Hartford Business Journal

22 HARTFORDBUSINESS.COM | JUNE 28, 2021 living with his parents at the time — "can create a lot of happiness." After more than 20 years at AQR, he's still taking chances and creating happiness, having initiated AQR's international growth and its introduction of mutual funds and reinsurance, as well as creating the "AQR University" symposia series and the AQR Insight Award for outstanding innovation in applied academic research. 19. John Liew Co-Founder AQR Capital Management Net Worth: $1 billion A QR Capital Management Founding Principal John M. Liew is a fan of taking the long view and of diversification. An article the Greenwich resident co-wrote for The Journal of Portfolio Management focusing on "target-date funds," — a portfolio with an asset allocation mix that becomes more conservative as a retirement or other target date approaches — highlighted the dangers that can arise when diversification and long-short strategies are ignored or underplayed. Liew, worth an estimated $1 billion, according to Forbes, and his colleagues at AQR have written many scholarly articles and have been favorably compared with leading academics. But, "You would be surprised at how much effort it takes to turn the academic into the practical," Liew noted in a Barron's magazine interview. "Making money for clients involves controlling costs, managing risks, and building real portfolios. Academic work is just the tip of the iceberg." Fun fact: Liew applies long-short strategies to his personal life too. In December, Liew and his wife, Serena, bought a three-bedroom condominium on the 45th floor of the Waldorf Astoria Residences in Chicago, according to the Chicago Tribune. They bought the half-floor condo — with 3½ bathrooms, 10-foot-high ceilings and an upgraded kitchen, custom millwork and hardwood floors, with two terraces and 180-degree city and lake views — as a pied-à-terre that will let them visit family in the area. The condo seller paid $3.15 million in 2011 for the residence, according to the newspaper. He first listed it for $4.3 million in 2017 and reduced its price eight times over the next three years before taking it off the market. Liew and his wife ended up buying the residence for only $2.4 million. • Chilton Small Cap, a long/short strategy focused on investing in U.S.- based small cap companies. • Chilton Global Natural Resources, a long/short strategy focused on investing in natural resource securities and commodities globally. • Chilton Distressed Debt, a classic distressed fund investing in the U.S. and developed markets. • Chilton Asia Strategy, a long/short strategy focused on Asian equity markets. According to company documents, long- and short-term fundamental factor ratings are typically incorporated into Chilton's company analysis and help determine price targets. Long-term fundamental factors include market growth, proxy analysis, market share, concentration of customers and suppliers, and an assessment of management. Short-term fundamental factors include industry supply and demand growth, earnings per share surprises, latest EPS estimate revision, insider purchases and sales, and management changes. 18. David Kabiller Co-Founder AQR Capital Management Net Worth: $1 billion I f you ask Greenwich resident David Kabiller — a founding principal of AQR Capital Management — about resiliency, he's likely to respond with an episode from his early professional life. In 1987, after graduating from Northwestern University's Kellogg School of Management, he landed a job with Goldman Sachs and was ushered into a training program at the fabled firm. Soon after that, on Oct. 19, the stock market suffered one of its worst drops in history, plunging some 22% in one day. "I remember the head of our training program came in and he said, 'You're all dismissed today,' " Kabiller recalled in a presentation last year. At the age of 23, with the world appearing to be "on the brink of financial collapse," Kabiller realized that the Goldman Sachs section he had been assigned to, the fixed income division, "wasn't a good fit." Despite the turmoil, "we are all empowered to change our lives," he said, and the then-23-year- old newbie had the guts to tell a supervisor that he wanted to move to a different division, one that focused on equities — even though doing so meant he had to resign from Goldman Sachs and re-interview for the position. Kabiller, who's worth about $1 billion now, according to Forbes, got the job and said his takeaway, which he never forgot, was that taking a measured risk — after all, he was still Bitcoin,' if that is what you're doing you're never trying to figure out truth — you're just following trends. I'm somewhat cynical that someone's gonna come up with a really good valuation model for what the right price of Bitcoin is." 14. Peter Buck Co-Founder Doctor's Associates (Subway), Milford Net Worth: $1.7 billion I n 1965, Danbury resident and nuclear physicist Peter Buck loaned $1,000 to his friend's son, Fred DeLuca, who wanted to establish a sub-sandwich shop in Bridgeport. At the time, DeLuca — who passed away in 2015 — had hoped that starting the restaurant would help him pay for his college and medical school bills. The concept went nuclear, evolving into Doctor's Associates Inc., the franchisor of Subway restaurants. Although the company reports it has more than 40,000 locations around the world, Buck said, in an interview with the Wall Street Journal, "I can go anyplace in Danbury and nobody recognizes me." Buck's belief in the quick-service food concept helped to propel the Danbury resident's net worth to an estimated $1.7 billion, according to Forbes, and he's gained a good reputation for hefty charitable contributions. So it may be tempting to "Take the 'A' Train," as Duke Ellington put it — but most Subway investors are unlikely to duplicate his success. According to the trade publication Franchise Business Review, "… 37% of food franchise owners earn less than $50,000 per year, and just 16% — the 'top performers' — earn more than $200,000 per year." 15. Alexandra Daitch Inherited stake in Cargill Net Worth: $1.7 billion O ld Lyme resident Alexandra Daitch, a daughter of W. Duncan MacMillan, is a member of the family dynasty that owns Cargill Inc., a global food corporation reported to be the U.S.' largest privately-held company by revenue. Her stake in the company is estimated at 3%, and her net worth clocks in at a reported $1.7 billion, according to Forbes. The family is famously tight- lipped — in a 2014 Forbes interview, Cargill's then-CEO David MacLennan said of the family, "They want to draw the curtain down. A lot of rich people want to be on TV, want you to know who they are and that they own this and that. Not these people." For what it's worth, a LinkedIn page for Daitch lists her as an artist. 16. Mike Bingle Vice Chairman Silver Lake private equity firm Net Worth: $1.2 billion M ike Bingle received a biomedical engineering degree from Duke University, but soon moved into finance, working in the investment banking division of Goldman Sachs and at Apollo Management before joining Silver Lake more than 20 years ago. Bingle, a Greenwich resident, had served as managing partner at Silver Lake, but in early 2020 he gave up that title, becoming vice chairman and taking on a managing partner emeritus title, according to a firm announcement. The shuffle was part of Silver Lake's move to "expand its asset base for its flagship large-scale private equity strategy and its structured equity and debt investment strategy," reportedly in a move to enhance its capacity to go after large investment opportunities in technology and technology-enabled industries. According to Silver Lake, Bingle, who Forbes says is personally worth about $1.2 billion, will continue to place "significant personal capital in Silver Lake's investments" in addition to looking for "new opportunities ... on an investment-by-investment basis." In 2020, Silver Lake announced its portfolio of investments collectively generates more than $230 billion in revenue annually. 17. Richard Chilton Jr. Founder Chilton Investment Company LLC Net Worth: $1.2 billion R ichard L. Chilton Jr. is the founder of Chilton Investment Co., a $7 billion investment management firm he launched in 1992 with the flagship long/ short equity fund Chilton Investment Partners LP. Chilton's done well with his firm, generating a personal net worth believed to be around $1.2 billion, according to Forbes. According to a presentation the Darien resident gave, Chilton has launched six other funds that also utilize a bottom-up, fundamental and value-sensitive approach to investing: • Chilton European, a long/short strategy focused on European and U.K.-based companies. • Chilton New Era, a long/short strategy focused on investing globally in technology, media and telecom companies. WEALTHIEST PEOPLE IN CT

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