
Still involved in day-to-day trading, Kovner and his $10 billion global macro operation did so well in 2004 that Caxton bumped
up its fees from 2-and-20 to 3-and-30. The firm was particularly successful in energy trading — at least one of his senior energy
traders retired early. Kovner, however, is going strong. A math professor turned Wall Street profiteer, Kovner is known for his
neoconservative politics; the man who shuns the press is one of the financial muscles behind the New York Sun newspaper. His
varied career also involved a stint driving a yellow cab and studying the harpsichord at Juilliard before making it big trading
soybean futures.
Estimated income: $300-$350 million

JAMES PALLOTTA
City: Boston
Firm: Tudor Investment Corp.
Age: 46
Racking up an 18 percent gain in 2004, Pallotta's more than $6 billion Raptor Global Portfolio generated this hedge-fund pro a fat
check in February. "He is the top-paid guy at the firm after Paul Tudor Jones," says one insider. Pallotta joined Jones in 1993 after
a stint at Essex Investment Management, where he was director of research, when Jones was seeking to diversify the firm away
from the futures and commodities markets.
Estimated income: $200-$250 million

STANLEY DRUCKENMILLER
City: New York
Firm: Duquesne Capital Management
Age: 51
Reports on how Druckenmiller and his $6 billion Duquesne Capital hedge-fund operation performed in 2004 are mixed. One
knowledgeable industry veteran tells us his returns were in the 25 percent range. The former chief investment officer for George
Soros, Druckenmiller has shown a distinct willingness to take aggressive positions even when markets are not necessarily
behaving according to conventional wisdom.
Estimated income: $150-$200 million

JEFFREY GENDELL
City: Greenwich, Connecticut
Firm: Tontine Partners
Age: 45
Making a 100 percent return on $1 billion-plus in assets is astonishing anytime, but in a year when even the superstars were
thrilled to be around 40 percent, the secretive Gendell was shooting the moon at Tontine, thanks to a big energy push. Indeed, he
has proved a consistent performer: In 2003, his overseas long/short fund boasted returns of 153 percent.
Estimated income: $150-$200 million

RICHARD PERRY
City: New York
Firm: Perry Capital
Age: 50
Founded in 1988 by the former Goldman trader, Perry Capital has some $11 billion under management. With offices in New
York, London and Hong Kong, the firm is pushing into middle-market lending with its recent purchase of Capital Factors. Event-
driven arbitrage and distressed debt remain Perry's strengths.
Estimated income: $150-$200 million

JOHN ARNOLD

City: Houston
Firm: Centaurus Energy
Age: 31
Arnold made a name for himself as the Enron trader. While he got his share of roasting in the press, the natural-gas trader didn't
do anything criminal — he just made hundreds of millions of dollars in profits for the infamous firm. He started Centaurus in
2002. Energy traders say his first full year was phenomenal, and 2004 was even better. Centaurus is estimated to have produced
as much as $800 million in profits.
Estimated income: $100 - $150 million

LOUIS BACON

City: New York

Firm: Moore Capital Management
Age: 48
Another hedge-fund manager who shuns publicity, Bacon had a strong 2004 — notching a 34 percent return — following on the
heels of a phenomenal performance in 2003. Among other bets, the $7 billion global macro machine went long the S&P 500
toward the end of the year, catching (if not propelling) the late rally.
Estimated income: $100 - $150 million

RICHARD CHILTON
City: Stamford, Connecticut, and New York
Firm: Chilton Investment Company
Age: 46
With offices in New York and Stamford, Chilton runs four long/short strategies. His flagship U.S. portfolio has an annualized
return of 19 percent, net of fees, since its 1992 inception. He's yet another hedge-fund heavy who sits on the board of Paul Tudor
Jones's Robin Hood Foundation.
Estimated income: $100 - $150 million

