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<ul class="summary-list"><li>Billionaire hedge fund manager <keyword id="12697456" type="UNKNOWN" weightage="60" keywordseo="michael-steinhardt" source="Orion">Michael Steinhardt</keyword> must return a collection of 180 stolen <keyword id="12697455" type="UNKNOWN" weightage="60" keywordseo="antiquities" source="Orion">antiquities</keyword>.</li><li>The items are valued at $70 million and smuggled out of 11 countries by 12 criminal networks.</li></ul><p>One of New York's biggest ancient <keyword id="11931454" type="UNKNOWN" weightage="60" keywordseo="art" source="Orion">art</keyword> patrons must return a collection of 180 stolen antiquities worth $70 million, Manhattan District Attorney <keyword id="12124267" type="UNKNOWN" weightage="60" keywordseo="cyrus-vance" source="Orion">Cyrus Vance</keyword> <a href="https://www.manhattanda.org/d-a-vance-michael-steinhardt-surrenders-180-stolen-antiquities-valued-at-70-million/">announced on Monday</a>.</p><p>Billionaire hedge fund manager Michael Steinhardt was found to be in possession of the relics that had been illegally smuggled from 11 countries by what Vance described as a "sprawling underworld of antiquities traffickers, crime bosses, money launderers, and tomb raiders."</p><div type="image" title="Michael Steinhardt, legendary hedge fund manager, speaks at the Reuters Investment Summit in New York" height="1821" width="2500" msid="88171427" hostid="261"></div><p>"For decades, Michael Steinhardt displayed a rapacious appetite for plundered artifacts without concern for the legality of his actions, the legitimacy of the pieces he bought and sold, or the grievous cultural damage he wrought across the globe," Vance said.</p><p>"Mr. Steinhardt is pleased that the District Attorney's yearslong investigation has concluded without any charges, and that items wrongfully taken by others will be returned to their native countries," Steinhardt's lawyers, Andrew J. Levander and Theodore V. Wells, said in an emailed statement to Insider. "Mr. Steinhardt has reserved his rights to seek recompense from the dealers involved."</p><div type="image" title="A Stag's Head Rhyton surrendered by billionaire hedge fund manager Michael Steinhardt" height="1875" width="2500" msid="88171430" hostid="261"></div><p>One of the seized pieces — a Stag's Head Rhyton, or ceremonial mug — had even made it into the possession of the Metropolitan Museum of Art, where Steinhardt and his wife have a named gallery.</p><p>According to court filings, the investigation into Steinhardt's collection began in 2017 and involved a global team of roughly 60 academic researchers, criminal investigators, and foreign law enforcement officers.</p><div type="image" title="A Gold Bowl surrendered by billionaire hedge fund manager Michael Steinhardt" height="1660" width="2214" msid="88171432" hostid="261"></div><p>Vance said that the agreement not to press charges will allow the pieces to be returned "expeditiously" to their countries of origin, rather than be held as evidence for an indictment and trial, which could drag on for years.</p><div type="image" title="A Larnax surrendered by billionaire hedge fund manager Michael Steinhardt" height="1875" width="2500" msid="88171434" hostid="261"></div><p>In the court filings, Steinhardt maintains that he committed no crimes, and the 81-year-old is banned under the agreement from acquiring any antiquities in the future.</p><p>The operation was led by the Antiquities <keyword id="12683720" type="UNKNOWN" weightage="60" keywordseo="trafficking" source="Orion">Trafficking</keyword> Unit, a new initiative by the DA's office that has reportedly recovered several thousand relics worth more than $200 million. More than 1,500 objects have been returned to their countries of origin.</p>

A billionaire hedge fund manager is surrendering $70 million worth of illegally smuggled antiquities. See photos of the relics, including a sculpture that was loaned to the Met.

