Profiles

Ken Griffin’s Billions and Billions

肯·格里芬的亿万财富
The hedge-fund titan is an unabashed big spender, from pièds-a-terre to politics.
这位对冲基金巨头是个毫不掩饰的大手笔花钱者,从临时住所到政治捐款,无不如此。
A portrait of a person.
Photographs by Jeff Brown for The New Yorker

When Zohran Mamdani, the mayor of New York City, recently filmed a one-minute video to announce a tax on pieds-à-terre, his appetite for class warfare was on full display. Background music evoked the “Succession” theme, underlining that he was taking on wily tycoons. He stood across the street from the building that housed the most expensive home ever sold in the United States—a four-floor penthouse on Central Park South, which was purchased in 2019 for two hundred and thirty-eight million dollars. Its owner, Mamdani noted, was the “hedge-fund C.E.O. Ken Griffin”—one of the “richest of the rich, those who store their wealth in New York City real estate but who don’t actually live here.”

纽约市长佐兰·马姆达尼最近拍了一段一分钟的视频,宣布要对临时住所征税,他在片中充分展现了自己对阶级战争的热情。背景音乐让人想起《继承之战》的主题曲,强调他正在与老谋深算的富豪们较量。他站在全美有史以来最贵住宅的街对面——那是中央公园南楼的一套四层顶层公寓,2019年以两亿三千八百万美元成交。马姆达尼指出,房主是“对冲基金首席执行官肯·格里芬”——属于“富豪中的富豪,那些把财富储存在纽约房地产里,却并不真正住在这里的人”。

Griffin, who lives in Miami, was an obvious target. He is, by far, the most successful Wall Street entrepreneur of his generation. Worth about fifty billion dollars, he founded Citadel, one of the biggest hedge funds in the world, and Citadel Securities, a hugely profitable “market maker”—a company that generates billions of dollars each year by handling countless orders to buy and sell stocks, options, and bonds. In the past decade, Griffin, who is fifty-seven, has also become a public figure, known throughout Wall Street as just “Ken.” He regularly speaks at élite conferences and at business schools, on topics as varied as trading, the economy, patriotism, charter schools, and the Iran war. A Reaganite Republican, he has praised President Donald Trump for his policies on border security, deregulation, and taxes while also calling Trump’s tariffs “anti-growth” and expressing concern about “decisions or courses that have been very, very enriching to the families of those in the Administration.” Griffin’s self-positioning as a conservative businessman who’s more rational and ethical than the President has fuelled speculation about his own political ambitions.

住在迈阿密的格里芬,显然是个醒目的靶子。他是他这一代人中,迄今为止最成功的华尔街创业者。身家约五百亿美元的他,创立了全球最大的对冲基金之一城堡投资,以及利润极其丰厚的“做市商”城堡证券——这家公司每年通过处理无数买卖股票、期权和债券的订单,赚取数十亿美元。过去十年,五十七岁的格里芬也成了一位公众人物,整个华尔街都直呼其名“肯”。他经常在精英会议和商学院发表演讲,话题涵盖交易、经济、爱国主义、特许学校乃至伊朗战争。作为里根式的共和党人,他赞扬特朗普总统在边境安全、放松监管和税收方面的政策,但也称特朗普的关税“抑制增长”,并对“那些让政府官员家人变得极其富有的决策或路线”表示担忧。格里芬将自己定位为一个比总统更理性、更有道德的保守派商人,这引发了外界对他本人政治野心的猜测。

His response to Mamdani’s provocation showed him to be in equal command of the American outrage machine. The press obtained an internal e-mail written by Citadel’s C.O.O., Gerald Beeson, who implied that the two Citadel businesses might cancel plans to build a new skyscraper in New York, where they have nearly twenty-five hundred employees. (The New York Post ran a flurry of alarmist headlines, even though Beeson was surely bluffing: Citadel consumes new traders as voraciously as Starbucks consumes beans, and has long had its largest employee presence in Manhattan.) Then the plutocrats circled their yachts. The Washington Post opinion page, operating under the new editorial direction laid out by Griffin’s friend Jeff Bezos, called Mamdani’s video “unethical.” Steven Roth, a co-developer of the proposed Citadel tower, on Park Avenue, argued that Mamdani’s video had singled Griffin “out for ridicule”—and condemned the Mayor for using the slogan “Tax the rich,” which he said was just as “hateful as some disgusting racial slurs.” (Griffin clearly appreciated the backup. Last week, he told me, “It has been good to see the business community in New York find its voice.”)

他对马姆达尼挑衅的回应,显示出他同样深谙美国式愤怒机器的运作之道。媒体获得了一封城堡首席运营官杰拉尔德·比森写的内部邮件,比森暗示两家城堡公司可能取消在纽约建造新摩天大楼的计划,而它们在纽约有近两千五百名员工。(《纽约邮报》发了一连串危言耸听的标题,尽管比森肯定是在虚张声势:城堡消耗新交易员的速度,就像星巴克消耗咖啡豆一样贪婪,而且曼哈顿长期以来一直是其员工最多的地方。)接着,富豪们开始抱团。格里芬的朋友杰夫·贝佐斯旗下《华盛顿邮报》的评论版,按照新的编辑方针运作,称马姆达尼的视频“不道德”。拟建的城堡大厦(位于公园大道)的联合开发商史蒂文·罗斯认为,马姆达尼的视频把格里芬单独挑出来“嘲弄”,并谴责市长使用“向富人征税”的口号,称这“跟某些令人作呕的种族歧视字眼一样充满仇恨”。(格里芬显然很感激这种声援。上周他告诉我:“看到纽约商界发出自己的声音,这很好。”)

Mamdani retreated, a little bit. He praised Griffin for a donation to a 9/11 memorial for New York City police officers, and his press secretary declared that the Mayor wants all New Yorkers to succeed—including Griffin, “who is a major employer in our city.” But Griffin wasn’t finished exploiting the controversy. At a conference in Beverly Hills organized by his friend Michael Milken, the former junk-bond king, Griffin said that the pieds-à-terre video had put him “in harm’s way,” and noted that “the C.E.O. of UnitedHealthcare was killed just a few blocks from my house.” Griffin didn’t mention that his purchase of the Central Park South apartment was famous long before Mamdani’s video, or that he owns at least eleven residences worldwide—including adjoining co-ops on Park Avenue and four spreads in Florida. At the conference, Griffin said that Mamdani’s video was “triggering of the trauma I went through in Chicago,” where Citadel was originally headquartered. He’d had a noisy feud with liberal politicians in Illinois, increasingly over crime in Chicago, and this led him to move the headquarters of Citadel and Citadel Securities to Miami in 2022.

马姆达尼稍稍退了一步。他赞扬格里芬为纽约市警察的9·11纪念碑捐款,他的新闻秘书也宣称,市长希望所有纽约人都能成功——包括格里芬,“他是我们城市的一个主要雇主”。但格里芬并未就此停止利用这场争议。在他的朋友、前垃圾债券之王迈克尔·米尔肯于比弗利山庄组织的一次会议上,格里芬说那段临时住所视频让他“置身于危险之中”,并指出“联合健康保险的首席执行官就是在离我家几个街区的地方被杀的”。格里芬没有提及,早在马姆达尼的视频之前,他购买中央公园南公寓的事就已广为人知,也没有提他在全球至少拥有十一处房产——包括公园大道上相邻的合作公寓和佛罗里达州的四处豪宅。在那次会议上,格里芬说马姆达尼的视频“触发了我曾在芝加哥经历过的创伤”,那里曾是城堡的总部所在地。他曾与伊利诺伊州的自由派政客发生过激烈的争执,焦点日益集中在芝加哥的犯罪问题上,这最终导致他在2022年将城堡投资和城堡证券的总部迁至迈阿密。

Several months before the Mamdani drama, I travelled to Miami and met with Griffin at a temporary office a few blocks from where he plans to build Citadel’s new headquarters, designed by the firm of the celebrity architect Lord Norman Foster. We sat down in the kind of white, sunlit, blandly expensive space where an aspiring trader might interview for a job. Griffin is very comfortable in such rooms—he estimates that he’s interviewed ten thousand people. Part of what makes Griffin different, however, is that he’s barely ever had to interview for a job himself. Lloyd Blankfein, the former C.E.O. of Goldman Sachs, who is a friend of Griffin’s, told me that he still can’t figure out “who mentored him—to whom he has a debt.” It’s a rare quality on Wall Street, which traces its heroes by the lineage of their strategies. Griffin started trading convertible bonds in his dorm room while studying at Harvard in the late eighties, then launched Citadel in Chicago in 1990, a year after graduating.

在马姆达尼事件发生的几个月前,我前往迈阿密,在格里芬计划建造城堡新总部(由明星建筑师诺曼·福斯特勋爵的事务所设计)的几个街区外的一间临时办公室里见到了他。我们在一间白色、阳光充足、平淡而昂贵的房间里坐下,这种房间就像是一个有抱负的交易员可能来面试的地方。格里芬在这样的房间里非常自在——他估计自己面试过一万人。然而,格里芬与众不同的部分原因在于,他自己几乎从未需要为工作而面试。高盛前首席执行官劳埃德·布兰克费恩是格里芬的朋友,他告诉我,他至今仍想不通“谁是他的导师——他欠谁的人情”。这在华尔街是一种罕见的品质,华尔街通常以策略的传承来追溯其英雄。格里芬八十年代末在哈佛读书时,就在宿舍里开始交易可转换债券,随后于1990年,也就是毕业一年后,在芝加哥创立了城堡投资。

I asked Griffin to name which hedge-fund “ancestors” he’d modelled himself on. For seven seconds, he regarded me in silence. New Citadel employees learn not to fill in those pauses. Griffin’s blue eyes are unsettlingly bright. Colleagues debate, half in jest, about whether he lacks the normal need to blink.

我问格里芬,他以哪些对冲基金“前辈”为榜样。他沉默地注视了我七秒钟。城堡的新员工会学到,不要填补这些停顿。格里芬的蓝眼睛亮得令人不安。同事们半开玩笑地争论,他是否缺乏正常人需要眨眼的生理需求。

Finally, he responded. “When I was in college, I wanted to be in private equity,” he said. He named one of the titans of that field: “Henry Kravis—that was the mission.” I pressed him to cite someone who had influenced him in the world of hedge funds—the investment firms that emerged in the nineteen-fifties with trading strategies designed to offer wealthy clients exclusivity, higher returns, and lower risks. Griffin dodged the question with a feeble joke. Early in his career, he said, whenever he told someone that he worked at a hedge fund, the response “was, literally, ‘Do you use shrubs or bushes?’ ”

终于,他回答了。“我上大学时,想进入私募股权行业,”他说。他提到了那个领域的一位巨头:“亨利·克拉维斯——那就是我的目标。”我追问他,在对冲基金——这类投资公司兴起于上世纪五十年代,其交易策略旨在为富裕客户提供独家性、更高回报和更低风险——领域,谁对他产生过影响。格里芬用一个无力的玩笑回避了这个问题。他说,在他职业生涯早期,每当他告诉别人自己在对冲基金工作时,对方的反应“真的是,‘你是用灌木还是树丛做对冲?’”

There are many precursors Griffin could have cited. In the nineties, George Soros became famous for shorting the British pound. At the time, Soros, along with the financiers Julian Robertson and Michael Steinhardt, defined the public image of hedge-fund managers as investment wizards who made fortunes through huge bets, contrarian calls, iron stomachs, and a willingness to operate close to—or over—the regulatory line. Griffin became a leader of the next generation in part by aggressively automating college-level math to analyze trades. But he knows that he’s not a mathematical genius on the order of Jim Simons or David Shaw—pioneering “quants” who harnessed computing power to extract money from the markets. Nor did Griffin mention the other phylum of modern Wall Street, the descendants of Warren Buffett and Charlie Munger: the virtuosos of the long-term pick who identify stocks trading at sensible prices and let them compound for years.