DAVID TEPPER
City: Chatham, New Jersey
Firm: Appaloosa Management
Age: 45
The former Goldman Sachs junk-bond trader who shot the lights out in 2003 and then gave back $1 billion to clients had another
strong year in 2004. His Appaloosa fund had returns of around 40 percent last year, and once again he has given back money to
his clients (another $700 million), bringing his assets closer to $2 billion — the level at which he would like to remain.
Estimated income: $100-$150 million
MARK KINGDON
City: New York
Firm: Kingdon Capital Management Corp.
Age: 56
A third-degree black belt in tae kwan do, Kingdon oversees a $3 billion portfolio of stocks, bonds, currencies and options. His
first job in the industry was in the pension-asset division of AT&T; he later joined a New York money manager. One of the
industry's living legends, he has a lesser-known spiritual side.
Estimated income: $75 - $100 million

STEPHEN MANDEL
City: Greenwich, Connecticut
Firm: Lone Pine Capital
Age: 49
One of several Tiger Management alumni who have launched their own hedge funds, Mandel has garnered $6 billion in assets for
his Lone Pine Capital. In a difficult market environment in 2004, Mandel's returns were above average. He was part of a group of
long/short hedge-fund managers to open long-only funds and is currently searching for opportunities in Asia. He recently gave
significant money to Bill Clinton's global AIDS-prevention initiative.
Estimated income: $75-$100 million

LIEF ROSENBLATT
City: New York
Firm: Satellite Asset Management
Age: 51
Founded in 1999 by former Soros star Rosenblatt and two other partners, Satellite now has more than $5 billion in assets, and
returns were roughly 25 percent in 2004, according to insiders. Before joining Soros, the Rhodes scholar led the risk-arbitrage
department at Plaza Securities in New York. He also has a law degree from Harvard. "Satellite is one of the top hedge funds in the
world," says one Wall Street trader.
Estimated income: $75-$100 million

BARRY S. ROSENSTEIN
City: San Francisco
Firm: Jana Partners
Age: 46
Viewed as sharp and down-to-earth, Rosenstein is part of a group of activist hedge-fund managers publicly browbeating corporate
officers to change. In 2004, his most notable coup was teaming up with Third Point's Dan Loeb and forcing the sale of software
maker InterCept. Earlier this year, Rosenstein joined with the legendary Carl Icahn and went after Kerr-McGee. The fund has
around $3 billion in assets and had 30 percent returns in 2004, before fees.
Estimated income: $75-$100 million

DAVID SHAW
City: New York
Firm: D.E. Shaw & Co.
Age: 53
D.E. Shaw has done so well in recent years that in late 2002, the firm hiked fees to 3-and-30 and investors didn't blink; such is the
price of access to chairman Shaw and his braintrust. A former college professor, Shaw helped develop Morgan Stanley's
automated trading system before launching his quant fund in 1988.
Estimated income: $75 - $100 million

ROBERT SOROS
City: New York
Firm: Soros Fund Management
Age: 41
Last year, when George Soros handed over the reins to his sons, Robert was appointed to oversee the $8.3 billion Quantum
Endowment Fund. Industry sources say this is no vanity role, and the younger Soros was in fact assuming positions in the markets
for Quantum last year.
Estimated income: $75 - $100 million
KAVEH ALAMOUTI
City: New York
Firm: Moore Capital Management
Age: 51

Alamouti, previously the CEO of Optimum Asset Management, joined Moore's European operation a few years ago. The crack
trader was put in charge of portfolio investing across a number of asset classes �€ and has since rocketed up the ranks at Moore.
Estimated income: $50 - $75 million

ISRAEL ENGLANDER
City: New York
Firm: Millennium Partners
Age: 56

It has been a rough couple of years for Englander and Millennium Partners. In 2003, the fund became a boldface name in the
mutual-fund investigation after one of its former traders was accused of market timing. Still, the multi-strategy macro fund
remains the envy of many traders. Industry insiders maintain that the man called Izzy is still actively involved in day-to-day
portfolio management. His $3.5 billion fund ended the year up just over 8 percent.
Estimated income: $50$75 million

ALAN HOWARD
City: London
Firm: Brevan Howard Asset Management
Age: 41

Howard is earning a reputation as one of the greatest traders ever. Market participants say the team that spun out of CSFB in 2002
under Howard is amazing, "but Alan is by far the best trader among them." He certainly defies the axiom that bank prop traders
find it difficult when they go it alone. As if growing to become one of the larger hedge funds on earth he had amassed nearly $8
billion in assets as of the end of 2004 wasn't sweet enough for him, City sources say Howard was also one of the few traders who
was on the winning end of the rate bet that almost upended Vega last summer.
Estimated income: $50 - $75 million