<p>Hedge fund legend <keyword id="1520827" type="PERSON" weightage="60" keywordseo="Michael-Steinhardt">Michael Steinhardt</keyword> is selling his private collection of Jewish ceremonial <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> at auction on April 29th, <a href="http://online.wsj.com/article/SB10001424127887324449104578314340462740304.html">says WSJ.</a> The collection is valued at around $11 million and will be sold at <keyword id="165441" type="UNKNOWN" weightage="60" keywordseo="Sothebys">Sotheby's</keyword>.</p>
<p>Steinhardt, a Wharton grad, is known for amazing returns and pioneering the idea that down days in the market are <a href="http://www.wharton.upenn.edu/125anniversaryissue/steinhardt.html">no excuse for poor performance.</a></p>
<p>He told the WSJ that he's felt strong ties with this art because of his Jewish identity, even though he's atheist, and that he's selling because his kids and grandkids have no interest in continuing the collection.</p>
<p><a href="http://online.wsj.com/article/SB10001424127887324449104578314340462740304.html">From WSJ:</a></p>
<p style="padding-left: 30px;"><strong>Sometimes I would say to myself—and mean it—'I'd like to die broke.'</strong> Meaning that I don't have any particular desire to leave all sorts of things when I'm gone. I've a desire to leave things to my loved ones, but my kids and grandchildren have at the moment zero interest in my collecting, so it wouldn't be for them. <strong>The idea that...you died having consumed or spent or given away most of the assets that you had—I find that an appealing concept, albeit unrealistic.</strong></p>
<p><strong><br /></strong>Steinhardt's wife wants him to keep some of the pieces, so he's probably right about that last point.</p>

HEDGE FUND LEGEND MICHAEL STEINHARDT: 'I'd Like To Die Broke'