格里芬本可以列举许多前辈。九十年代,乔治·索罗斯因做空英镑而声名鹊起。当时,索罗斯与金融家朱利安·罗伯逊和迈克尔·斯坦哈特一起,定义了对冲基金经理的公众形象:他们是投资奇才,通过巨大的赌注、逆向判断、铁打的胃口以及愿意在监管红线附近甚至越线操作来赚取财富。格里芬成为下一代领军人物,部分原因是他积极地将大学水平的数学自动化,用于分析交易。但他知道自己并非吉姆·西蒙斯或大卫·肖那种级别的数学天才——那些开创性的“宽客”利用计算能力从市场中提取金钱。格里芬也没有提及现代华尔街的另一分支,即沃伦·巴菲特和查理·芒格的后辈:那些长期选股的高手,他们找出价格合理的股票,并让它们复利增长多年。

Griffin has never pretended to be a radical innovator or a savant. His mission has always been different: to build finance businesses that update their strategies and infrastructure so relentlessly that they beat rivals not just today but over decades. Paradoxically, maintaining a consistent edge requires constant, unsentimental internal change—of processes, technology, and people. Citadel takes ideas that are just beginning to circulate and improves them, with math or technology or data that others haven’t thought to use. As Griffin once acknowledged, “If there are a thousand things that make Citadel special, there will be very few that are actually truly unique and bespoke to Citadel.” Before the millennium, for example, Citadel embraced the emerging technique of “event-driven” trading—strategies crafted to take advantage of major corporate news such as merger deals, bankruptcies, or regulations. In 2014, after many other traders had adopted event-driven trading, Citadel paused the practice.

格里芬从未假装自己是一个激进的创新者或天才。他的使命始终不同:建立那些能如此不懈地更新策略和基础设施的金融企业,使其不仅能今天击败对手,而且能持续数十年。矛盾的是,保持持续的优势需要持续、不带感情地进行内部变革——包括流程、技术和人员。城堡吸收那些刚刚开始流传的想法,并用别人没想到要用的数学、技术或数据来改进它们。正如格里芬曾承认的:“如果有一千件事让城堡与众不同,那么真正独一无二、为城堡量身定做的事将非常少。”例如,在新千年前,城堡就采用了新兴的“事件驱动”交易策略——利用重大公司新闻(如并购交易、破产或监管变化)来获利的策略。到了2014年,在许多其他交易员都采用事件驱动交易后,城堡暂停了这项业务。
Doctor talking to patient in exam room.
“To keep your body from touching the same surface as previous bodies, we cover the table with this strip of paper that is narrower than all bodies.”
“为了防止你的身体接触到之前那些身体碰过的同一表面,我们用这条比所有身体都窄的纸条盖住检查台。”
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All this churn has been guided by Griffin’s fear that everything he’s built is fragile—the most impressive sandcastle on the beach. His longtime deputy, James Yeh, who is now retired, told me, “If you talk to a hundred executives, ninety per cent of them will tell you, ‘We’re never satisfied with what we’ve done before, we always want to do better, you can’t rest on your laurels, and you’d better constantly try to improve.’ But ninety-nine per cent of them don’t actually mean it. Ken actually means it.”

所有这些变动,都源于格里芬的恐惧:他害怕自己建立的一切都是脆弱的——是海滩上最令人印象深刻的沙堡。他长期的副手、现已退休的詹姆斯·叶告诉我:“如果你跟一百个高管谈话,百分之九十的人会告诉你,‘我们从不满足于已有的成就,我们总想做得更好,你不能躺在功劳簿上,你最好不断努力改进。’但百分之九十九的人并非真心这么想。肯是真心这么想的。”

Given that Griffin lacks a signature trading or investing style, his achievements can feel both confounding and imitable. But nobody has duplicated his monetary success—or built two separate businesses that are so wildly profitable. Citadel’s fund now manages sixty-eight billion dollars, more than nineteen billion of which is Griffin’s and his colleagues’ own money. Although Griffin doesn’t directly run Citadel Securities, he is its non-executive chairman and owns at least seventy-five per cent of it. That business trades more than a hundred and seventy trillion dollars a year for institutional clients and retail investors. In 2025, it generated $12.2 billion in revenue on those trades and $5.4 billion in net income. Bloomberg estimates that Citadel Securities accounts for nearly half of Griffin’s net worth, which has tripled in the past six years. (Being the top man on Wall Street makes him only the world’s thirty-seventh-richest person, according to Forbes—well behind the six tech giants who top the chart.)

鉴于格里芬缺乏标志性的交易或投资风格,他的成就既让人困惑,又似乎可以模仿。但没有人能复制他在金钱上的成功——或者建立两个如此暴利的独立企业。城堡的基金目前管理着六百八十亿美元,其中超过一百九十亿是格里芬及其同事的自有资金。虽然格里芬不直接管理城堡证券,但他是其非执行董事长,并拥有至少百分之七十五的股份。该业务每年为机构客户和散户投资者交易超过一百七十万亿美元的资产。2025年,它从这些交易中创造了122亿美元的营收和54亿美元的净利润。彭博社估计,城堡证券占了格里芬净资产的近一半,而他的净资产在过去六年里翻了三倍。(根据《福布斯》的数据,作为华尔街的头号人物,他在全球富豪榜上仅排第三十七位——远远落后于占据榜首的六位科技巨头。)

In an era in which income inequality is a source of increasing political and social concern, Griffin is an unabashed big spender. For him, half a billion dollars is a basic unit of currency. He spent that much for twenty-seven acres in Palm Beach; for the joint purchase of a Jackson Pollock and a Willem de Kooning; in gifts to Harvard; and in political contributions, mostly to conservative candidates. He dropped a mere forty-five million on a stegosaurus skeleton, called Apex, which is now on loan to the American Museum of Natural History (though “the dream,” Griffin told me, “is one day she’ll be in Miami”).

在这个收入不平等日益引发政治和社会关注的时代,格里芬是个毫不掩饰的大手笔花钱者。对他来说,五亿美元是一个基本的货币单位。他花了这么多钱买下棕榈滩二十七英亩的土地;联合购得杰克逊·波洛克和威廉·德·库宁的画作;向哈佛大学捐赠;以及进行政治捐款,主要捐给保守派候选人。他“仅仅”花了四千五百万美元买下一具名为“埃佩克斯”的剑龙骨架,目前借给了美国自然历史博物馆(尽管格里芬告诉我,“梦想是有一天她能放在迈阿密”)。

Griffin may decide that running for political office is a bet he’s not willing to make: a Harvard man with a hedge fund and a house on the French Riviera might unite people across parties in distaste. Then again, he has the cunning and the means to update his image, and he remains ambitious. He told me, “I take great joy in problem-solving. If there was a moment that came to pass where those skills would be of crucial importance for our country, of course I would look to be involved.”

格里芬可能会认为,竞选公职是他不愿下的赌注:一个拥有对冲基金和法国里维埃拉豪宅的哈佛人,可能会让各党派人士一致反感。不过,他既有精明和手段来更新自己的形象,而且他依然雄心勃勃。他告诉我:“我从解决问题中获得巨大乐趣。如果有一天,这些技能对我们的国家至关重要,我当然会考虑参与其中。”

Kenneth Griffin was born in Daytona Beach, Florida, in 1968. His mother, Cathy, was just two years out of high school in Libertyville, Illinois, where she had been the student-council president. Ken was the first of three children. Cathy, a housewife, had contemplated becoming a teacher, Griffin told me. “She changed the mobile over my crib every week when I was a baby,” he said. “She read somewhere you’d be more curious.” (Griffin suggested to me that he’d never lost his curiosity. He also added this flourish: “Maybe I never grew up.”)

肯尼斯·格里芬1968年出生于佛罗里达州的代托纳比奇。他的母亲凯茜高中毕业才两年,来自伊利诺伊州的利伯蒂维尔,曾担任学生会主席。肯是三个孩子中的老大。格里芬告诉我,作为家庭主妇的凯茜曾考虑当老师。“我小时候,她每周都换我婴儿床上方的挂饰,”他说,“她在哪里读到说这样你会更好奇。”(格里芬向我暗示,他从未失去好奇心。他还加了一句修饰:“也许我从未长大。”)

Griffin’s father, Don, worked in the space program at General Electric. Job offers led him and the family to suburban Milwaukee and Midland, Texas; finally, they relocated to Boca Raton, Florida, where he became the C.F.O. of a roof-tile manufacturer. Griffin recently addressed students at Boca Raton Community High School, his alma mater, and recounted that he’d learned to code after negotiating with his parents for an I.B.M. personal computer. In high school, he took part in high-achiever activities—math team, a community-service group—but he was also an entrepreneur, selling software from various venders to students and teachers.

格里芬的父亲唐在通用电气从事太空项目工作。工作机会让他们一家搬到了密尔沃基郊区和得克萨斯州的米德兰;最后,他们定居在佛罗里达州的博卡拉顿,唐在那里成为一家屋顶瓦片制造商的财务总监。格里芬最近在他的母校博卡拉顿社区高中对学生们说,他是在与父母协商买了一台IBM个人电脑后学会编程的。高中时,他参加了一些优等生活动——数学小组、社区服务团体——但他也是一个创业者,向学生和老师销售来自不同供应商的软件。

At college, Griffin could code as well as many computer-science majors, but he studied economics and government, writing a thesis on shareholder returns in corporate takeovers. He graduated in three years, using A.P. credits from high school—an unusual move at Harvard, though most students there could have done the same. He was dating a young woman from Boca, Katherine Weingartt; they married when he was twenty-two and divorced four years later. (Griffin is now twice divorced and unmarried. He has three children.)

大学时,格里芬的编程能力不亚于许多计算机科学专业的学生,但他学的是经济和政府管理,毕业论文写的是公司收购中的股东回报。他利用高中的大学先修课程学分,三年就毕业了——这在哈佛是个不寻常的举动,尽管那里大多数学生本也可以做到。他当时正与来自博卡拉顿的年轻女子凯瑟琳·温加特约会;他们在格里芬二十二岁时结婚,四年后离婚。(格里芬现在离过两次婚,未婚。他有三个孩子。)

Around the time Griffin was in college, three books were published which became the modern Wall Street canon—“Liar’s Poker,” by Michael Lewis; “Barbarians at the Gate,” by Bryan Burrough and John Helyar; and “The Bonfire of the Vanities,” by Tom Wolfe. These books could be gimlet-eyed about the follies of finance, but they also glamorized new paths to riches, from leveraged buyouts to bond securitization. According to Alex Slusky, a college friend of Griffin’s and later a private-equity investor, most aspiring financiers at Harvard “just wanted a job.” Griffin had a different plan: “To build something of significance in finance using technology.”

大约在格里芬上大学的时候,三本后来成为现代华尔街经典的书出版了——迈克尔·刘易斯的《说谎者的扑克牌》、布莱恩·伯勒和约翰·海利亚尔的《门口的野蛮人》,以及汤姆·沃尔夫的《虚荣的篝火》。这些书对金融界的愚蠢行为可能目光锐利,但它们也美化了从杠杆收购到债券证券化等新的致富途径。据格里芬的大学朋友、后来成为私募股权投资者的亚历克斯·斯卢斯基说,当时哈佛大多数有抱负的金融家“只想找份工作”。格里芬有不同的计划:“利用技术,在金融领域建立一些重要的东西。”

He started trading in 1986, and, he told me, made five thousand dollars on one transaction involving Home Shopping Network options. But he said it bothered him that the market maker who bought the options, though his profits were relatively small, had a much higher “quality of earnings”: whereas Griffin was taking risky bets, the market maker was generating a reliable cash flow. Griffin’s frustration led him to try to find a way to achieve higher-quality earnings himself. At the Harvard Business School library, he taught himself derivatives pricing and trading theory, and by 1989 he’d settled on convertible arbitrage as his method of choice—buying a company bond that could be converted to stock while simultaneously shorting the company’s stock. At the time, this strategy was being pursued by only a few banks and about a dozen hedge funds, even though you could do the math with pen and paper.