DAN LOEB
City: New York
Firm: Third Point Management Co.
Age: 43

Say what you will Loeb certainly knows how to make money. As the founder and president of Third Point (the fund is named
after Malibu's Third Point at Surf Rider Beach), Loeb has built a reputation as something of a loudmouth with the e-mail zingers
and pointed shareholder letters he sends to corporate executives with whom he's unhappy. Loeb's most recent antics were e-
mailed among traders far and wide a particularly spicy exchange between Loeb and a European potential hire that found its way
into the press. In case you're interested: Here it is .

But behind the noise is a smart investor who steered his $3 billion hedge funds to returns north of 30 percent last year.
Estimated income: $50 - $75 million
RAJ RAJARATNAM
City: New York
Firm: The Galleon Group
Age: 47

Founder of the $5 billion Galleon, one of the top-performing equity funds of the '90s, Rajaratnam remains actively involved in
investment strategy and trading. He also continues to be passionate about his native Sri Lanka. After the devastating December 26
tsunami, Rajaratnam, who was in Sri Lanka at the time, established a charity fund to help build housing for survivors of the
disaster.
Estimated income: $50 - $75 million

KEN TROPIN
City: Stamford, Connecticut
Firm: Graham Capital Management
Age: 51

Tropin sizzled in 2004 (it didn't hurt that he built an energy desk at the end of 2003). He founded the $4 billion commodities
operation in 1994 after spending some time as CEO of John W. Henry & Co.
Estimated income: $50 - $75 million

WILLIAM VON MUEFFLING

City: New York and London
Firm: Cantillon Capital Management
Age: 37

Von Mueffling stung Lazard Asset Management when he left in 2003 to form his own fund. Since then, Cantillon has picked up
more than $6 billion in assets and posted double-digit returns. Even with last year's low volatility for long/short equity, Von
Mueffling fared impressively.
Estimated income: $50 - $75 million

DWIGHT ANDERSON
City: New York
Firm: Ospraie Management
Age: 45

Having worked with Julian Robertson and Paul Tudor Jones, Anderson knows a thing or two about running a hedge fund and is
held in high esteem on the Street. Lehman Brothers recently bought a 20 percent stake in his $2 billion fund, and if last year's
results are anything to go by, they got a good deal. Anderson, whose background is in commodities trading, benefited from a great
year in the oil markets. His friends say he has a penchant for adventurous vacations.
Estimated income: $40 - $50 million

PETER BRIGER
City: New York
Firm: Fortress Investment Group
Age: 41

The former co-head of Goldman's Asian distressed-debt business, Briger helps steward the Drawbridge Special Opportunities
business under the $15 billion Fortress umbrella. His partner is Michael Novogratz (see page 77).
Estimated income: $40 - $50 million

PHILIP FALCONE
City: New York
Firm: Harbert Management Corp.
Age: 42
It was another good year for Falcone. The junk-bond trader and former Harvard hockey player started his fund four years ago and
has grown assets to more than $3 billion. Personable and polite in private, Falcone is a pit bull in the distressed markets. While
many of his rivals were struggling to find paper worth chasing in 2004, Falcone showed that he's second to none in this illiquid
asset class.
Estimated income: $40 - $50 million

DAVID GORTON
City: London
Firm: London Diversified Fund Management
Age: 41

London Diversified had an excellent year, according to sources in the City, so CIO Gorton cleaned up. Launched in 2002, the
fund is staffed by a slew of former J.P. Morgan professionals. As a standout prop trader at J.P. Morgan, Gorton and his crack team
were reputed to bring in more than $1 billion a year in profits for the venerated Wall Street bank.
Estimated income: $40 - $50 million

WAYNE HOLMAN
City: Stamford, Connecticut
Firm: SAC Capital
Age: Mid-30s

Holman is not a high-profile guy; indeed, outside the hallowed halls of SAC Capital, very little is known about him. But insiders
assure us that, as a health-care trader for SAC's Sigma Capital, Holman earns. "He makes a bloody fortune," says one source.
Estimated income: $40 - $50 million

