By the fall of 1978, when Steinhardt took his leave from Wall Street for a sabbatical year, his group’s eleven-year record was one of the most remarkable of all time. A dollar invested in 1967 would have been worth $12 by 1978, whereas a dollar invested in the broad market would have been worth only $1.70. After subtracting fees, the partnership compounded at an average annual rate of 24.3 percent in this period,