他于1986年开始交易,他告诉我,在一笔涉及家庭购物网期权的交易中赚了五千美元。但他说,让他困扰的是,买入期权的做市商虽然利润相对较小,但其“盈利质量”却高得多:格里芬在冒风险下注,而做市商则在产生可靠的现金流。这种挫败感促使他试图找到自己也能获得更高质量盈利的方法。在哈佛商学院图书馆,他自学了衍生品定价和交易理论,到1989年,他选定了可转换套利作为他的首选方法——买入一家公司的可转换债券,同时做空该公司的股票。当时,只有少数几家银行和大约十几家对冲基金在采用这种策略,尽管你用纸笔就能完成计算。

Griffin called up First Boston, an investment bank, and asked a salesperson how it handled convertible arbitrage. The salesperson, Griffin remembers, said, “We don’t do this with any customers. We do this with the firm’s money.” To Griffin, “that was a light-switch-on moment.” He got Harvard’s permission to install a satellite dish atop his dormitory, Cabot House, so that his I.B.M. could get real-time trading data. Touting himself as part of a new money-management firm, he raised more than a million dollars, from a Palm Beach retiree, his grandmother, and others. He programmed his computer to price equity-linked securities, allowing him to assess value better than many professionals. And yet, the origin of Griffin’s empire was neither the satellite dish nor the coding but, rather, the idea of seeking out higher-quality earnings not yet being widely pursued.

格里芬打电话给投资银行第一波士顿,问一位销售人员他们如何处理可转换套利。格里芬记得那位销售人员说:“我们不跟任何客户做这个。我们是用公司的自有资金做。”对格里芬来说,“那是一个豁然开朗的时刻”。他获得了哈佛的许可,在他所在的卡伯特楼宿舍顶上安装了一个卫星天线,这样他的IBM电脑就能接收实时交易数据。他标榜自己是一家新资金管理公司的成员,从一位棕榈滩的退休人士、他的祖母和其他人那里筹集了一百多万美元。他给自己的电脑编程,为股权挂钩证券定价,这让他能比许多专业人士更好地评估价值。然而,格里芬帝国的起源既不是卫星天线,也不是编程,而是那种寻找尚未被广泛追求的、更高质量盈利的想法。

Griffin founded Citadel in Chicago because he’d received an investment from Glenwood, a firm that staked small hedge funds, and he liked Glenwood’s gruff Chicago-based partner, Frank Meyer. Hedge funds were then in their second of three Cambrian explosions; according to one estimate, a thousand new funds formed following the 1987 stock-market crash. Hedge funds are most attractive to investors when the over-all market performs poorly, as bruised investors seek ways to protect themselves against another crash by putting their money in the hands of people supposedly expert at managing risk.

格里芬在芝加哥创立城堡,是因为他收到了格伦伍德公司的投资,这是一家投资小型对冲基金的公司,他喜欢格伦伍德那位态度生硬、驻芝加哥的合伙人弗兰克·迈耶。当时,对冲基金正处于三次寒武纪大爆发中的第二次;据一项估计,1987年股市崩盘后,新成立了上千只基金。当整体市场表现不佳时,对冲基金对投资者最具吸引力,因为遭受损失的投资者会寻求通过将资金交给据称擅长管理风险的人,来保护自己免受另一次崩盘的冲击。

Meyer advised Griffin to make two moves that were cheeky for a new fund managing only four and a half million dollars: first, adopt multiple investment strategies; second, charge “pass-through” fees to investors, requiring them to cover Citadel’s expenses as incurred, rather than having them pay the traditional fixed management fee of two per cent. This allowed Citadel to spend more aggressively on people and technology in pursuit of higher returns. Griffin’s carried-interest take of the fund’s annual gains remained more than twenty per cent.

迈耶建议格里芬采取两项对一个仅管理四百五十万美元的新基金来说颇为大胆的举措:第一,采用多种投资策略;第二,向投资者收取“转嫁”费用,要求他们承担城堡实际发生的开支,而不是让他们支付传统的百分之二的固定管理费。这使得城堡能够在人才和技术上更积极地投入,以追求更高的回报。格里芬从基金年度收益中提取的附带权益仍超过百分之二十。

The early Citadel had an improvised feel. With little money or reputation, Griffin often hired inexperienced people who had impressed him in interviews, including Yeh, a graduate student in theoretical physics, and Beeson, a cop’s son who had studied accounting on a scholarship at DePaul. (Beeson became Citadel’s C.O.O. in 2008.) The firm was a nerdy, all-hours place. Griffin himself had coded a trading model for employees to use on Sun workstations. By Yeh’s estimate, the math used in the model was five years ahead of the market. The I.T. staff made up more than a quarter of the head count. Julio DePietro, an early hire who later became a partner, and who helped come up with the name Citadel, told me that traders sometimes rewarded themselves at the end of the day with “teeny Pounders,” a McDonald’s Quarter Pounder cut into fourths.

早期的城堡有一种即兴发挥的感觉。由于资金和声誉有限,格里芬经常雇佣那些在面试中给他留下深刻印象但缺乏经验的人,包括理论物理研究生詹姆斯·叶,以及靠奖学金在德保罗大学学习会计的警察之子杰拉尔德·比森。(比森于2008年成为城堡的首席运营官。)公司是一个书呆子气、全天候工作的地方。格里芬本人曾编写了一个交易模型,供员工在Sun工作站上使用。据叶估计,该模型所用的数学领先市场五年。信息技术人员占了员工总数的四分之一以上。早期员工、后来成为合伙人并参与想出“城堡”这个名字的胡里奥·德皮特罗告诉我,交易员们有时会在一天结束时用“小磅汉堡”犒劳自己,那是把麦当劳的四分之一磅汉堡切成四份。
Ancient warrior sitting below his Bachelor degree diploma.
“Behold Vorgar, destroyer of lands, reaper of death, bachelor of fine arts!”
“看哪,沃加尔,大地毁灭者、死亡收割者、美术学士!”
Cartoon by Ellis Rosen
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Griffin obsessively monitored his competitors’ moves. Yeh recalled to me that, at one point, Griffin theatrically presented him with a piece of paper bearing a number: the profit David Shaw’s firm had made through a new technique called statistical arbitrage, or stat arb. It was a bonanza.

格里芬痴迷地监控着竞争对手的动向。叶向我回忆,有一次,格里芬戏剧性地递给他一张纸,上面写着一个数字:大卫·肖的公司通过一种名为统计套利的新技术赚取的利润。那真是一笔横财。

“What the hell is stat arb?” Yeh asked.

“统计套利到底是什么鬼?”叶问道。

“I’m not really sure,” Griffin admitted. But, he continued, it involved “numbers and formulas and computers,” all of which were part of Yeh’s physics background. Griffin told Yeh to choose one other colleague for a new team that would learn by doing. Citadel started trading stat arb about six months later.

“我也不太确定,”格里芬承认。但他接着说,这涉及“数字、公式和计算机”,所有这些都属于叶的物理学背景范畴。格里芬让叶再选一位同事,组建一个新团队,边做边学。大约六个月后,城堡开始进行统计套利交易。

“I do enjoy understanding what systems we need to build,” Griffin told me. “I am willing to get my hands dirty with all kinds of details that in some sense would often be viewed as not belonging on the radar of a C.E.O.” At one point, Griffin moved his office away from the trading desk, but he kept going back over to look at traders’ screens. An early employee told me, “We used to joke—is the dragon in the cave, or is he out?”

“我确实喜欢理解我们需要构建什么样的系统,”格里芬告诉我。“我愿意亲力亲为,处理各种细节,这些细节在某种意义上通常会被认为不属于首席执行官的关注范围。”有一次,格里芬把他的办公室搬离了交易台,但他还是不断回去看交易员的屏幕。一位早期员工告诉我:“我们过去常开玩笑——龙是在洞里,还是出来了?”

Citadel has never publicly codified how it achieves “alpha”—outperforming the market. But my conversations with Griffin and twenty-eight of his current and former employees revealed that they had consistent tenets. The output of Citadel’s factory is alpha. Every aspect of the factory must be constantly improved, and to accomplish this everyone must forage for information. The purpose of every improvement is to minimize unknown risk so that Citadel can maximize intentional risk. The biggest risk of all is complacency. The objective is not just profit but victory over rivals.

城堡从未公开阐明其如何实现“阿尔法”——即跑赢市场。但我与格里芬以及他二十八位现任和前任员工的交谈揭示,他们有一些一贯的信条。城堡工厂的产出就是阿尔法。工厂的每一个方面都必须不断改进,要做到这一点,每个人都必须搜寻信息。每一次改进的目的都是为了最大限度地减少未知风险,以便城堡能够最大化有意承担的风险。最大的风险就是自满。目标不仅仅是利润,而是战胜对手。

An ongoing challenge is that every idea that beats an efficient market eventually becomes stale. You can scour the world for better weather forecasts to make bets on the cold snaps that affect natural-gas prices, but if you are successful other funds will start doing the same. Griffin sponges up intel wherever he can find it. A former underling told me that Griffin, after reading a PCMag article about the differences between Advanced Micro Devices and Intel chips, asked why the underling wasn’t recommending A.M.D. chips for the company’s servers. Griffin is still so up to date on technological wonkery that he is Citadel’s de-facto chief technology officer.

一个持续的挑战是,任何能击败有效市场的想法最终都会过时。你可以搜遍全球寻找更好的天气预报,以便对影响天然气价格的寒流下注,但如果你成功了,其他基金也会开始做同样的事。格里芬会从他能找到的任何地方汲取情报。一位前下属告诉我,格里芬在读到一篇关于AMD和英特尔芯片差异的《个人电脑杂志》文章后,问那位下属为什么不推荐在公司服务器中使用AMD芯片。格里芬至今仍对技术细节了如指掌,以至于他实际上是城堡的首席技术官。

The goal at Citadel is not to be right all the time; it is to be consistently right most of the time. (The fund’s best portfolio managers beat the market on only about fifty-four per cent of their trades.) As Alec Litowitz, an early Citadel partner, told me, “It’s not about a portfolio, it’s about a business that can re-create great portfolios again and again.”

城堡的目标不是永远正确,而是大多数时候都能持续正确。(该基金最优秀的投资组合经理,也只在约百分之五十四的交易中跑赢市场。)正如城堡早期合伙人亚历克·利托维茨告诉我的:“这无关某个投资组合,而是关乎一个能够一次又一次创造出色投资组合的业务。”

Citadel, built on an economic law of diversification to reduce over-all risk, takes as many uncorrelated risks as it can. That way, no one event can capsize the fund. Portfolio managers and analysts are asked to manage more money than at many rivals, and cannot stop aggressively trading. (Elsewhere, a trader who has achieved strong returns by Thanksgiving may try to quietly lock in a year-end bonus by taking on little new risk in the remaining weeks.) Unlike at some other funds, Citadel traders are required to maximize their “idio”—the idiosyncratic element of every trade. An average Citadel equity-portfolio manager turns over his portfolio ten times per year.

