A dollar invested with Steinhardt in 1967 would have been worth $480 on the day he closed the firm, twenty-six times more than the $18 it would have been worth if it had been invested in the S&P 500 index. The debacle of 1994 had cost Steinhardt’s funds an astonishing $1.5 billion, but he had earned more than twice that much between 1991 and 1993, and his returns over the rest of his career had been excellent.