<ul class="summary-list"><li>For decades, astronomers have puzzled over <a target="_blank" href="https://www.businessinsider.com/a-3d-map-of-the-universe-will-unlock-the-mystery-of-dark-energy-2016-7">dark energy</a> and why it's pushing our universe apart.</li><li>New data from the largest 3-D map of our universe suggests we may be wrong about dark energy.</li></ul><p>Scientists have constructed the largest <a target="_blank" href="https://www.businessinsider.com/a-3d-map-of-the-universe-will-unlock-the-mystery-of-dark-energy-2016-7">3-D map of our universe</a> to date, and it's come with a couple of interesting surprises.</p><p>"So far, we're seeing basic agreement with our best model of the universe, but we're also seeing some potentially interesting differences," Michael Levi said in a statement released by the Lawrence Berkeley National Laboratory on Thursday.</p><p>Levi is the director for the <a target="_blank" href="https://www.businessinsider.com/robots-will-help-us-learn-more-about-dark-energy-and-how-the-universe-formed-2016-8">Dark Energy Spectroscopic Instrument</a>, DESI, which produced the new map. The instrument consists of 5,000 tiny robots attached to a telescope in Arizona that collects light from various stages of our universe.</p><div type="image" title="Illustration of a telescope looking back in time to the early stages of the universe." height="456" width="810" msid="109077839" hostid="261" sizebytes="47988"></div><p>Astronomers use DESI to look back in time, billions of years ago, to understand how our <a target="_blank" href="https://www.businessinsider.com/universe-expansion-crisis-cosmology-new-physics-hubble-constant-2019-10">universe has changed and evolved</a>. One of the driving forces behind that evolution is also one of our age's biggest mysteries in physics: dark energy.</p><p>Dark energy is the name astronomers have given to the unknown force that is driving our <a target="_blank" href="https://www.businessinsider.com/universe-younger-expanding-faster-than-thought-study-new-physics-2019-4">universe to expand faster and faster</a> over time. But since its discovery in 1998, dark energy has eluded scientists, who know little about what it is or why it behaves the way it does.</p><p>DESI's detailed map could change that. It suggests that dark energy may be completely different than scientists thought, shaking a foundational pillar of our understanding of the universe.</p><h2>Dark energy may not be Einstein's constant after all</h2><div type="image" title="Millions of galaxies appear as web-like structures" height="685" width="1025" msid="109077842" hostid="261" sizebytes="95268"></div><p>Dark energy, as we understand it right now, is terrifying to think about because it means our universe is expanding faster and faster until one day <a target="_blank" href="https://www.businessinsider.com/how-and-when-our-universe-will-end-2017-8">galaxies will be moving away</a> from us so quickly that their points of light in our night sky will wink out of existence.</p><p>That's the future we're headed for if dark energy continues at the rate it's going. And until Thursday, that's what many astronomers thought: that dark energy was a constant, unchanging force.</p><p>That's why astronomers have thought that dark energy could be the same thing as Albert Einstein's "cosmological constant," which was an extension of his theory of general relativity. Einstein abandoned the idea as his "<a target="_blank" href="https://www.businessinsider.com/einstein-biggest-blunder-cosmological-constant-expansion-universe-2017-5">greatest blunder</a>" in the 1930s, as astrophysicist Ethan Siegal <a target="_blank" href="https://bigthink.com/starts-with-a-bang/ask-ethan-is-einsteins-cosmological-constant-the-same-as-dark-energy/">explains</a>, but a constant dark energy would have vindicated him.</p><p>However, this mysterious force may not be so constant, after all.</p><div type="image" title="Photo of Albert Einstein on his porch at home in Princeton, New Jersey." height="691" width="662" msid="109077843" hostid="261" sizebytes="26088"></div><p>Preliminary estimates from DESI's new data suggest dark energy may be evolving and weakening. That's the new revelation scientists announced at a meeting of the American Physical Society this week.</p><p>"If true, it would be the first real clue we have gotten about the nature of dark energy in 25 years," Adam Riess, a Nobel laureate for his co-discovery of dark energy, told Quanta Magazine.</p><p>For now, this is just a hint. The data is not strong enough to be sure or to claim a discovery, Quanta reported. But the hint is enticing.</p><p>"The idea that dark energy is varying is very natural," Paul Steinhardt, a Princeton University cosmologist, told the magazine. If it were constant, "it would be the only form of energy we know which is absolutely constant in space and time."</p><p>If later data confirms these early hints of inconstant dark energy to be true, that would change what we know about the makeup and future of the universe. It would also bring scientists closer to solving the mystery of the universe's accelerating expansion.</p><div type="image" title="diagram of the history of the universe" height="1151" width="2048" msid="109077844" hostid="261" sizebytes="89902"></div><p>"If this holds up, it could light the way to a new, potentially deeper <a target="_blank" href="https://www.businessinsider.com/the-big-ring-cosmic-discovery-could-rewrite-understanding-of-universe-2024-1">understanding of the universe</a>," Riess said. "The next few years should be very revealing."</p><h2>The 'golden era of cosmology'</h2><p>DESI measured the most distant part of the universe, 8-11 billion years ago, with record precision.</p><p>Other major universe-mapping observatories are hitting the skies in the coming years. The Vera C. Rubin Observatory is about to get outfitted with <a target="_blank" href="https://www.businessinsider.com/scientists-built-largest-digital-camera-lsst-for-asteroids-dark-matter-2024-4">the world's largest digital camera</a>, which will allow it to map the entire southern sky over a decade, including more than 20 billion galaxies.</p><div type="image" title="giant camera black segmented tube with lens inside on a white engineering mount in a cleanroom with a person in a white cleansuit standing at the bottom of the lens that rises about five feet above the person's head" height="1500" width="2250" msid="109077845" hostid="261" sizebytes="249196"></div><p>The <a target="_blank" href="https://www.businessinsider.com/esa-euclid-space-telescope-images-horsehead-nebula-perseus-cluster-photos-2023-11">European Space Agency's Euclid telescope</a> is already in space, where its mission is to study dark energy. NASA's Nancy Grace Roman Space Telescope is expected to launch in 2027 and conduct its own inquiry on the issue.</p><p>For its part, DESI aims to map 37 million galaxies by the end of its survey.</p><p>"We are in the golden era of cosmology, with large-scale surveys ongoing and about to be started, and new techniques being developed to make the best use of these datasets," Arnaud de Mattia, a researcher with the French Alternative Energies and Atomic Energy Commission (CEA) and co-leader of the DESI team that interprets its cosmological data, said in the press release.</p><p>"We're all really motivated to see whether new data will confirm the features we saw in our first-year sample and build a better understanding of the dynamics of our universe," Mattia said.</p>

The largest map of the cosmos hints that dark energy is changing. It could prove Einstein wrong and upend a pillar of modern physics.