城堡建立在分散化这一经济规律之上,以降低整体风险,它会尽可能多地承担互不相关的风险。这样,没有任何单一事件能颠覆整个基金。投资组合经理和分析师被要求管理比许多竞争对手更多的资金,并且不能停止激进交易。(在其他地方,一个在感恩节前就取得强劲回报的交易员,可能会试图在剩下的几周里少冒新风险,悄悄锁定年终奖。)与其他一些基金不同,城堡的交易员被要求最大化他们每笔交易的“特异性”——即特质性元素。城堡一位普通的股票投资组合经理,其投资组合的年换手率是十倍。

Griffin pushes Citadel to interrogate its methods and break industry precedent. Traditionally, for example, a fund relies on prime brokers at an investment bank to settle the exchange of securities for cash. Early in Citadel’s history, it cut out these middlemen; the speed that resulted from “self-clearing” its trades gave it a pivotal advantage in the digital era.

格里芬推动城堡审视自身方法,打破行业先例。例如,传统上,基金依赖投资银行的大宗经纪商来结算证券与现金的交换。在城堡早期历史中,它就绕过了这些中间商;其“自行清算”交易带来的速度,在数字时代赋予了它关键优势。

Citadel’s high pass-through fees, which have sometimes reached twelve per cent, help pay for top traders and technology, but they also represent a risk themselves—such spending can destroy a hedge fund if net returns are too low. (A large rival, Jain Global, recently foundered, partly for this reason: last year, it generated gross returns in the mid-teens but net returns of less than four per cent, disappointing investors.) Citadel borrows a ton of money—currently, it is financing investment assets of more than three hundred billion dollars—and that helps offset this risk. If a hedge fund can generate five-per-cent returns on a seven-dollar trade, and six of those dollars were borrowed, then the return on the one “equity” dollar it invested will be thirty-five per cent, before the fund covers the interest on its debt and pays other expenses. However, this level of leverage has risks, too: with a modest six-per-cent loss you may suddenly need cash to satisfy your lenders. Such pinches have been toppling financial firms for decades.

城堡高昂的转嫁费用,有时高达百分之十二,有助于支付顶尖交易员和技术的费用,但它们本身也代表一种风险——如果净回报太低,这样的支出可能摧毁一只对冲基金。(大型竞争对手Jain Global最近陷入困境,部分原因就在于此:去年,它的总回报率在百分之十五左右,但净回报率不到百分之四,令投资者失望。)城堡借入大量资金——目前,它为超过三千亿美元的投资资产提供融资——这有助于抵消这种风险。如果一只对冲基金能在一笔七美元的交易中产生百分之五的回报,而其中六美元是借来的,那么在支付债务利息和其他费用之前,其投入的一美元“权益”资金的回报率将是百分之三十五。然而,这种杠杆水平也有风险:仅仅百分之六的适度亏损,你就可能突然需要现金来满足贷款人的要求。几十年来,这种资金紧张状况一直在拖垮金融公司。

Griffin doesn’t worry much about Citadel’s leverage—he feels the company knows how to manage it. But what he hates is “when we make careless mistakes” because employees become too cocky about the firm’s size and success. A former executive said that “Ken’s way” of combatting suboptimal performance was “some amount of turnover,” adding, “There needed to be some fear in the organization.”

格里芬不太担心城堡的杠杆——他觉得公司知道如何管理它。但他痛恨的是“我们犯下粗心大意的错误”,因为员工对公司的规模和成功变得过于自满。一位前高管说,“肯的方式”是对抗次优表现,就是“一定程度的流动”,并补充说,“组织内部需要有一些恐惧。”

In 1994, the bond market crashed, and Citadel had its first down year, losing 4.3 per cent. One employee at the time recalled that the fund dismissed seven of its recently hired traders. A few years later, in a precocious move—he was not yet thirty—Griffin locked up the fund’s capital so that investors couldn’t ask for it back immediately during periods of market turmoil. In 1998, Citadel took advantage of one such period by buying when other firms’ capital was less secure. That year, it reached a billion dollars in assets under management. By 2004, it had ten billion. Convert arb, Griffin’s dorm-room strategy, remained Citadel’s profit center for most of its first decade. Yet the fund regularly booted out traders and set up new teams to pursue fresh trading ideas, eventually focussing on five areas: commodities, equities, quant, fixed income and macro, and credit and converts. Most famously, Citadel spearheaded an approach to equity investing that Wall Street calls “pod shops.” In each largely independent “pod,” a portfolio manager may lead three to nine analysts and associates, with each analyst responsible for about fifty stocks in a specific industry. Citadel expects the traders to be the biggest experts on Wall Street on those stocks, and to know how rivals are positioned. Pods that flourish are given more money to invest, allowing Citadel to take on more risk. Pods that flounder are eventually shuttered.

1994年,债券市场崩溃,城堡经历了第一个亏损年份,损失了百分之四点三。当时的一位员工回忆,基金解雇了七名刚聘用的交易员。几年后,格里芬采取了一项超前的举措——当时他还不到三十岁——锁定了基金的资本,这样投资者在市场动荡时期就不能立即要求赎回。1998年,城堡利用这样一个动荡期,在其他公司资本不那么稳固时买入。那一年,其管理的资产达到了十亿美元。到2004年,达到了一百亿。可转换套利,格里芬在宿舍里想出的策略,在城堡成立后的头十年里一直是其利润中心。然而,该基金定期解雇交易员,并组建新团队去追寻新的交易思路,最终聚焦于五个领域:大宗商品、股票、量化、固定收益与宏观,以及信用与可转换债券。最著名的是,城堡率先采用了一种被华尔街称为“pod shop”的股票投资方法。在每个基本独立的“pod”中,一位投资组合经理可能领导三到九名分析师和助理,每位分析师负责特定行业的大约五十只股票。城堡期望其交易员成为华尔街上对这些股票最了解的专家,并知道竞争对手的仓位。表现优异的pod会获得更多资金进行投资,让城堡承担更多风险。表现不佳的pod最终会被关闭。

Citadel also became a “grave dancer”—taking over the assets of failing hedge funds or other businesses. Griffin flew sixteen people to Houston on a chartered jet to interview hundreds of Enron’s employees during that company’s demise. Citadel also added new businesses not conventionally part of a hedge fund, including a technology platform and a derivatives market maker that was the precursor of Citadel Securities. Griffin saw that the digital-trading era had opened up an opportunity for a firm like Citadel, which had ample money to invest in hardware and had spent years improving algorithms to minimize risk and accelerate trades.

城堡也成了一名“坟墓舞者”——接管失败的对冲基金或其他企业的资产。格里芬曾包机带十六个人飞到休斯顿,在安然公司倒闭期间面试其数百名员工。城堡还增加了传统上不属于对冲基金的新业务,包括一个技术平台和一个衍生品做市商,后者正是城堡证券的前身。格里芬看到,数字交易时代为像城堡这样的公司打开了机会,这类公司有充足的资金投资硬件,并花了多年时间改进算法以最小化风险并加速交易。

Citadel was successful but borderline obnoxious. The firm, even more than its peers, cultivated a culture so secretive that employees were not allowed to let any outsider know what they did at work. If Griffin suspected that an employee was sharing proprietary information, he might ask a Citadel lawyer to conduct an investigation, which could include reviewing employees’ e-mails. He retained an odd intensity. A former employee said, “When Ken didn’t want to make a decision, he’d stare into space for an extended period of time while he was processing.” In 2005, the Times printed a leaked e-mail to Griffin from Dan Loeb, the manager of a different hedge fund, that snarled at the “gulag” Griffin had created: “You are surrounded by sycophants but even you must know that the people who work for you despise and resent you.”

城堡很成功,但近乎令人生厌。这家公司,比同行更甚,培养了一种极其隐秘的文化,员工甚至不被允许让任何外人知道他们在做什么工作。如果格里芬怀疑某个员工泄露了专有信息,他可能会让城堡的律师进行调查,这可能包括审查员工的电子邮件。他保持着一种古怪的强度。一位前员工说:“当肯不想做决定时,他会长时间地盯着空中发呆,同时进行思考。”2005年,《纽约时报》刊登了一封泄露的电子邮件,是另一家对冲基金经理丹·勒布写给格里芬的,信中怒斥格里芬创造的“古拉格”:“你周围都是谄媚之徒,但即使是你也一定知道,为你工作的人鄙视你、憎恨你。”

Many competitors on Wall Street were thus gleeful when Citadel’s main fund fell by fifty-five per cent during the 2008 global financial crisis. CNBC parked a truck outside the firm’s headquarters in order to film its death. Griffin told me that Citadel would have collapsed had Morgan Stanley failed, as that would have ignited more panicked selling. Citadel’s assets plummeted in value not because it had excessive exposure to the dubious mortgage-backed securities at the root of the financial crisis but because it had underestimated how its own “safer” and purposely uncorrelated bets would fare in a crisis when strange things happened and nearly everything became correlated. The Securities and Exchange Commission, for instance, banned short selling on certain financial stocks, a move that upset Citadel’s efforts to hedge some securities. Many unshortable companies stopped paying dividends, and Citadel trades that had involved paying for those dividends up front piled up losses.

因此,当城堡的主基金在2008年全球金融危机中暴跌百分之五十五时,华尔街许多竞争对手都幸灾乐祸。CNBC把一辆转播车停在公司总部外,准备拍摄它的死亡。格里芬告诉我,如果摩根士丹利倒闭了,城堡也会崩溃,因为那会引发更多恐慌性抛售。城堡资产价值暴跌,并非因为它过度暴露于金融危机根源——那些可疑的抵押贷款支持证券,而是因为它低估了自己那些“更安全”且有意不相关的赌注,在危机中当怪事发生、几乎所有东西都变得相关时会表现如何。例如,美国证券交易委员会禁止对某些金融股进行卖空,这一举动打乱了城堡对冲某些证券的努力。许多无法卖空的公司停止派发股息,而城堡那些涉及预先支付这些股息的交易则累积了亏损。
A person posing in an office.
Griffin has never pretended to be a radical innovator or a savant. His mission has always been different: to build finance businesses that update their strategies and infrastructure so relentlessly that they beat rivals not just today but over decades.
格里芬从不假装自己是激进的创新者或天才。他的使命始终不同:打造金融企业,不断更新战略和基础设施,不仅在今天、更要在几十年间持续击败对手。

But Citadel survived the crash, in part because of the unusual trading and capital systems Griffin had built. During the crisis, for instance, Citadel’s self-clearing of trades allowed it to know exactly where it stood financially every minute. Still, Griffin found the moment humbling. He and several partners had to put half a billion dollars into the fund, in part to retain employees who hadn’t lost money. He apologized to investors for suspending their ability to take money out of the fund. Citadel would not be able to receive a fifth of future profits again until the fund hit the “high-water mark” that it had achieved before the crash. But Griffin didn’t shut down the fund and start over. As Warren Buffett once complained, other hedge-fund partners were notorious for making this move, “so that they could immediately participate in future profits without having to overcome their past losses.”

但城堡挺过了崩盘,部分原因在于格里芬建立的非同寻常的交易和资本系统。例如,在危机期间,城堡的自行清算交易使其能够随时精确掌握自己的财务状况。尽管如此,格里芬仍觉得那一刻令人谦卑。他和几位合伙人不得不向基金投入五亿美元,部分原因是为了留住那些没有亏损的员工。他向投资者道歉,因为暂停了他们从基金中提取资金的能力。城堡将无法再获得未来利润的五分之一,直到基金回到崩盘前达到的“高水位线”。但格里芬没有关闭基金并重新开始。正如沃伦·巴菲特曾抱怨的那样,其他对冲基金合伙人以做出这种举动而臭名昭著,“这样他们就可以立即参与未来的利润,而不必先弥补过去的损失。”

During Citadel’s reboot, investors started asking pointed questions about the fund’s side businesses, especially Citadel Securities, which officially became a separate entity in 2012. The extent of that separation is still the source of considerable speculation on Wall Street. Even sophisticated players told me that Griffin’s hedge fund must benefit from Citadel Securities’ trading data, and that Citadel Securities must profit from the hedge fund’s trading volumes. Citadel executives brusquely dismiss the idea that anything shady is going on. Jim Esposito, Citadel Securities’ president, told me that the market maker does not have Citadel as a client. And, because Griffin remains the C.E.O. of the hedge fund, there are limits to what he can know about Citadel Securities’ business—even though he’s on the board and owns most of it.

