Michael Steinhardt Talks Money Management, Surviving 1994, And Life After Retirement

It's not every day that you get to meet a legend. But this fall, Benzinga's Jason Raznick got the opportunity to sit down with Michael Steinhardt, the investment master whose hedge fund is famously known for earning 30% annually.Steinhardt said that he thinks the success of his fund can be attributed to a great deal of intensity, a desire to be the best money manager in America, “and more hard work than, in retrospect, I should have given it.” Though he said he wasn't the best money manager every year, he believes that his overall performance during his 29-year period was among the best.But after having the worst year of his career life in 1994, Steinhardt was absolutely miserable. “I certainly intended to have a serious recovery from that in 1995,” he said. “And I guess I also hoped that if I could have a good year I would probably end my career because I began to recognize that the difference between having X amount of money and Y amount of money was not that important.”Though he has questioned his decision from time to time, Steinhardt said that he does not regret retiring. “When I see some of the net worth statements of some of the people that have been in business these years – I don't know how well I would have done, but it's probably not unreasonable to think that I would have made an egregious amount money over this period of time,” Steinhardt revealed.“Having said that,” he adds, “I do not regret what I've done. I do not regret the areas of focus that I've given and if I had it to do over again I don't think I'd do anything different.”You can watch the full video interview or read the transcript right here on Benzinga.com.