前25名：最好付费的对冲基金经理

试图让纽约人与金钱就像trying to impress Muscovites with snow: The stuff is just too commonplace. Yet never before in the annals of wealth and power in Manhattan has there been an upswelling of plutocracy quite like the ascendancy of hedge fund managers. Even the most blasé Gothamites are taking note.

但是，以前从来没有这么少的人这么快就赚了这么多钱。在《阿尔法》（Alpha）杂志2005年排名前25位的对冲基金收入排行榜上，II的姊妹刊物需要1亿美元。排在第一位的是惊人的10亿美元，这是ESL投资公司的爱德华·兰伯特（Edward Lampert）所获得的殊荣。总的来说，我们富豪榜上的25位对冲基金经理平均从基金投资的费用和收益中获得了2.51亿美元。相比之下，一家典型的美国500强企业的首席执行官去年的收入只有区区1000万美元。顺便说一下，这2.51亿美元与2004年富豪榜上对冲基金经理的可比数字相当：2.07亿美元。或者是前年的1.1亿美元。

Now, like the really rich before them, hedge fund managers are asserting themselves beyond the business sphere: in the arts, in politics and in society. And they are reshaping the upper end of the markets in two commodities that ultra-affluent New Yorkers cherish: fine art and luxury real estate. "Hedge fund managers are absolutely the reason the art market is soaring," says Milton Esterow, editor and publisher of ARTnews. Allan Schwartzman, an adviser to private collectors and museums, calls hedge fund managers "voracious" collectors.

SAC资本顾问公司（saccapitaladvisors）的史蒂文•科恩（stevencohen）以4.5亿美元的收入位列25强榜单的第四位，他迅速收集了大量当代和现代艺术品。据报道，他花了5200万美元买了一个杰克逊波洛克，2000万美元买了一个马奈，2500万美元买了一个沃霍尔。科恩还斥资800万美元，赔偿戴米恩·赫斯特（Damien Hirst）在活着的人心目中不可能死亡的事实，这是一条埋在甲醛中的14英尺长的虎鲨。ARTnews连续第三年将科恩评为全球十大艺术品收藏家之一。

Kenneth Griffin of Citadel Investment Group (No. 8 on our list, with $240 million) made the ARTnews ranking for the first time last year, after plunking down an undisclosed sum for a Cézanne still life, Curtain, Jug and Fruit Bowl; it sold for $60.5 million in 1999. At least eight hedge fund managers were among the magazine's 200 top art collectors in 2004.

当然，重要的艺术要求适当的展示。据说科恩在曼哈顿中城区的一座信标法庭上分叉了2400万美元，以便他可以在楼上创造一个复杂的Pied-à-terre。（他的主要住所是Greenwich，康涅狄格州。）距离鲨鱼是上楼还是楼下没有任何词语。

Collecting property can be almost as gratifying for hedge fund tycoons, apparently, as buying paintings or large fish. "Hedge funds have had a big effect on the real estate market," reports Barbara Corcoran, chairwoman of New Yorkbased real estate firm Corcoran Group. "The very top tier has been changed by hedge funds."

To offer another example in the eight-digit domain (anything less is ho-hum): York Capital Management's James Dinan (whose $125 million in earnings place him No. 14 on our rich list) reportedly paid $21 million for a Fifth Avenue co-op owned by former Tyco International chief executive L. Dennis Kozlowski. And Caxton Associates' Bruce Kovner, third on the rich list (with $550 million), is said to be spending well upwards of $20 million to refurbish the 20,000-square-foot Federal-style mansion he bought on New York's Fifth Avenue in 1999 for $17.5 million.

Whatever cultural or social (or property) ambitions the top 25 hedge fund managers may have, they landed on our list because they have been superb investors over the long haul. But in a notable development, they are no longer quite so reserved about it: Not content to look for opportunities in today's lackluster markets, many are making things happen through aggressive shareholder activism of a sort not witnessed in more than two decades.

纽约律师事务所Davis-Polk&Wardwell合并业务联席主管乔治•巴森（George Bason Jr.）表示：“对冲基金确实在展示自己的实力。”。前乔治森股东传讯公司副董事长约翰威尔科克斯（johnwilcox）最近加入TIAA-CREF担任公司治理主管，他补充说：“这让我想起了上世纪80年代套利者扮演的角色，当时我们在财务上推动了收购。”

Hedge funds played pivotal, and well-publicized, roles in the ouster of the head of Deutsche Börse and in the shake-up of the board at video rental chain Blockbuster. The striking thing about this new hedge fund activism is how pervasive, and how relentless, it has become.