在城堡重启期间,投资者开始对基金的副业提出尖锐问题,尤其是城堡证券,后者于2012年正式成为独立实体。这种分离的程度至今仍是华尔街大量猜测的来源。就连一些老练的玩家也告诉我,格里芬的对冲基金必定受益于城堡证券的交易数据,而城堡证券也必定从对冲基金的交易量中获利。城堡的高管们粗暴地驳斥了任何存在不正当行为的说法。城堡证券总裁吉姆·埃斯波西托告诉我,这家做市商并没有把城堡投资当作客户。而且,由于格里芬仍然是对冲基金的首席执行官,他能了解到的城堡证券业务是有限的——尽管他是董事会成员并拥有其大部分股份。

Yet suspicion endures, in part because Citadel Securities isn’t just a passive taker of orders to buy and sell. A decade ago, it jumped ahead of the competition in “high-frequency trading”—a term it coined—by spending vast sums to use fibre-optic cables laid between Chicago and New Jersey, allowing for faster communication between stock and option exchanges in those locations. The company used this speed advantage (and, later, similar ones) to profit from infinitesimally brief pricing differences between exchanges, all while fulfilling clients’ orders to buy and sell on those exchanges. Citadel Securities told certain clients that it was getting them the best price when executing those trades; from 2007 to 2010, the firm didn’t actually do so about three per cent of the time, and it ended up having to pay the S.E.C. a $22.6-million fine. By 2014, high-frequency trading in general had become controversial. Senator Elizabeth Warren called it market manipulation. Michael Lewis, in his book “Flash Boys,” caustically observed, “The U.S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the have-nots had no idea that a nanosecond had value.” The criticism died down only after shaving off nanoseconds became widespread, making the strategy less profitable.

然而,怀疑依然存在,部分原因是城堡证券并非仅仅是被动接受买卖订单。十年前,它通过斥巨资使用铺设在芝加哥和新泽西之间的光纤电缆,在“高频交易”——这个术语就是它创造的——领域跃居竞争对手之前,从而加快了这些地点的股票和期权交易所之间的通信速度。该公司利用这种速度优势(以及后来的类似优势),从交易所之间极其短暂的价格差异中获利,同时为客户在这些交易所执行买卖订单。城堡证券曾告诉某些客户,它在执行这些交易时为他们争取到了最佳价格;但从2007年到2010年,该公司实际上有大约百分之三的时间没有做到这一点,最终不得不向美国证券交易委员会支付了2260万美元的罚款。到2014年,高频交易总体上已变得充满争议。参议员伊丽莎白·沃伦称其为市场操纵。迈克尔·刘易斯在他的书《闪电小子》中尖刻地评论道:“美国股市现在是一个根植于速度的阶级体系,分为拥有者和匮乏者。拥有者为纳秒付费;匮乏者根本不知道纳秒有价值。”直到削去纳秒变得普遍,使得该策略利润降低后,批评声才逐渐平息。

More recently, Citadel Securities has been attacked by Warren and others for a practice called “payment for order flow.” Citadel Securities pays about a billion dollars a year to retail brokers such as Robinhood for the privilege of fulfilling amateur investors’ orders—to buy everything from common shares of Nvidia to stock options. Matching a buyer to the seller of those securities generates tiny margins but is immensely profitable in the aggregate. Robinhood uses P.F.O.F. “rebates” to provide its customers with commission-free trading at spreads—the gap between what the buyer will pay and what the seller will accept—that are microscopic by historical standards. Yet the Wall Street watchdog Better Markets calls P.F.O.F. a “kickback,” and argues that companies like Citadel Securities, by subsidizing commission-free trading, encourages inexperienced people to trade with “excessive frequency and in excessively risky products.”

最近,城堡证券因一种名为“订单流付费”的做法而受到沃伦等人的抨击。城堡证券每年向Robinhood等零售经纪商支付约十亿美元,以换取执行业余投资者订单的特权——这些订单包括购买从英伟达普通股到期权的一切产品。为这些证券匹配买方和卖方产生的利润微薄,但总量加起来极其丰厚。Robinhood利用订单流付费的“返利”,为其客户提供免佣金交易,其买卖价差——买方愿意支付的价格与卖方愿意接受的价格之间的差距——以历史标准衡量是微乎其微的。然而,华尔街监督机构“更好市场”称订单流付费是一种“回扣”,并认为像城堡证券这样的公司通过补贴免佣金交易,鼓励缺乏经验的人“以过高的频率和在高风险产品中”进行交易。

Griffin is unswayed by such arguments. He told me that the “explosion in trading volumes” was a good thing, because people were less prone to stick to bad bets. “When the cost to change your mind goes down profoundly, you’re more willing to change your mind,” he said. But forty per cent of the options trading for retail clients by Citadel Securities is for “zero-day contracts”—almost comically risky trades that are all or nothing at the end of each day. Europe plans to ban P.F.O.F. at the end of this month.

格里芬不为这些论点所动。他告诉我,“交易量的爆炸式增长”是件好事,因为人们不那么容易固守错误的赌注。“当改变主意的成本大幅下降时,你就更愿意改变主意,”他说。但城堡证券为零售客户处理的期权交易中,有百分之四十是“零日合约”——这种交易几乎滑稽地冒险,每天结束时要么全赢要么全输。欧洲计划在本月底禁止订单流付费。

Impulsive trading, of course, led to the 2021 GameStop “meme stock” bubble, when the company’s stock soared largely because of retail trading on Robinhood. Citadel ended up making a grave-dancer investment in Melvin Capital, a hedge fund that had shorted GameStop, to capitalize on Melvin’s distress. In “Dumb Money,” a film about meme stocks, Nick Offerman plays Griffin as a smug cyborg whose tennis games keep getting rudely interrupted by the crisis. Griffin’s lawyer reportedly sent threatening letters to the filmmakers.

冲动交易当然导致了2021年游戏驿站的“模因股”泡沫,当时该公司股价飙升,很大程度上是由于Robinhood上的散户交易。城堡最终对梅尔文资本进行了一笔“坟墓舞者”式的投资,这家对冲基金曾做空游戏驿站,城堡利用梅尔文的困境来获利。在关于模因股的电影《傻钱》中,尼克·奥弗曼将格里芬扮演成一个自鸣得意的半机械人,他的网球比赛不断被危机粗鲁地打断。据报道,格里芬的律师向电影制片人发出了威胁信。

By the start of 2012, Citadel had passed its pre-crash high-water mark, and by 2015 it had twenty-five billion dollars under management. But the next three years reeked of alpha decay—the firm’s average yearly gain slumped from eighteen per cent to nine. Such decline is almost an expected outcome for a firm of Citadel’s size and age, but Griffin was intent on defying the trend. He started directly running the commodities-trading division, which had a setback in 2014, when the polar vortex walloped a large natural-gas trade that Citadel had made. Griffin sat alongside mid-level employees, crunching numbers. (That was “a lot of Ken,” one employee later joked.) In 2017, Griffin hired an Australian named Sebastian Barrack to ramp up the commodities business. The firm hired hundreds of people, including hydrologists and other experts in very specific parts of the weather. And it invested heavily in technology to, for example, better shape sensor and satellite readings of the physical world into forecastable form. To critics of Wall Street, it might seem obscene that leading weather experts, presumably trained to help mitigate the destruction from, say, a hurricane, were lured away to help Citadel profit off one. But Citadel’s commodities division became enormously successful. It made more than ten billion dollars in 2022 and 2023 alone, in large part from trading European natural gas, exploiting a huge price spike that occurred after Russia invaded Ukraine.

到2012年初,城堡已超过了崩盘前的高水位线,到2015年,其管理资产达二百五十亿美元。但接下来的三年充满了阿尔法衰减的气息——公司的平均年收益从百分之十八骤降至百分之九。对于像城堡这样规模和年龄的公司来说,这种下降几乎是意料之中的结果,但格里芬决心逆势而上。他开始直接管理大宗商品交易部门,该部门在2014年遭遇挫折,当时极地涡旋重创了城堡的一笔大型天然气交易。格里芬坐在中层员工旁边,一起计算数字。(一位员工后来开玩笑说,那是“肯的大量存在”。)2017年,格里芬聘请了澳大利亚人塞巴斯蒂安·巴拉克来加强大宗商品业务。公司雇佣了数百人,包括水文学家和天气特定领域的其他专家。并在技术上投入巨资,例如,更好地将传感器和卫星对物理世界的读数塑造成可预测的形式。对华尔街的批评者来说,顶尖气象专家,大概受训是为了帮助减轻飓风等灾害的破坏,却被引诱去帮助城堡从飓风中获利,这似乎令人厌恶。但城堡的大宗商品部门变得极其成功。仅在2022年和2023年,它就赚了一百多亿美元,主要来自交易欧洲天然气,利用了俄罗斯入侵乌克兰后出现的价格大幅飙升。

A former Citadel portfolio manager said of such overhauls, “The next incarnation of what gets built is better than what was there before, and that’s always the case.” The downside: “a highway wreck of human bodies.” Almost every former employee I spoke to had stories about turnover. One had five bosses in five years; another kept a “Book of Souls” listing the fifty colleagues who had left his small trading unit in six years. Yet another moved to Chicago only to see his boss’s boss be immediately fired, and then his boss fired. Amid the bloodshed, a source told me, the reading of internal e-mails continued, if Griffin thought someone had lied to him or stolen information. (A Citadel spokesperson said of its firings, “We have deliberately built a high-performance culture.”)

一位前城堡投资组合经理谈到这类大修时说:“下一次构建出的化身,总比之前的更好,情况总是如此。”缺点是:“一条由人体残骸铺就的高速公路。”我交谈过的几乎每位前员工都有关于人员流动的故事。一位在五年内换了五个老板;另一位保留了一本“灵魂之书”,列出了六年间离开他所在小型交易部门的五十位同事。还有一位搬到芝加哥,却眼睁睁看着自己老板的老板立即被解雇,然后他的老板也被解雇。在这场流血事件中,一位消息人士告诉我,如果格里芬认为有人对他撒谎或窃取了信息,对内部电子邮件的审查就会继续。(一位城堡发言人谈到其解雇行为时说:“我们刻意建立了一种高绩效文化。”)

It may comfort outsiders to know that at least some pain comes with hedge-fund jobs that pay millions of dollars to people who push buttons to buy and sell. Citadel is proud not to have a touchy-feely atmosphere. Jim Esposito told me that Griffin expects efficient communication, adding, “This is not a place where a long windup is well received.” A former business leader recalled that meetings with Griffin “could turn dark very quickly” if someone tried to “gild the lily.” Two ex-employees said that their children still remind them of how they were when they worked at Citadel: irritable, exhausted, often absent.