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/ Shannon Stapleton</span></p><p class="caption">Mark Yusko, the CIO of Chapel Hill, North Carolina-based Morgan Creek Capital.</p></div><p></p></div></div>Someone who allocates money to different hedge fund managers is similar to a basketball coach - y</span><span>ou have to know how to pick the great players.</span></p><p><span>North Carolina-based fund manager Mark Yusko <a href="https://realvisiontv.com/">said in a recent Real Vision Television interview</a> that he</span><span> learned this after a conversation with Coach K, the legendary Duke basketball coach.</span></p><p><span>"I</span><span></span><span> got to meet [Coach K] ....and he had this great line-'Our businesses are kind of the same,'" Yusko, who runs<span> $3.7 billion </span><a href="http://www.morgancreekfunds.com/">Morgan Creek Capital Management</a><span> in Chapel Hill, told Real Vision.</span></span></p><p><span><span><span>Michael Krzyzewski has headed the basketball program at Duke University since 1980, and the US senior team since 2006. He has won the NCAA championship on five occasions, and won over 1,000 games over the course of his career.</span></span></span></p><p><span><span>Yusko recalled Coach K explaining to him: "You never take a shot, I never take a shot. You try to pick the best managers. I try to pick the best players." </span></span></p><p><span><span>"Then he says, 'You</span></span><span> know what separates the great players from the average player? The average player always focuses on the last play. The great player always focuses on the next play. An average player misses a shot, OK, goes down and commits a stupid foul. A great player misses a shot, total erasure, then goes down and steals the ball and makes a layup."</span></p><p><span>That analogy perfectly sums up investing.</span></p><p><span>"The average investor wants to double down on the loss," said Yusko. "He wants to prove to everyone he's right. You're not right. Get out."</span></p><p><span>The great investor, on the other hand, knows how to quickly acknowledge their mistakes and move on.</span></p><p><span>This week, at the <a href="http://www.businessinsider.com/red-flags-allocators-see-in-new-fund-managers-2016-2">Absolute Return Symposium in New York</a>, Yusko pointed out that the hedge fund industry is made up of 10,000-plus funds, but they aren't all good. He said there probably aren't even 1,000 good hedge funds. There may just be a few hundred.</span></p><p><span>"There's a very small number that has the talent to generate superior alpha."</span></p><p><span>When deciding to allocate money to hedge funds, Yusko likes to avoid folks who are arrogant and can't admit that they're wrong.</span></p><p><span>"People with arrogance will crush you every time," Yusko said. "Because in this business, if you're a legend, right - if you are George Soros, Michael Steinhardt, Julian Robertson - you're right 58% of the time. If you're a legend." </span></p><p><span>To Yusko, humility and self-knowledge are really important attributes for a fund manager to possess. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/internet-reacts-kanye-west-53-million-dollar-debt-2016-2">This is how the Internet feels about Kanye West's $53 million debt</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JvanQxMTE6lCWw-z17578LeOH24q-ssu" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Basketball legend Coach K perfectly summed what separates great players - and investors - from the rest

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">The coffee you serve says a lot about your hedge fund.</p></div><p></p></div></div>A group of hedge fund allocators revealed the biggest "red flags" that stop them from placing money with an emerging manager at the Absolute Return Symposium in New York on Wednesday.</p><p><span>One thing to look out for is the classic "red Ferrari syndrome." In other words, the emerging manager who goes out and buys a fancy sports car right off the bat is someone you probably want to avoid.</span></p><p><span>There are some signs that are less obvious though.</span></p><p><span><span>"Bad coffee," said Kent Clark, head of the A<span>lternative Investments &amp; Manager Selection</span> hedge fund strategies investment team at Goldman Sachs.</span></span></p><p><span><span>"Because if they have bad coffee, they usually haven't hired an [investor relations] person or somebody to do their sales. You have a small organization. You have the PM running around... I literally had a guy who was open and closed in two years. They said, 'Well, I think this is just a matter of being really good with my calendar.'"</span></span></p><p><span><span>Basically, it's a sign that they haven't invested in the hedge fund as a business.</span></span></p><p>Michael Weinberg, chief investment strategist of Protégé Partners, also avoids emerging managers who "haven't sufficiently invested in the business."</p><p>"So along those lines, if they don't have the confidence or interest in investing in a marketer or a suitable business or back office. These days, new launches have to be institutional and an institutional new launch today is very different from an institutional new launch from five, ten years ago," Weinberg said.</p><p>Mark Yusko, the CEO and chief investment officer of Morgan Creek Capital, also likes to avoid people who aren't focused.</p><p>"People who get distracted-the guy who left me waiting in his office for an hour while he met with his architect was a red flag," he said.</p><h2>Very few good PMs</h2><p>Being distracted and not fully invested in the firm as business aren't the only things to avoid. Some folks just aren't cut out to be portfolio managers, according to Yusko. </p><p><span><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Reuters/ Brian Snyder </span></p><p class="caption">Mark Yusko, the CIO of Morgan Creek Capital.</p></div><p></p></div></div>"There are certain things that we really want to avoid. Part of it is this issue of analyst versus [portfolio manager]. There are lots and lots of great analysts. </span><span>T</span><span>here are very few good PMs. Because a PM is whole brain. </span><span>Analysts are</span><span> left brain, OK, </span><span>very much about the details, the numbers, looking in the rearview mirror. Portfolio management is about the future</span><span>."</span></p><p><span>Toward the beginning of the panel, Yusko pointed out that the hedge fund industry is made up of 10,000-plus funds, but they aren't all good. He said there probably aren't even 1,000 good hedge funds.</span></p><p><span>"There's a very small number that has the talent to generate superior alpha."  </span></p><p><span>Yusko also likes to avoid people with arrogance. </span></p><p><span>"People with arrogance will crush you every time," Yusko said. "Because in this business, if you're a legend, right-if you are George Soros, Michael Steinhardt, Julian Robertson- you're right 58% of the time. If you're a legend." </span></p><p><span>If you're someone who can't be "wrong" that's a red flag. To Yusko, humility and self-knowledge are really important attributes for a fund manager to have. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/new-york-city-rental-prices-out-of-control-2016-2">New York City rental prices are out of control</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9zYWlvMDE6r-WtXlqEK-DjBYL3bqS7nx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Here are the biggest 'red flags' that keep people from giving a new hedge fund manager money

