Dr. Brownstein’s winning Formula
The STrucTured PorTfolio ManageMenT founder MineSonce-Shunned MorTgage bondS for ProfiTS. hiS flagShiP fund’S50 PercenT gain PuTS hiM aT The ToP of our roSTer of The beST-PerforMing large hedge fundS.
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the WorlD’srichestheDge FunDs
cover stories
For 20 years, Don Brownstein taught
philosophy at the University of Kansas. He special-ized in metaphysics, which examines the characterof reality itself.
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In a photo from his teaching days,he looks like a young Karl Marx, with a bushy blackbeard and unruly hair. That photo is now a relicstanding behind the curved bird’s-eye-mapledesk in Brownstein’s corner office inStamford, Connecticut. Brownsteinabandoned academia in 1989 to try tomake some money.
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The careerchange paid off. Brownstein is thefounder of Structured Portfolio Man-agement LLC, a company managing$2 billion in five partnerships. Hisflagship fund, the abstrusely namedStructured Servicing Holdings LP,returned 50 percent in the first 10months of 2010, putting him at thetop of
BloomBerg markets’
listof the 100 best-performing hedge
By
Anthony EffingEr
d
KAthErinE Burton
photograph by ben baker/redux