知道那些年薪数百万美元、靠按按钮买卖为生的人,至少也要承受一些痛苦,这或许能让局外人感到些许安慰。城堡以没有那种感情用事的氛围为荣。吉姆·埃斯波西托告诉我,格里芬期望高效沟通,并补充说:“这里不是一个欢迎冗长铺垫的地方。”一位前业务负责人回忆,与格里芬的会议“如果有人试图‘锦上添花’,可能很快就会变得阴沉”。两位前员工说,他们的孩子至今仍会提醒他们,在城堡工作时他们是什么样子:易怒、疲惫、经常缺席。

And yet, as unrelenting as Griffin may be when you work for him, employees at least know where he stands. He sometimes yells, but his anger is more cold than hot. At the giant hedge fund Bridgewater, the culture has been performatively sadistic; its former leader, Ray Dalio, reportedly once mandated that employees watch a video of a pregnant manager crying after he’d called her a “dumb shit.” I heard only two Citadel stories that bordered on the cruel. Griffin scheduled a regular Friday-afternoon meeting with an underperforming executive, who never knew if the meeting would last fifteen minutes or four hours; after three months or so of this humiliation, he was canned. And Griffin ordered the head of one desk to fire two of four hires, all recent college graduates—any two—because, a source told me, “That should be the standard.”

然而,尽管为你工作时的格里芬可能毫不留情,但员工至少清楚他的立场。他有时会大喊大叫,但他的愤怒更多是冰冷而非炽热。在大型对冲基金桥水,其文化是表演性的施虐;据报道,其前领导人雷·达里奥曾要求员工观看一段视频,视频中一位怀孕的女经理在他骂她是“蠢货”后哭泣。我只听到两个近乎残忍的城堡故事。格里芬安排了一位表现不佳的高管每周五下午定期开会,这位高管永远不知道会议会持续十五分钟还是四个小时;经过大约三个月的这种羞辱后,他被解雇了。还有,格里芬命令一个交易台的负责人解雇四名新员工中的两个——都是刚毕业的大学生——任意两个,因为,一位消息人士告诉我,“那应该成为标准。”

Ex-employees tend to have little resentment about their time at Citadel. “It was a gift to be there and a gift to leave,” one told me. New employees are given immediate responsibility, and about half of the portfolio managers have risen from more junior roles. Mid-level workers get to execute major projects, with no expenses spared. One person remembers musing during his first week about buying a fleet of new computer servers, and being told to purchase them right away. Griffin explained why Citadel offered employees such license. New hires, he told me, “may be fantastic salespeople, they may be outstanding investment professionals. But they’re actually not entrepreneurs. And, in building businesses, you learn over time who your entrepreneurs are.” Griffin has even relaxed the office culture a bit. Halloween is now a big day there, and he dresses up: Iron Man, Buzz Lightyear, a velociraptor.

前员工往往对他们在城堡的时光没有多少怨恨。“在那里是份礼物,离开也是份礼物,”一位告诉我。新员工被立即赋予责任,大约一半的投资组合经理是从更初级的职位晋升上来的。中层员工得以执行重大项目,不惜一切代价。一个人记得,他在第一周曾考虑购买一批新的计算机服务器,并被告知立即购买。格里芬解释了为什么城堡给予员工这样的自由。他告诉我,新员工“可能是出色的销售员,可能是杰出的投资专业人士。但他们实际上不是企业家。而且,在建立企业的过程中,你会逐渐了解谁是企业家。”格里芬甚至稍微放松了办公室文化。万圣节现在在那里是个大日子,他会装扮起来:钢铁侠、巴斯光年、迅猛龙。
Broker showing couple around apartment.
“Sometimes bickering a little can help give you a sense of how it would feel to live here.”
“有时候拌几句嘴,反而能帮你体会一下住在这里会是什么感觉。”
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Employees who thrive at Citadel have also shared in the hedge fund’s gains, which have been colossal since 2019. Griffin said of that period, “One of the key advantages that our team had is that we actually saw the softballs.” (Asked to cite examples, he told me about the “enormous spreads” on Wells Fargo bonds at the height of the pandemic.) “We put those balls out of the park, and we did it day after day after day after day. I mean, just—” He chuckled. “There were days you looked at the profits and losses, and you’re, like, ‘This is not possible.’ ”

在城堡蓬勃发展的员工也分享了对冲基金的收益,自2019年以来,这些收益是巨大的。格里芬谈到那段时期时说:“我们团队拥有的关键优势之一是,我们确实看到了那些‘慢速球’。”(当被要求举例时,他告诉我,在疫情最严重时,富国银行债券出现了“巨大的利差”。)“我们把那些球打出了球场,而且我们日复一日、日复一日地这样做。我的意思是,简直——”他轻笑起来。“有些日子你看着盈亏,你会觉得,‘这不可能。’”

Citadel has delivered a nineteen-per-cent average annual net gain since 1990, with only two years in which it lost money. From 2019 to 2024, that gain averaged twenty-three per cent, with no down years. (The S. & P. 500 rose by an average of nineteen per cent during the same period.) In our meeting, Griffin characterized this as “one of the great runs in the history of finance.” Pasted on Citadel’s elevator doors is a title awarded by L.C.H., a fund that publishes annual rankings of the industry: “The most profitable hedge fund of all time.”

自1990年以来,城堡实现了百分之十九的年均净收益,只有两年亏损。从2019年到2024年,该平均收益为百分之二十三,没有亏损年份。(同期标普500指数年均上涨百分之十九。)在我们的会面中,格里芬将此描述为“金融史上最伟大的连续表现之一”。城堡的电梯门上贴着L.C.H.授予的一个头衔,L.C.H.是一家发布行业年度排名的基金:“史上最赚钱的对冲基金”。

This was also a golden period for Citadel Securities, which in 2022 was valued at twenty-two billion dollars, and is now likely worth much more. The market maker now handles about a quarter of all U.S. equity volumes and some thirty per cent of U.S. equity options. It is also a leading player in floor trading and other services that the big investment banks dismissed as being beneath them. A competitor told me that the banks aren’t sure how they can compete with Citadel Securities’ economies of scale and technology. Griffin, of course, is thrilled that the company, whose C.E.O. is Peng Zhao, is so dominant. “I’m not going to disrupt that!” he said.

这也是城堡证券的黄金时期,该公司在2022年估值达二百二十亿美元,现在可能价值更高。这家做市商目前处理着美国约四分之一的股票交易量和约百分之三十的美国股票期权。它也是场内交易和其他大型投资银行认为有失身份而放弃的服务领域的领先者。一位竞争对手告诉我,银行不确定如何能与城堡证券的规模经济和技术竞争。格里芬当然对这家由赵鹏担任首席执行官的公司如此占据主导地位感到兴奋。“我不会去扰乱它!”他说。

During a talk with students at Stanford’s business school last April, Griffin said, “I’m so blessed to have been born in this country.” He continued, “I would like to believe that I will—I will have done my fair share to make this the greatest nation in the world.”

去年四月,在斯坦福大学商学院与学生们的一次谈话中,格里芬说:“我如此幸运,出生在这个国家。”他接着说:“我愿意相信,我将会——我将会尽我应尽的一份力,使这个国家成为世界上最伟大的国家。”

Griffin proposed that his legacy was still being built from “other wins, both for Citadel and, more importantly, for America.” He likes to talk about three social benefits of his businesses. The first is the easiest to accept: the extraordinary performance of his hedge fund has enriched his investors, which include five of the eight Ivy League schools. A Citadel allocation is so coveted that the company now chooses whether, and how much, clients can invest—an inversion of the usual dynamic. Moreover, Citadel is an outlier in an industry that disappoints investors with surprising regularity. Since 2010, according to data from the research firm H.F.R., hedge funds as a whole have delivered a mere 5.6-per-cent annual gain and have lost money on average every four years. (This hasn’t stopped generations of hedge-fund managers from getting wealthy off of third-rate performances.)

格里芬提出,他的遗产仍在通过“其他胜利,既为城堡,更重要的是为美国”来构建。他喜欢谈论他的企业的三项社会效益。第一项最容易接受:他的对冲基金的非凡表现让他的投资者致富,其中包括八所常春藤盟校中的五所。城堡的投资额度如此抢手,以至于公司现在可以选择客户能否投资以及投资多少——这是通常动态的逆转。此外,在一个经常令人失望的行业中,城堡是个异类。根据研究公司H.F.R.的数据,自2010年以来,对冲基金整体上仅实现了百分之五点六的年均收益,并且平均每四年就亏损一次。(这并没有阻止一代又一代的对冲基金经理靠三流表现发家致富。)

The other two benefits that Griffin cites are more debatable. At a talk at Goldman Sachs last year, he boasted that Citadel Securities and other market makers have “radically increased the number of families that participate in the equities market.” He added, “We democratized finance.” The owners of sports-betting apps could make a similar claim, though they wouldn’t pretend to be so high-minded. Moreover, Griffin’s embrace of the Robinhood revolution feels out of synch with skepticism he expressed to me about a current industry push to make it easier for the public to invest in hedge funds and private-equity funds. Retail investors, Griffin said, are “not best equipped to make a thoughtful or reasoned decision” on risk and rewards when it comes to these funds. Such investors, not coincidentally, are also not people whose money Griffin needs.

格里芬引用的另外两项效益则更具争议性。去年在高盛的一次演讲中,他夸耀城堡证券和其他做市商“极大地增加了参与股票市场的家庭数量”。他补充说:“我们使金融民主化了。”体育博彩应用程序的拥有者也可以做出类似的声明,尽管他们不会假装如此高尚。此外,格里芬对Robinhood革命的拥抱,似乎与他向我表达的怀疑态度不合拍,他怀疑当前行业推动让公众更容易投资对冲基金和私募股权基金的做法。格里芬说,散户投资者“在风险和回报方面,并非最有能力做出深思熟虑或理性的决定”。并非巧合的是,这些投资者也不是格里芬需要其资金的人。

The third benefit, as Griffin said to a group of Citadel interns last year, is that, “in the history of modern markets, no firm has impacted the markets as much as Citadel Securities has, both in the liquidity of the markets and the cost to trade.” On Wall Street, as for an antiquarian bookseller, intermediaries tend to make the most money when the job is most difficult. In finance, this might mean a trade when buyers or sellers are scarce, or unable to transact at the same time. Citadel Securities, by making millions of trades per day for its own profit-seeking and to fulfill customer orders, has eliminated inefficiencies by always having the liquidity necessary to buy or sell in large volumes.

第三项效益,正如格里芬去年对一群城堡实习生所说:“在现代市场历史上,没有哪家公司像城堡证券那样对市场产生如此大的影响,无论是在市场流动性还是交易成本方面。”在华尔街,就像对古董书商一样,当工作最困难时,中间人往往赚得最多。在金融领域,这可能意味着当买方或卖方稀缺,或无法同时交易时进行的交易。城堡证券通过每天为自己寻求利润并履行客户订单而进行数百万笔交易,通过始终拥有大量买卖所需的流动性,消除了低效率。

Yet Griffin’s businesses are not doing these things as a public service—that’s a side effect. And Citadel isn’t an investment firm that provides capital to companies that build steel factories or fast-casual restaurants. Moreover, the liquidity provided by Citadel and Citadel Securities is not an unalloyed good. More than forty years ago, Warren Buffett warned that “hyperactive equity markets subvert rational capital allocation and act as pie shrinkers.” Public companies, he explained, make nearsighted corporate decisions in response to “casino-type markets and hair-trigger investment management.” Investors, instead of providing capital to companies that want to grow their businesses, pursue high-fee trading strategies—which, Buffett points out, almost never do better than the market. More broadly, the financial rewards of hedge funds lure talented people away from other meaningful endeavors. An uneasy sadness came over me when a Citadel Securities executive told me that the company targets “the best and brightest minds on the planet.” The firm’s publicists proudly asked me if I’d seen a story they’d planted in the press about a coding prodigy, Kairan Quazi, who’d joined the company at the age of sixteen. Quazi told Business Insider, “At Citadel Securities, I’ll be able to see measurable impact in days, not months or years like many research environments.” The article, decorously, didn’t mention making money.