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Billionaire hedge fund manager Leon Cooperman is tired of Hillary Clinton "crapping all over hedge funds."&#xa0;<p>Aside from the fact that he tends to support Republican candidates, that's one main reason why he's not going to vote for her.</p><p>"I don't need anybody crapping all over what I do for a living," Cooperman, 72, <a href="http://money.cnn.com/2015/06/01/investing/hillary-clinton-2016-leon-cooperman/index.html?iid=Lead">told CNN Money's Cristina Alesci.&#xa0;</a></p><p>He added that Clinton "hangs out with these people in Martha's Vineyard and in the Hamptons and the very first thing she does is criticize hedge funds."&#xa0;</p><p>Cooperman said there's one thing that gets to him even more than Clinton.</p><p>"I don't need someone coming out and blatantly crapping on hedge funds. Most of the hedge funds I know, whether it is Carl Icahn, Stan Druckenmiller, Michael <span>Steinhardt</span>, Bill Ackman, I apologize to those I'm leaving out, Dan Loeb, these are extraordinary, generous people that work at what they do because they love what they do and are taking their financial success and giving it back to the system.&#xa0;<span style="line-height: 1.5em;">This notion of crapping all over hedge funds is so bogus it makes me nauseous. <strong>The only thing that makes me more nauseous is those hedge funds that support her."</strong></span></p><p><span style="line-height: 1.5em;">During the interview, Cooperman said that he has lived the "American dream."</span></p><p><span style="line-height: 1.5em;">He grew up poor in the South Bronx.&#xa0;His father was a plumber.&#xa0;</span></p><p>His parents were also immigrants and he was the first of his generation to graduate from college.&#xa0; He attended Hunter College in Manhattan and later graduated with his MBA from Columbia.&#xa0;</p><p>When he finished school, he had no money, student loan debt and a six-month old child to take care of.&#xa0;</p><p>He ended up going to work for Goldman Sachs where he stayed for 25 years where he became a partner and CEO of Goldman Sachs Asset Management.</p><p>After Goldman, he founded hedge fund Omega Advisors.&#xa0;</p><p>He now has an <a href="http://www.forbes.com/profile/leon-g-cooperman/">estimated networth of $3.7 billion</a>. He has also donated millions to charity and to his alma maters. Cooperman and his wife Toby, a<a href="http://www.eclcofnj.org/news.html"> recently-retired teacher who taught special needs children in New Jersey for 25 years</a>, have also signed Warren Buffett and Bill Gates' <a href="http://givingpledge.org/">"Giving Pledge."</a></p><p>Watch the CNN Money video below:&#xa0;</p><div><div></div></div><p class="embed-spacer"></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/prevent-blisters-jogging-running-shoes-sneakers-athletic-shoelace-hole-2015-5">Someone figured out the purpose of the extra shoelace hole on your running shoes - and it will blow your mind</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lyNnMwdToPHeoBdqEnriXIBVrqyIR6er" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "michael steinhardt" and got 8 results

A billionaire hedge fund manager is surrendering $70 million worth of illegally smuggled antiquities. See photos of the relics, including a sculpture that was loaned to the Met.

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HEDGE FUND LEGEND MICHAEL STEINHARDT: 'I'd Like To Die Broke'

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The largest map of the cosmos hints that dark energy is changing. It could prove Einstein wrong and upend a pillar of modern physics.

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Basketball legend Coach K perfectly summed what separates great players - and investors - from the rest

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