ROY LENNOX
City: New York
Firm: Caxton Associates
Age: 47

Hired by Bruce Kovner (see page 72) at Caxton straight out of business school, Lennox started as a commodities trader,
eventually becoming what one Wall Street source terms "Bruce's right-hand man."
Estimated income: $40 - $50 million

MICHAEL NOVOGRATZ
City: New York
Firm: Fortress Investment Group
Age: 40

Once a U.S. Army helicopter pilot, Novogratz is used to high altitudes, but he and partner Peter Briger are entering rarefied air.
Novogratz, a Fortress principal, is responsible for the Drawbridge Global Macro business.
Estimated income: $40 - $50 million

PETER ABRAMENKO
City: Stamford, Connecticut
Firm: SAC Capital
Age: 43

Abramenko is spearheading SAC's fixed-income push and helps the Sigma Capital Management fund. He's somewhat shadowy
and aloof, but one hell of a trader. In 2003, when he was still head prop trader at UBS Principal Finance, he earned a bonus of $17
million. Not long after pocketing that, he left and later joined SAC.
Estimated income: $30 - $40 million

LAWRENCE HILIBRAND
City: Greenwich, Connecticut
Firm: JWM Partners
Age: 46

A decade ago, this egghead arb trader's name was synonymous with Wall Street hubris when he became the top-paid trader at
Salomon Brothers. Subsequently, he was part of a group of traders who had come to epitomize hedge-fund hubris: The fund he
helped steer, Long-Term Capital Management, almost caused an apocalypse on the Street.

Since the LTCM debacle in 1998, Hilibrand has flown under the radar. But he was among the group, led yet again by John
Meriwether, that has since started a new fund, JWM Partners (Hilibrand has a 10 percent-plus stake). JWM has quietly been
raising money — assets under management fall well north of $1 billion — and continuing to trade. Returns have been around 15
percent.
Estimated income: $30 - $40 million

DAVID MATLIN
City: New York
Firm: MatlinPatterson Global Advisers
Age: 44

Before Jack DiMaio and his gang were running high-yield at CSFB, Matlin and his crew put the bank's high-yield group on the
map. "And these guys were better," says one distressed trader. Three years ago, Matlin left to form MatlinPatterson with former
CSFB bond trader Mark Patterson. The firm now has around $3 billion. MatlinPatterson closed its second fund last October after
raising $1.7 billion. Matlin became the talk of the town in 2003 for his involvement in leading WorldCom, now MCI, out of
bankruptcy.
Estimated income: $30 - $40 million

RAVINDER MEHRA
City: New York
Firm: Vega Asset Management
Age: 46

Vega struggled through the summer of 2004, betting wrong on rates and taking a hit in two of its best-known funds. After
experiencing draw-downs, Vega had stabilized by the end of the year. If anyone knows how to make money, though, it's Mehra,
who in 1993 produced a $1 billion profit for his then-employer, Banco Santander.
Estimated income: $30 - $40 million

ED MULE
City: Greenwich, Connecticut
Firm: Silver Point Capital
Age: 42
A distressed-debt honcho from Goldman Sachs, Mule formed Silver Point in early 2002. Recently, the multibillion-dollar fund
has been getting into middle-market lending; Silver Point helped provide bailout financing to Krispy Kreme. While at Goldman,
Mule ran a large Asian business while also trading distressed in Europe and North and South America.
Estimated income: $30 - $40 million

ALLAN TEH
City: New York
Firm: Kamating Street Capital
Age: 39

Teh left Citigroup, where he had been running an internal hedge fund, in January 2004. A stringent non-compete agreement
prevented the credit trader from taking his team of math brains with him. So instead, Teh, who hails from Malaysia, hired math
students out of top graduate programs. Kamating has already raised $600 million.
Estimated income: $30 - $40 million