然而,格里芬的企业并非出于公共服务的目的而做这些事——那只是副作用。而且城堡也不是一家为建造钢铁厂或休闲快餐餐厅的公司提供资本的投资公司。此外,城堡和城堡证券提供的流动性并非纯粹的好事。四十多年前,沃伦·巴菲特就警告说,“过度活跃的股票市场会颠覆理性的资本配置,并充当缩小馅饼的角色。”他解释说,上市公司为了应对“赌场式的市场和一触即发的投资管理”,会做出短视的公司决策。投资者不是向希望发展业务的公司提供资本,而是追求高费用的交易策略——巴菲特指出,这些策略几乎从未跑赢市场。更广泛地说,对冲基金的财务回报诱使有才华的人远离其他有意义的事业。当一位城堡证券的高管告诉我,公司的目标是“这个星球上最优秀、最聪明的人才”时,我感到一种不安的悲伤。该公司的公关人员自豪地问我,是否看过他们在媒体上植入的一篇报道,关于一位编程神童卡伊兰·夸齐,他十六岁就加入了公司。夸齐告诉《商业内幕》:“在城堡证券,我能在几天内看到可衡量的影响,而不是像许多研究环境那样需要几个月或几年。”这篇文章,得体地,没有提及赚钱。

In Miami, I asked Griffin if the profitability of the finance industry was justified. “I think it’s, it’s—” he said, falling silent for ten seconds. He then told me about a friend who was trying to make housing more affordable by reducing the cost of title insurance. He detoured into a story about the likelihood of a family in Mississippi losing all its money in a crypto heist—the implication was that stock trading was better than that. Finally, he touched on the fortune that Citadel makes through its trading decisions. “The question is, are the fees that people pay to have research done, are they fair?” He paused again, and gave his final answer: “There is a market.”

在迈阿密,我问格里芬,金融业的盈利能力是否合理。“我认为这,这——”他说,沉默了十秒钟。然后他告诉我一个朋友,试图通过降低产权保险成本来使住房更可负担。他绕到另一个故事,关于密西西比州一个家庭可能在加密货币抢劫中失去所有钱财——言下之意是股票交易比那要好。最后,他触及了城堡通过其交易决策赚取财富的问题。“问题是,人们为进行研究而支付的费用,它们公平吗?”他又停顿了一下,给出了最终答案:“有一个市场。”

If you wanted to convince yourself that billionaires shouldn’t exist, you could do worse than fly to Florida, drive across a bridge to Palm Beach Island, take a right at Mar-a-Lago, and drive five hundred yards to a twenty-seven-acre construction project. Starting more than a decade ago, Griffin has spent four hundred and fifty million dollars to buy the land and level a few incumbent mansions, one of which was eighteen thousand square feet. The New York Post likes to say that the planned residential compound will be “the most expensive home on earth.”

如果你想说服自己亿万富翁不该存在,你大可以飞到佛罗里达,开车过桥到棕榈滩岛,在海湖庄园右转,再开五百码到一个二十七英亩的建筑工地。从十多年前开始,格里芬已花费四亿五千万美元买下这片土地,并夷平了几座原有的豪宅,其中一座有一万八千平方英尺。《纽约邮报》喜欢说,这个规划中的住宅区将是“地球上最贵的家”。

Griffin’s real-estate portfolio includes properties in Aspen, Hawaii, Montana, Southampton, Saint-Tropez, and London; three in South Florida (Palm Beach, Coconut Grove, and Star Island); and the apartments in New York City. The total cost of these holdings, one and a half billion dollars, doesn’t include construction expenses at the residences, some of which are not yet built, or the private planes and the yacht where Griffin could also rest his head. The acquisitions keep coming: near his Star Island property, he recently purchased land where he plans to construct berths for six yachts, thirty-seven thousand square feet of buildings, and pickleball and padel courts.

格里芬的房地产投资组合包括在阿斯彭、夏威夷、蒙大拿、南安普敦、圣特罗佩和伦敦的房产;在南佛罗里达的三处(棕榈滩、椰树林和星岛);以及纽约市的公寓。这些房产的总成本为十五亿美元,还不包括其中一些尚未建成的住宅的建筑费用,也不包括格里芬也可以歇脚的私人飞机和游艇。收购还在继续:在他星岛房产附近,他最近购买了土地,计划建造六个游艇泊位、三万七千平方英尺的建筑,以及匹克球和板式网球场。

I asked Griffin if the public’s fascination with his real-estate holdings irritated him. “It doesn’t impact my life,” he said. “If we’re a nation obsessed with homeownership, it’s almost good, right? We still believe in America. We want to buy homes in America. We want to have the American Dream. God bless.”

我问格里芬,公众对他房产的迷恋是否让他恼火。“这不会影响我的生活,”他说。“如果我们是一个痴迷于拥有住房的国家,这几乎是好事,对吧?我们仍然相信美国梦。我们想在美国买房。我们想拥有美国梦。上帝保佑。”

He also told me that, after the 2008 crash, in which he “lost virtually everything in sixteen weeks,” he made a decision “that some portion of my net worth would be in non-financial assets.” He admitted that the Palm Beach property was “a bit untraditional” as an investment compared with, say, owning an entire condo building. But his family gets to enjoy the place all by themselves.

他还告诉我,在2008年崩盘后,他“在十六周内几乎失去了一切”,之后他做了一个决定,“将我净资产的一部分配置在非金融资产上”。他承认,与拥有整栋公寓楼相比,棕榈滩的房产作为投资“有点非传统”。但他的家人可以独自享受那个地方。

There will initially be two houses on the Palm Beach lot: a main one (eighteen thousand square feet) and a tidy guest house (seven thousand square feet). The main house, a serene succession of rooms with floor-to-ceiling windows, will resemble a wellness resort. That’s for his mother. Griffin plans to erect other buildings on the property for himself. “I love design, I love architecture,” he told me. Many of the floors in his mother’s house will be laid with “rift-cut” eight-inch-wide white-oak planks, the manufacturing of which was so arcane that it required Amish craftsmen. The cost was extremely high, the visual enhancement extremely subtle. “It’s so beautiful,” Griffin told me, beaming.

棕榈滩这块地上最初将有两栋房子:一栋主屋(一万八千平方英尺)和一栋整洁的客屋(七千平方英尺)。主屋是一系列宁静的房间,配有落地窗,将类似于一个养生度假村。那是给他母亲的。格里芬计划在这块地上为自己建造其他建筑。“我热爱设计,我热爱建筑,”他告诉我。他母亲房子里的许多地板将铺设“径切”的八英寸宽白橡木板,其制作工艺如此神秘,需要阿米什工匠。成本极高,视觉上的提升却极其微妙。“太美了,”格里芬笑容满面地告诉我。

Although Griffin has the property portfolio of a Saudi prince, his vibe is more that of a suburban dad. He comes to some meetings in a polo shirt and jeans. He likes Coke at breakfast and Häagen-Dazs with hot fudge. He once said publicly that the “joke is you can tell how stressful it’s been by how much my waistline has grown over the last few months.” In 2016, a new Citadel employee in Chicago ran into Griffin in an elevator; he was carrying a takeout bag from McDonald’s. He loves video games, especially Call of Duty, where winning, he explained to me, “is all about making killstreaks happen.” He cycles and skis. He hasn’t bought a sports franchise yet, though in 2022 he and some partners nearly bid for Chelsea Football Club in the U.K., and a year later he thought about attempting to buy a minority stake in the Miami Dolphins.

尽管格里芬拥有沙特王子般的房产组合,但他的气质更像一个郊区父亲。他有时穿着Polo衫和牛仔裤来开会。他喜欢早餐喝可乐,吃配热巧克力酱的哈根达斯。他曾公开说,“笑话是,你可以通过我过去几个月腰围增长了多少来判断压力有多大。”2016年,城堡在芝加哥的一名新员工在电梯里遇到格里芬;他正拿着麦当劳的外卖袋。他喜欢电子游戏,尤其是《使命召唤》,他向我解释说,获胜“全在于实现连杀”。他骑自行车、滑雪。他还没买下一支体育队伍,尽管2022年他和一些合伙人差点竞购英国的切尔西足球俱乐部,一年后他又考虑购买迈阿密海豚队的少数股权。

His three kids, all teen-agers, attend a private school in Miami. Griffin has been unmarried since 2015, when he and Anne Dias, the mother of his children, divorced after eleven years of marriage. Dias reportedly requested a million dollars a month in child support, but she and Griffin settled before the case went to trial, after embarrassing headlines for them both.

他的三个孩子,都是青少年,在迈阿密的一所私立学校上学。格里芬自2015年以来一直未婚,当时他和孩子的母亲安妮·迪亚斯在结婚十一年后离婚。据报道,迪亚斯要求每月一百万美元的子女抚养费,但在对双方都造成尴尬的头条新闻后,她和格里芬在案件开庭前达成了和解。

Griffin does not discuss his dating life, but he was eager to talk to me about his art collecting. “I’ve always been interested in Jackson Pollock,” he said, then caught himself coming off as a born aesthete. “Actually, that’s not true. Let me be clear—I had no interest or knowledge about art whatsoever until I was almost thirty.” Now, he told me, he sees art as “one of the few ways that we as humanity separate ourselves from being animals.”

格里芬不谈论他的约会生活,但他急于跟我谈论他的艺术收藏。“我一直对杰克逊·波洛克感兴趣,”他说,然后意识到自己听起来像个天生的美学家。“实际上,不是这样。让我说清楚——直到快三十岁,我对艺术既无兴趣也无知识。”现在,他告诉我,他认为艺术是“我们作为人类将自己与动物区分开来的少数几种方式之一”。

Griffin has made multiple art loans to the Norton Museum of Art, in West Palm Beach. One crowded room there has some of his early acquired pieces, including an edition of Degas’s “Little Dancer” sculpture that, he told me, was the “real start” of his interest in art. He first saw it not at a museum but while stopping by Sotheby’s in 1999.

格里芬已多次将艺术品借给西棕榈滩的诺顿艺术博物馆。那里一个拥挤的展厅里有他早期购得的一些作品,包括一尊德加的《小舞者》雕塑版本,他告诉我,那是他对艺术产生兴趣的“真正起点”。他第一次看到它不是在博物馆,而是在1999年顺便去苏富比的时候。

Other parts of the Norton have more mature Griffin acquisitions, including a Rothko, a de Kooning, and a small Pollock. Given the publicly known price of some of Griffin’s acquisitions, which are a fraction of his collection, the total value of his art purchases is almost certainly in excess of two billion dollars. His collecting mirrors other impulses in his life: a yen for the “best”; practical investment logic (Impressionists, he told me, are “all but impossible to collect”); patriotic attachment to America at its most world-conquering. It also signals a desire to be more like an old-school plutocrat than like a tech billionaire who goes to Burning Man. The centerpiece of Griffin’s collection is “Interchange,” a de Kooning painting. It hangs at the Norton, and has never been in Griffin’s possession. He described it to me as “one of the most important paintings of the last hundred years.” He added, “It’d certainly be on a Top Ten list.”

诺顿博物馆的其他部分有格里芬更成熟的收藏,包括一幅罗斯科、一幅德·库宁和一幅小波洛克。考虑到格里芬部分已知收购价格的作品仅占其收藏的一小部分,他的艺术品购买总价值几乎肯定超过二十亿美元。他的收藏反映了他生活中的其他冲动:对“最好”的渴望;实用的投资逻辑(他告诉我,印象派画家“几乎不可能收藏”);对处于征服世界巅峰时期的美国的爱国依恋。这也表明他渴望更像一个老派的富豪,而不是一个去火人节的科技亿万富翁。格里芬收藏的核心是德·库宁的画作《交换》。它挂在诺顿博物馆,从未被格里芬实际拥有过。他向我描述它是“过去一百年最重要的画作之一”。他补充说:“它肯定能进入前十名名单。”

Griffin told me that he’s too busy right now to build a museum to house his various collections, but he admitted that the thought has occurred to him. In addition to the art and the stegosaurus, he owns a copy of the Emancipation Proclamation; a draft of the Bill of Rights; a copy of the Thirteenth Amendment; and two of the fourteen surviving original copies of the Constitution. He paid forty-three million dollars for the first copy. He hasn’t disclosed the price of the spare.

