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VIEWS ON RETIRING

At one extreme is Cumberland, which has successfully gone through three successions over its 30-year history. Succession is a matter of business and part of the accepted culture.

Some managers, such as Kovner, indicated that in the long term, say 10 years, he would almost not be needed—that the firm would be able to run without him or at least not require a lot of input from him. Och expects his firm will outlast his involvement. Stark similarly sees no reason why the organization can't function without him. Sussman wants to build his organization into an institutional entity yet retain his role as the person identifying the opportunities and making the capital allocations. The general feeling among these managers is that their organizations will be strong enough that they will be comfortable leaving their assets there to be managed even if they are not involved on a full-time basis.

However, others were taken aback to think of their companies continuing without some of their involvement. Cooperman had no plans to retire—only bad performance, poor health, or not enjoying the business would be reasons to leave. Henry could not think of any reason not to be involved in the firm, nor any reason to sell. Singer says he doesn't believe in retirement and can do what he is doing for the long haul.