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Standard & Poor's 500 (S&P 500); include a strong sampling of institutional investors; and be recognized by peers and the investment industry as being among the elite. These criteria are reflected in the fact that many have been on the Forbes 400 list and/or Financial World's Top 100 Wall Street Earners list year after year (see Tables, I.1 and I.2). And finally, transparency is important to these managers. By agreeing to be interviewed, they have demonstrated their willingness to share information on their investment philosophies and organizations.

Part Three is designed to give a reverse look at the hedge fund superstars. By interviewing institutions—CalPERS, a large Japanese institution, and Swiss Life Insurance Company—as well as several endowments—The University of North Carolina, Stanford University, Vassar College, and Wesleyan University—I wanted to get the end users' perspectives of these superstar managers and the hedge fund industry in general. Were the institutions' goals achieved? Were they satisfied with their hedge fund experiences? Did they see growth in the hedge fund community?

Part Four presents my thoughts on where the hedge fund community is headed.