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TYPICAL DAY

Ainslie starts the day at 7:30 A.M., when he talks with the trading desk on new developments that have occurred overnight and discusses how to react. Most mornings, he does this from his office at home—which is an exact replica of the one at the Maverick office—in peace and solitude, avoiding the rest of the world.

Most of the rest of his day is spent talking to the senior team. He doesn't speak much with sell-side analysts, but he does spend time with investors who can be helpful in the investment process.

Every night, a plan of action is developed for the next day—what should be bought and what should be sold. Loss limit rules and tax planning guidelines are maintained by Maverick's systems. Ainslie is often on the phone to senior members. He also likes to see how the Japanese market opens before he leaves for the evening. This process occurs from 4:30 to 7:30 P.M. and he's usually home by 8 or 9 P.M. Another hour is often spent focusing on overnight markets.

The plan of action is distributed to each section head the next morning.

When he's not working, Ainslie likes to play basketball and golf. Besides investment literature, he likes to read historical novels.

Ainslie loves what he does. He is competitive and finds the markets to be the ultimate competition.

INVESTOR BASE

Since mid-1997, the fund has been closed to new investors to temper the growth rate. Maverick will take new money from strategic investors (e.g., institutions and senior managers of large companies). They take advantage of investors' expertise and collective brainpower. Ainslie said there are over 700 investors.

Roughly one-third are individuals and trusts; another one-third are endowments, foundations, and pensions; and the remaining investors are partners, principals, and related entities, as well as banks, corporations, insurance companies, and fund of funds entities.2

According to NACUBO's 1999 annual survey of endowments, those allocating to Maverick include Carnegie Mellon, King's College,