Late last year Perry Capital's Richard Perry, No. 13 on the rich list (with $153 million), engineered a complex and controversial transaction involving his Perry Partners fund with the aim of ensuring that Mylan Laboratories completed its purchase of King Pharmaceuticals, in which Perry Partners had a sizable interest. Perry scooped up enough shares of Mylan to be able to exert sway in the generic-drug maker's boardroom as the company's largest shareholder. Simultaneously, however, he shorted an equal amount of Mylan stock to hedge his bet. Despite all this maneuvering, the Mylan-King merger -- fiercely opposed by Mylan shareholder and onetime corporate raider Carl Icahn -- appeared to have collapsed as of mid-May, because of accounting issues at King. Nonetheless, Perry's ploy underscores the lengths to which hedge fund managers will go to do deals.

In March, Beverly Enterprises agreed to put itself up for sale two months after Appaloosa Management's David Tepper -- who made $420 million last year, placing him at No. 5 on the rich list -- and other investors proposed to buy the nursing home company. The investors won the right to participate in the auction of Beverly.

“我撒谎说我不尊敬卡尔·伊坎，t。康尼斯顿合伙人布恩·皮肯斯（Boone Pickens）和欧文·雅各布斯（Irwin Jacobs）都是这样的人，他们被视为企业英雄，”一位更为激进的对冲基金经理，第三点（Third Point）的丹尼尔·勒布（Daniel Loeb）说（排名第20位，拥有1.1亿美元）我当时才20出头，这些人通过购买价值被低估的公司的头寸，迎头接手根深蒂固的管理层，赚了不少钱。”

或许，对冲基金活动家令状的典范是ESL的兰伯特——在我们历时四年的调查中，兰伯特是第一个突破10亿美元大关的人。去年，他策划了旗下两家零售商西尔斯（Sears）、罗巴克公司（Roebuck&Co.）和凯马特控股公司（Kmart Holding Corp.）的合并。兰伯特持有的凯马特的多数股权，大部分是在公司破产时购买的，去年价格上涨了两倍多。与此同时，他的西尔斯股价飙升12%。据估计，ESL的总回报率为69%。

Lampert was hardly the only hedge fund manager to break the bank despite decidedly lackluster returns for hedge funds as a group. (Consulting firm Hennessee Group calculates that the average hedge fund was up just 8.3 percent last year.)

复兴科技公司（Renaissance Technologies Corp.）的量化大师詹姆斯•西蒙斯（James Simons）的收入为6.7亿美元，名列榜单第二。他的奖章基金净增24.9%。saccapital的科恩净利润为23%。卡克斯顿的科夫纳不能吹嘘自己的业绩——他的卡克斯顿全球投资基金在2004年上涨了9.9%——但由于多年的优异回报，他在自己的基金中拥有如此巨大的个人股份，因此他仍然在富豪榜上名列前茅。

总的来说，收入最高的人往往表现良好，既因为他们的基金有大量自有资金，也因为他们取得了优异的业绩。其他不那么富有的人（虽然不算穷）主要受益于非同寻常的收益。最好的例子是：Tontine Associates的Jeffrey Gendell，富豪榜第12位。他得到了1.8亿美元，主要是因为他的主要基金获得了101.4%的净回报。

排名前25位的公司中，还有一些公司尽管回报率不高，但还是募集到了巨额资金，因为他们的基金里有这么多资本。一位数（净）集包括科夫纳；索罗斯基金管理公司的乔治·索罗斯（排名第6），他赚了3.05亿美元；高桥资本管理公司（Highbridge Capital Management）的格伦·杜宾（Glenn Dubin）和亨利·斯威卡（Henry Swieca）（并列第18位）各赚1.15亿美元。

当然，对冲基金经理，当他们回报时，培养秘密几乎刻薄。但即使那些没有出发成为活动家的人也集体搬家。咨询公司Greenwich Associates发现，2004年对冲基金占美国交易的82％，令人痛苦的债务和美国信贷衍生品和亚投资级债券交易的近30％。科恩的60亿美元的资产萨克资本独立于纽约证券交易所交易量的3％责任。

这种影响力可能并不完全是坏事。例如，美联储主席格林斯潘（alangreenspan）就曾表示，“对冲基金已成为金融体系灵活性的主要贡献者——事实证明，这一发展对我们吸收近年来如此多经济冲击的能力至关重要。”

然而，即便是对过度习惯的纽约人来说，对冲基金经理薪酬的冲击也可能需要一些人来适应。