SUSHIL WADHWANI
City: London
Firm: Wadhwani Capital
Age: 45

A familiar face on the London scene, Wadhwani, a former advisor to the Bank of England, launched Wadhwani Capital in 2002.
The global macro manager now has an estimated $2 billion in assets under management. Insiders say that while returns have not
yet been outstanding, "it is only really Wadhwani there," so he's garnering most of the fees himself. He has also spent time at both
Tudor Investment and Goldman Sachs.
Estimated income: $30 - $40 million

DAVID WINDREICH
City: New York
Firm: Och-Ziff Capital Management
Age: 47

The top equity dog at Och-Ziff, Windreich is hardly a household name, but hedge-fund sources say he takes center stage at the
powerhouse built by Dan Och, who is no longer actively trading.
Estimated income: $30 - $40 million

JEFF ARONSON
City: New York
Firm: Angelo, Gordon & Co.
Age: 46

A distressed-debt trader for the New York-based fund manager, Aronson left this past spring. A source close to Angelo, Gordon
expects that he will set up his own fund once his non-compete is up. "He makes it onto the list without breaking a sweat," one
executive says of Aronson's 2004 compensation.
Estimated income: $25 - $30 million

TODD DEUTSCH
City: New York
Firm: The Galleon Group
Age: 32

"One of the three best traders in the industry," says prop-trading king Steve Schonfeld of Deutsch, who joined Galleon in 2001.
Before that, Deutsch, a Goldman alum, worked for a few years at JLF Asset Management. He's known for his tech and health-
care stock-trading prowess.
Estimated income: $25 - $30 million

MARK FISHMAN
City: Stamford, Connecticut
Firm: SAC Capital
Age: Mid-40s

As a director of fixed income at SAC, Fishman oversaw the firm's Genesis Fund. He defected this March to launch Sailfish
Capital, a credit-focused fund he runs with UBS's Sal Naro and the Genesis team. Fishman's bond portfolio at SAC was reported
to be one of the most actively traded high-grade credit-trading accounts in the game.
Estimated income: $25 - $30 million

MARK HILLARY
City: London
Firm: Tudor Investment Corp.
Age: 40s

"Hillary has made a lot of money for Tudor Investment over the years," says one firm insider. The London-based macro trader has
been well-compensated for his hard work, particularly because he performed well in a difficult year volatility-wise.
Estimated income: $25 - $30 million
JIM PULASKI
City: Greenwich, Connecticut
Firm: Tudor Investment Corp.
Age: 31

An energy and natural-gas futures trader for Tudor Investment, Pulaski more than earned his bonus check in 2004. Tudor sources
say he's one of the best traders at the firm.
Estimated income: $25 - $30 million

CHRIS ROKOS
City: London
Firm: Brevan Howard
Age: 34

Rokos is the youngest of the traders who left CSFB along with Alan Howard (see page 75) to form Brevan Howard. At an age
when many are just scraping together their first mortgage, Rokos could retire anywhere in the world. In 2001, he supposedly
made more than $100 million in profits for the bank.
Estimated income: $25 - $30 million

HUGH SLOANE
City: London
Firm: Sloane Robinson Investment Management
Age: 49

A veteran of the Asian securities industry, Sloane, cofounder (with George Robinson) of Sloane Robinson, is the trader of the
duo. The firm's four directors shared a pay bonanza of $100 million for 2004, according to records filed with London's Companies
House. Sloane and Robinson were early figures on the City's hedge-fund scene, launching their fund in 1993. It has since grown
to nearly $5 billion.
Estimated income: $25 - $30 million

JOHN SOMMI
City: Greenwich, Connecticut
Firm: Lone Pine Capital
Age: 47

Another Tiger cub, Sommi is Stephen Mandel's head trader at Lone Pine. Those who know Sommi call him a fiend behind the
screen and a major factor in Lone Pine's recent success. But unlike many other former Tiger stars, Sommi has managed to avoid
the spotlight.
Estimated income: $25 - $30 million

ROBERT STANDING
City: London
Firm: London Diversified Fund Management
Age: 45

The most public of the London Diversified team, Standing is "just a regular guy," according to those who know him. He's also an
extremely successful guy, reaping rewards from another standout year. City sources put his compensation at around $25 million.
Sources close to Standing himself, however, say it's closer to $20 million.
Estimated income: $25 - $30 million