Lee S. Ainslie III is the managing partner of Maverick Capital, which manages more than $7.5 billion in private investment funds. Before starting Maverick in 1993, he was a managing director at Tiger Management Corporation and a consultant for KPMG Peat Marwick's national director of information technology. Mr. Ainslie is a graduate of the University of Virginia and holds an M.B.A. from the University of North Carolina.

Interviewed by:
Byron Wien
Chief Investment Strategist
Pequot Capital

Byron R. Wien is the Chief Investment Strategist for Pequot Capital, a multi-strategy hedge fund. From January 1985 until the end of 2005 he was a Managing Director in the investment strategy group at Morgan Stanley, first as chief of the U.S. effort and later (after 2001) as senior strategist. He currently serves as an advisory director of that firm. Byron was a portfolio manager for twenty years prior to joining Morgan Stanley. He received his A.B. with honors from Harvard College and his M.B.A. with distinction from Harvard Business School.

Byron is a director of the Quantum Funds and is a member of the Investment Committees of Lincoln Center and the John D. and Catherine T. MacArthur Foundation. He is a trustee of the New-York Historical Society and the Pritzker Foundation. He is the Vice Chairman of The Manhattan Institute and he is a board member and head of the Strategic Planning Committee of Phoenix House. At Harvard, he is on the Executive Committee of the Overseers' Committee on University Resources and the Task Force on Academic Resources. He is a past president and chairman of the Harvard Business School Club of Greater New York.

In 1995 he co-authored a book with George Soros on the legendary investor’s life and philosophy. In 1998 he was named by First Call as the most widely read analyst on Wall Street and in 2000 was ranked the No. 1 strategist by SmartMoney.com based on his market calls during the year. Byron was named to the 2004 Smart Money Power 30 list of Wall Street's most influential investors, thinkers, enforcers, policy makers, players and market movers. He appeared in the thinker category.

Dean Barr
Managing Director and Head of Liquid Investments
Citigroup Alternative Investments

Previous employment:
Thunder Bay Capital Management, Chief Executive Officer, 10/2002 – 11/2005: Multi-Strategy Hedge Fund – New York City

Deutsche Asset Management, Global Chief Investment Officer, 8/99 – 9/02: Responsible for all investment processes, research and investment personnel worldwide—AUM of $800 billion and over 2,000 employees worldwide. Developed first integrated global investment platforms for all asset classes. Created the Global Research Center.

State Street Global Advisors, Director of Research and Global Chief Investment Officer of Active Quantitative Strategies, 10/97 – 8/99: Responsible for all active strategies and personnel—AUM of $80 billion. Created Advanced Research Center to conduct innovative research on portfolio construction techniques, asset allocation and portable alpha strategies.

Advanced Investment Technology, Founder and Principal, 7/89 – 10/97: Founded and built quantitative investment management firm offering both long-only and long/short equity strategies—AUM reached over $800 million. Built all investment processes and established all client relationships. Patented non-linear stock selection model for equities in 6/94. Sold firm to State Street Global Advisors in 10/97.

Goldman Sachs, Sales/Trader and Proprietary Trader—Equities, 7/84–5/88: Responsible for active trading accounts, hedge funds, arbitrageurs and quantitative traders on behalf of the firm. Responsible for development and sales of program trading.

Education
New York University, MBA in Finance
Cornell University, BA

Leon Cooperman
Founder and Chairman
Omega Advisors, Inc.

After 25 years of service, Lee retired from his positions as a General Partner of Goldman, Sachs & Co. and as Chairman and Chief Executive Officer of Goldman Sachs Asset Management at the end of 1991 in order to organize a private investment partnership, under the direction of Omega Advisors, Inc. At Goldman Sachs, Lee spent 15 years as Partner and from 1990 to 1991, as Of Counsel to the Management Committee. In 1989, he became Chairman and Chief Executive Officer of Goldman Sachs Asset Management and was Chief Investment Officer of the equity product line including managing the GS Capital Growth Fund, an open-end mutual fund, for one and one-half years. Prior to those appointments, Lee spent 22 years in the Investment Research Department as Partner-in-charge, Co-Chairman of the Investment Policy Committee and Chairman of the Stock Selection Committee. For nine consecutive years, Lee was voted the number one portfolio strategist in the Institutional Investor All-America Research Team survey. As a designated Chartered Financial Analyst, Lee is a senior member and past President of the New York Society of Security Analysts. Lee is a member of the Board of Directors of Automatic Data Processing, Inc., a Trustee of Saint Barnabas Hospital, and Chairman of the Saint Barnabas Development Foundation, a member of the Board of Overseers of the Columbia University Graduate School of Business, serves on the National Board of Trustees of the Crohn's and Colitis Foundation of America, Inc., a member of the Board of Directors of the Cancer Research Fund of the Damon Runyon-Walter Winchell Foundation, and a member of the Investment Committee of the Museum of Modern Art. Lee received his MBA from Columbia University and his undergraduate degree from Hunter College. He is a recipient of Roger Williams University's Honorary Doctor of Finance and was inducted to Hunter College's Hall of Fame. He and his wife Toby have two sons.

