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JOB page 31

least,

slowing down and it can't
continue." Further, he fears, in
Israel increasingly the rich are
getting richer and the poor are
getting poorer, a trend that he
says is bad for long-term sta-
bility.
Nonetheless, Mr. Steinhardt
reports that he is happy with
the investments he has made
in Israel, among them are Mar-
itime Bank; real estate in Tel
Aviv, Jaffa and Eilat; real-es-
tate projects with the Dankner
group; and holdings in the
MacPell factory in Afula, which
produces knitwear for major
clothing labels.
"My investments in Israel
have been superb. I attribute
this to an unusually able Israeli
partner who has prevented me
from getting into things that
could have gone wrong," he
said. The partner he refers to is
businessman and investor Shi-
mon Topol.
Mr. Steinhardt views his
philanthropic pursuits in Israel
— which include the Israel Mu-
seum, the Tel Aviv Foundation
and Tel Aviv University — as
entirely separate from his in-
vestments. When he invests
there, he does it for the same
unsentimental reason he in-
vests anywhere: to make as
much money as possible as
quickly as he can.
"One must look at invest-
ments in Israel with as de-
tached a view as possible. To do
otherwise is not serving Israel
or oneself'," he said.
Mr. Steinhardt notes that,
in recent years, his philan-
thropy has taken a deliberate
shift from primarily Israel-ori-
ented activity to involvement
focusing more on the future of
U.S. Jewry. He is active in
Reform Jewish institutions,
belongs to the United Jewish
Appeal's Subcommittee on
Jewish Continuity, and gives
time to the Anti-Defamation
League.
"Historically, I've devoted a
great deal of time to Israel and
Israeli institutions, and made
substantial investments there.
But I see there are greater
needs existing in
America," he
said.
Just as
he does in
the stock
market,
Mr. Stein-
hardt takes a no-
nonsense view of
negative trends in the U.S. Jew-
ish community and its organi-
zations, despite his personal
stake. American Jews, he said
bluntly "are declining in num-
bers, in power and in influence."
As for the organizations,
"there are more worthy Jewish
causes than there are worthy
Jews to respond to them. In the
U.S., the Jewish institutional

structure is bloated. It will over
the next decade, alas, be re-
duced because of the decline in
Jewish interest among secular
Jews."
Mr. Steinhardt is one of the
lucky people who
knew precisely
what he want-
ed to do for a
living from a
very young
age. During a
typical, lower-
middle class Jewish
youth in New York City, he be-
came fascinated by the stock
market after receiving stocks
for his bar mitzvah.
After attending the Univer-
sity of Pennsylvania's Wharton
School of Business, Mr. Stein-
hardt worked as an investment
research associate, as a writer
for Financial World, and then
as a securities analyst at Loeb
Rhoades and Co. before he be-
gan his relentless climb to the
top of the world of money man-
agement. At the same time, he
and his wife, Judith, were rais-
ing three children.

Mr. Steinhardt is
responsible for the
management of
more than $3 billion
of his clients'
money.

Does the fact that he and Mr.
Soros are Jewish have any-
thing to do with their status as
giants on Wall Street? There is
a range of explanations for
Jewish success on Wall Street,
beginning with the conspirato-
rial and anti-Semitic to the
explanation that Jews who
were shut out of fields like in-
surance and commercial bank-
ing naturally turned to
investments.
Mr. Steinhardt has a more
thoughtful reply:
"In a speculative sense, I
think that in America in the
middle of this century, there
was a confluence that produced
a highly productive, highly
successful American Jew. That
confluence came from the reli-
gious tradition and the won-
derful openness of America and
led to great secular achieve-
ments.
"I hope, but I have my
doubts, that the next genera-
tion will be as outstanding
...The circumstances of the next
generation of American Jews is
not filled with the history
and culture and tradition that
the previous one had. For bet-
ter or for worse, we are assim-
ilated now and Jews are not so
different from other Ameri-
cans." 0

