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A few of the managers have a culture that emphasizes patience. They take a longer-term perspective of the market, and positions are often held for the long term. Patience was acknowledged by Kingdon, Henry, Cooperman, and Wilcox. Kingdon recalled 1990 as his most painful year. He was bearish on the market and only 1 percent invested. He was sitting still in cash. By year-end, he was up over 20 percent. Henry feels that patience during poor trading periods is the most important asset in a manager's arsenal. It is not uncommon for him to hold trades for years. Cooperman expects the majority of the portfolio to be held for at least two years.

The cultures were described in other ways as well. Griffin describes Citadel's culture as one where change is accepted. When the firm adds new strategies, new risks appear. As a result, there is a huge emphasis on learning, sharing, and teamwork. Most of the people are in their thirties.

Kingdon describes his as quiet intensity—individuals who compete with the markets, not with each other, and who take responsibility for their positions. The culture is maintained since portfolio managers have veto power over new hires.

Stark describes his culture as a cautious one. For example, they do not invest in rumor deals; they wait until a deal has been announced. They are not quick to add new strategies, and they always hedge.

Cumberland's portfolio management structure encourages give-and-take, challenge, debate, and compromise. All of the portfolio managers at Cumberland are interdependent on each other. The culture has allowed the firm to continue into its third generation. Wilcox describes it as a cumulative wisdom of the organization (i.e., the ability to keep current and retired principals nearby). Three of the seven original limited partners from 1970 are still involved.

To reinforce the company culture and help institutionalize the firm, most of the organizations are built around teams and specialists, divided by industry, region, trading strategy, and/or type of situation. This is the case with Ainslie, Cooperman, Cumberland, Griffin, Kingdon, Kovner, Och, Rajaratnam, Singer, and Stark.

Having a specialist, decentralized organization keeps talented key employees on board. They have a degree of decision-making authority and responsibility; they are not just hired hands. They have a stake in the firm as well. This environment is a healthy one for institutionalizing the firm (i.e., making sure a succession strategy is in place).