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The Rich List: Institutional Investor’s 25th Annual Ranking of the Highest-Earning Hedge Fund Managers

The top earner made $4.9 billion in 2025 — a new record for an individual in a single year.

Stephen Taub

The Value Iconoclast

Dave Iben has been chasing opportunities the market has written off, betting that unfashionable stocks such as gold and platinum miners would beat a tech-obsessed world — and the moment may be proving him right.

Now Top Investors Are Doubting the AI Revolution

Investors like Howard Marks and the Big Short’s Steve Eisman are among those questioning the AI boom.
Michelle Celarier February 6, 2026