Seth A. Klarman
President
The Baupost Group, L.L.C.

Mr. Klarman is the President of The Baupost Group, L.L.C., which currently manages approximately $6 billion on behalf of individual and institutional clients.  He has been with the Company since its founding in 1982.  He is the author of Margin of Safety, a book that outlines his value investment philosophy and has been featured in a variety of investment industry publications.  Mr. Klarman is a 1982 graduate of Harvard Business School, where he was a Baker Scholar, and received his Bachelor of Arts, magna cum laude, in Economics from Cornell University in 1979.  He is National Chairman of Facing History and Ourselves, a teacher training organization; and is a member of the Board of Dean’s Advisors at HBS, where he has been a senior lecturer on value investing.  Mr. Klarman also serves as Chairman of the Board of Directors for The David Project, as well as on several other not-for-profit boards.

Julian H. Robertson, Jr
Chairman and Chief Executive Officer
Tiger Management L.L.C.

Julian H. Robertson, Jr. is the Chairman and Chief Executive Officer of Tiger Management L.L.C. which he co-founded in May 1980. From initial capital of eight million dollars, Tiger eventually became the world’s largest hedge fund with assets of over 21 billion dollars. Some of today’s most successful hedge fund managers were spawned at Tiger.

Mr. Robertson graduated from the Episcopal High School in 1951 and the University of North Carolina in 1955. He then served as an officer in the U.S. Navy prior to joining Kidder Peabody in 1957.

After joining Kidder Peabody and Company as a sales trainee Mr. Robertson became a Vice President and stockholder in 1966 and later was made a Director. In 1974, he became Chairman of the Board and Chief Executive Officer of Webster Management Corporation, Kidder Peabody’s investment advisory subsidiary, and served in that capacity until his departure in 1978.

Mr. Robertson is currently on the Board of Trustees of the Rockefeller University; Member of the Board of Trustees of Environmental Defense; Vice Chairman and former President of the Board of Trustees of the Cancer Research Institute; Member of the Board of Trustees of the Wildlife Conservation Society; Member of the Board of Trustees of the Cathedral Church of St. John the Divine; Member of the Executive Committee of Lincoln Center for the Performing Arts; and a Member of the National Board of Advisors of the Children’s Scholarship Fund.

Married former Josephine Tucker in 1972. Three boys: Spencer, a graduate of Duke University (’98) Married former Sarah Collins in 2002 and welcomed first grandchild Hollis Spencer in January of 2005, Julian graduate of Lynn University (’01), Alexander graduate of University of North Carolina (‘01).

Interviewed by:
Mark W. Yusko
President & Chief Investment Officer
Morgan Creek Capital Management, LLC

Mark formed Morgan Creek Capital Management in July of 2004 to provide investment advisory services based on the University Endowment model of investment management to a wide range of clients. MCCM will provide best-in-class thinking about asset allocation, manager selection and portfolio construction to wealthy families and institutional investors and individual investors through advisory relationships, proprietary discretionary products, and through commingled vehicles formed in joint venture partnerships with Salient Partners and Hatteras Partners. Morgan Creek will serve as an outsourced investment office for select families and institutions, providing a full range of investment management services based on an investment philosophy developed in more than a decade of managing large University portfolios.

Prior to forming MCCM, Mark served as the Chief Investment Officer for the University of North Carolina at Chapel Hill from 1998 to 2004. Mark, and his team, founded the UNC Management Company in July of 2002 to provide comprehensive investment advisory services to the University including providing strategic and tactical asset allocation recommendations to the Board, investment manager selection, manager performance evaluation, spending policy management and performance reporting. The Management Company was also responsible for providing Cash Management and Planned Giving Management services as well as aiding in the commercialization of University technology and real estate development projects. UNCMC provided investment management services to select schools within the UNC System. Total assets under management were $1.5 billion, $1.2 billion of Endowment and $300 million of University working capital.

Prior to joining UNC, Mark was the Senior Investment Director for the University of Notre Dame Investment Office, where he joined as the Assistant Investment Officer, in October of 1993. He worked with the Chief Investment Officer in all aspects of Endowment Management including asset allocation, investment manager selection, manager performance evaluation, spending policy management and reporting to the Board of Trustees. Mark was primarily responsible for portfolio construction and was actively involved in establishing and building strong programs in real estate, private equity and marketable alternatives.

At both Notre Dame and at UNC, Mark co-founded the Applied Investment Management course where a select group of students actively managed a live equity portfolio. The class focused on the integration of academic investment theory and the practical investment management process, and has enjoyed tremendous success since inception.

Mark received his Bachelor of Science Degree, with honors, in Biology and Chemistry from the University of Notre Dame in 1985 and a Masters of Business Administration in Accounting and Finance from the University of Chicago in 1987.

Previous experience includes positions in portfolio management, investment marketing, financial analysis and management consulting. Mark is an active speaker on investment topics ranging from asset allocation to manager selection, with a particular emphasis on the integration of alternative investments into traditional portfolios. Mark is an Advisory Board member of a number private capital partnerships and alternative investment programs and has served as a consultant on alternative investments to a select group of institutions.