A bit of backgroundAfter breezing through Yale University, Lampert began his career at Goldman Sachs (NYSE: GS) where he was mentored under future Secretary of the Treasury and current Citigroup (NYSE: C) Chairman Robert Rubin. Never one to follow the crowd, a 25-year-old Lampert decided to strike out on his own -- against Rubin's advice -- and start his own hedge fund.
Lampert then gained the respect of billionaire Richard Rainwater, who funded Lampert's hedge fund, ESL Investments, with $28 million in seed money. Not a bad first day at the office.
Since forming ESL in 1988, Lampert has produced purported returns of 29% per year, turning an original $1 million investment into $230 million today. With results like these, it isn't hard to see why so many people have already deemed Lampert "The next Warren Buffett."
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