He launched his first fund, Gotham, out of HBS. Pershing was "Act II."

My posts will be fraught with grammatical errors since I post from my phone. I will try my best not to post an incoherent babble.
 

David Shaw. His fund has been a big contributor to the quant world since inception (in research, strategy, talent... Jeff Bezos was employed there before founding Amazon), on top of an impressive track record. Honorable mention goes to Julian Robertson for his Tigers and successful global macro strategy over the years (with some exceptions).

If you haven't already, I suggest reading "More Money Than God" by Sebastian Mallaby. Its a comprehensive, easy-to-read book on the history of hedge funds. Each era is illustrated through the life and achievements of a great fund manager.

 
mrsteez:

David Shaw. His fund has been a big contributor to the quant world since inception (in research, strategy, talent... Jeff Bezos was employed there before founding Amazon), on top of an impressive track record. Honorable mention goes to Julian Robertson for his Tigers and successful global macro strategy over the years (with some exceptions).

If you haven't already, I suggest reading "More Money Than God" by Sebastian Mallaby. Its a comprehensive, easy-to-read book on the history of hedge funds. Each era is illustrated through the life and achievements of a great fund manager.

This is a good point.

David Shaw's D.E. Shaw Research is also doing groundbreaking research in computational biochemistry. This deserves an honourable mention.

 

Ray Dalio by a landslide. He was a pioneer in portable alpha (separation of beta and alpha), risk parity and the institutionalization of the hedge fund industry. He founded a firm with a radical and unique culture that produces the best macro research in the world - and very respectable returns.

David Shaw and George Soros for honorable mention.

As an aside, it took no balls for Ackman to launch Pershing. He came from a rich, connected New York family... that's a big leg up compared to the humble beginnings of other hedge fund greats (again - see Dalio). And John Meriweather's a charlatan - his funds have failed 3 times.

 

Can't believe I forgot this one but Bruce Kovner. Soros may have pioneered the macro long-short approach and traded currencies early on, but Michael Marcus and Bruce Kovner arguably did more to set up the groundwork for the modern-day go anywhere (with derivatives) macro fund.

Kovner is the first one to take the Commodities Corp model to the big leagues and there's plenty of little stories like him buying a tanker during the 80s oil bust which show how much of a pioneer he was. The current middling results of Caxton, Tudor, Moore and Brevan Howard show that there might be limits to that model but man did that model make a lot of people rich over the last 30 years.

 

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