格里芬告诉我,他现在太忙了,没时间建一座博物馆来存放他的各种收藏,但他承认这个想法曾出现在他脑海中。除了艺术品和剑龙骨架,他还拥有一份《解放奴隶宣言》副本;一份《权利法案》草案;一份第十三修正案副本;以及现存十四份宪法原版中的两份。他为第一份副本支付了四千三百万美元。他没有透露备用副本的价格。

His own museum may remain notional for now, but Griffin can visit at least thirteen art, science, and history museums and seven hospitals that carry his name on buildings, centers, or wings. After he donated a hundred and twenty-five million dollars to the Museum of Science and Industry in Chicago, in 2024, it became officially known as the Griffin Museum of Science and Industry. He has given away more than two billion dollars in total, almost all of it in the U.S., much of it to established institutions, including the University of Chicago’s economics department and Memorial Sloan Kettering, the New York hospital. He also wrote a check to secure a new head coach—an Argentine—for the U.S. men’s national soccer team.

他自己的博物馆目前可能仍停留在概念阶段,但格里芬可以参观至少十三家艺术、科学和历史博物馆以及七家医院,这些地方的大楼、中心或侧翼都冠有他的名字。2024年,在他向芝加哥科学与工业博物馆捐赠一亿两千五百万美元后,该博物馆正式更名为格里芬科学与工业博物馆。他总共捐出了超过二十亿美元,几乎全部在美国,大部分捐给了知名机构,包括芝加哥大学经济系和纽约的纪念斯隆·凯特琳医院。他还签了一张支票,为美国男子国家足球队聘请了一位阿根廷籍新主教练。

Although Griffin has expressed concern that, at élite universities such as Harvard, “whiny snowflakes” have become “caught up in a rhetoric of oppressor and oppressee,” he has given generously to his alma mater. He has also made high-profile donations to Success Academy charter schools, criticizing the “human-capital tragedy” of New York City’s not allowing the schools to expand, a complaint that echoes ones he made in Chicago. An education focussed on “excellence,” he likes to say, is “the on-ramp to the American Dream.”

尽管格里芬曾表示担忧,在哈佛等精英大学,“爱发牢骚的雪花一代”已经“陷入了压迫者与被压迫者的论调中”,但他仍对母校慷慨解囊。他还向成功学院特许学校进行了高调捐赠,批评纽约市不允许这些学校扩张是“人力资本的悲剧”,这一抱怨与他在芝加哥发出的抱怨相呼应。他喜欢说,专注于“卓越”的教育是“通往美国梦的入口”。

Miami, he believes, is a place where the American Dream still lives. He and his children moved there in 2022. He loves the city’s safety and openness to business, but told me that there is work to be done on education, roads, public transportation, and “chronically short” housing. During the pandemic, Miami was hyped first by crypto bros and then by New York financiers who envisaged creating a “Wall Street South.” They were drawn in part by the absence of state and local income taxes. (Griffin has recently been joined there by Jeff Bezos and by Sergey Brin, a founder of Google.) The two Citadel businesses now have about five hundred employees in Miami, most of whom moved with Griffin from Chicago.

他相信,迈阿密是一个美国梦依然存在的地方。他和孩子们于2022年搬到那里。他热爱这座城市的安全和对商业的开放,但告诉我,在教育、道路、公共交通和“长期短缺”的住房方面还有很多工作要做。疫情期间,迈阿密先是被加密货币兄弟热捧,然后被设想创建“南方华尔街”的纽约金融家们热捧。他们被吸引的部分原因是没有州和地方所得税。(杰夫·贝佐斯和谷歌创始人谢尔盖·布林最近也加入了格里芬的行列。)两家城堡公司现在在迈阿密约有五百名员工,其中大多数是跟随格里芬从芝加哥搬来的。

Griffin was a champion of Chicago for most of his thirty-two years there. He was a friend of the former Democratic mayor Rahm Emanuel and was proud of what he saw as the city’s culture of coöperation between business and politics. But he had concerns about corruption, crime, underfunded pensions, and education, as was caustically evident in a speech that he gave to the Economic Club of Chicago in 2013. Decrying the city’s public schools, he declared that “the Democratic Party is captive to the unions and not captive to the children.”

在芝加哥的三十二年里,格里芬大部分时间都是这座城市的拥护者。他是前民主党市长拉姆·伊曼纽尔的朋友,并为他所认为的芝加哥商业与政治合作的文化感到自豪。但他对腐败、犯罪、养老金不足和教育问题感到担忧,这一点在他2013年对芝加哥经济俱乐部发表的演讲中表现得淋漓尽致。他谴责该市的公立学校,宣称“民主党被工会俘获,而不是被孩子们俘获”。
Five people looking at dead man lying on the ground with a knife in his back.
“Well, we know I didn’t do it. I gave up stabbing years ago.”
“嗯,我们知道不是我干的。我多年前就不捅人了。”
Cartoon by Lars Kenseth
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In the 2018 gubernatorial race in Illinois, J. B. Pritzker, a billionaire himself, defeated the incumbent, Bruce Rauner, a former private-equity manager whom Griffin had supported. Griffin told me, “When J.B. became governor, I sat down with him and said, ‘If you’ll do pension reform, I will publicly support you for a tax increase.’ ” I asked Griffin whether Pritzker thought about it. “No,” he said. “He more or less told me to pound sand.” (Pritzker’s office declined to comment.)

在2018年伊利诺伊州州长竞选中,同为亿万富翁的J.B.普利兹克击败了格里芬支持的现任州长、前私募股权经理布鲁斯·劳纳。格里芬告诉我:“当J.B.成为州长时,我坐下来对他说,‘如果你进行养老金改革,我会公开支持你增税。’”我问格里芬,普利兹克是否考虑过。“没有,”他说。“他或多或少让我滚开。”(普利兹克的办公室拒绝置评。)

David Greising, the president of the Chicago-based Better Government Association, told me that Griffin and Pritzker engaged in a “blood feud” for years. (A spokesperson for Griffin said that his disagreements with Pritzker were “rooted in concerns about the state’s future, not personal animosity.”) Griffin won the first battle, in 2020, by spending more than fifty-four million dollars to defeat Pritzker’s plan to institute a progressive tax increase. But Griffin—who last year told his employees to be “hardball” players who seek to win not in a squeaker but in a rout—also sought to defeat Pritzker’s reëlection bid, in 2022. In the run-up to the election, Greising recalled, Griffin issued public warnings about Citadel potentially leaving Chicago while also conducting a “beauty contest” of Republican candidates who could challenge Pritzker. Griffin ultimately backed Richard Irvin, the Black mayor of a Chicago suburb, giving fifty million dollars to the campaign. But, Greising said, Griffin “made such a feeble choice that all the money in the world couldn’t buy him” a winner. Griffin announced Citadel’s move to Miami five days before Irvin—as predicted—was routed in the primary. The financier spent more than four hundred dollars on each vote that Irvin got. Pritzker won reëlection easily.

总部位于芝加哥的“更好政府协会”主席大卫·格雷辛告诉我,格里芬和普利兹克多年来陷入了一场“血仇”。(格里芬的一位发言人说,他与普利兹克的分歧“源于对州未来的担忧,而非个人恩怨”。)格里芬在2020年赢得了第一场战斗,花费超过五千四百万美元击败了普利兹克推行累进税增税的计划。但格里芬——去年他告诉员工要做“硬球”玩家,追求的不是险胜而是大胜——也试图在2022年击败普利兹克的连任竞选。格雷辛回忆,在选举前夕,格里芬公开发出城堡可能离开芝加哥的警告,同时进行一场共和党候选人的“选美比赛”,寻找能挑战普利兹克的人。格里芬最终支持了芝加哥郊区一位黑人市长理查德·欧文,为竞选投入了五千万美元。但是,格雷辛说,格里芬“做出了一个如此软弱的选择,以至于全世界的钱都买不来”一个赢家。格里芬在欧文如预期般在初选中惨败的五天前,宣布城堡迁往迈阿密。这位金融家为欧文得到的每张选票花费了超过四百美元。普利兹克轻松赢得连任。

“No one was surprised” when Citadel left Chicago, Griffin told me. After all, he’d publicly called the city “like Afghanistan on a good day.” He and Beeson emphasized to me that crime was the main cause of their departure. Beeson told me that an employee had been stabbed near the office. Griffin talked publicly about bullet holes in the façade of the building where he lived. (Last year, Chicago recorded the fewest murders since 1965.)

格里芬告诉我,当城堡离开芝加哥时,“没有人感到惊讶”。毕竟,他曾公开称这座城市“就像好日子里的阿富汗”。他和比森向我强调,犯罪是他们离开的主要原因。比森告诉我,一名员工在办公室附近被刺伤。格里芬公开谈论过他居住的大楼外墙上的弹孔。(去年,芝加哥记录了自1965年以来最少的谋杀案。)

Griffin’s attempts to influence politics have gone well beyond Chicago. Between 2020 and 2024, he spent four hundred million dollars on public campaign contributions in Florida and Illinois, and in federal elections. OpenSecrets lists him as one of the top five donors to federal races in the past three election cycles. (Griffin recently told me that he suspects his over-all political giving in 2026 will be less than in the past, noting, “The aperture of where we’re focussing our contributions is just narrower.”) Cason Carter, Griffin’s top adviser on philanthropy and politics, told me that Griffin isn’t a “political socialite” and rarely meets candidates—he’s more interested in their policy agendas. Griffin emphasized to me that a lot of his money went to Republican congressional candidates who were “different than historical voices,” such as “women of color” and “ex-military” types. But he also supports the Old Guard. In late May, he made his largest reported contribution of this election cycle, two and a half million dollars, to support Susan Collins, the Republican senator from Maine. Collins’s left-populist opponent, Graham Platner, has proposed a five- to six-per-cent annual federal wealth tax. Platner disparaged the gift to Collins in an online video, saying that Griffin’s goal was “helping her buy this election,” and that such gifts should “be illegal.” (Griffin dismissed the critique, telling me, “The Mamdani tweet was sent to me by countless friends and acquaintances. Platner’s tweet was sent to me by no one.”)

格里芬试图影响政治的努力远远超出了芝加哥。在2020年至2024年间,他在佛罗里达州、伊利诺伊州以及联邦选举中,花费了四亿美元用于公开竞选捐款。OpenSecrets将他列为过去三个选举周期中联邦竞选的前五大捐赠者之一。(格里芬最近告诉我,他预计2026年的总体政治捐款将少于过去,并指出,“我们捐款的重点范围变窄了。”)格里芬在慈善和政治方面的首席顾问卡森·卡特告诉我,格里芬不是一个“政治社交名流”,很少与候选人会面——他更感兴趣的是他们的政策议程。格里芬向我强调,他的很多钱都捐给了“与历史声音不同”的共和党国会候选人,比如“有色人种女性”和“前军人”类型。但他也支持守旧派。去年五月,他做出了本选举周期最大的一笔公开捐款,二百五十万美元,用于支持缅因州共和党参议员苏珊·柯林斯。柯林斯的左翼民粹主义对手格雷厄姆·普拉特纳提议征收百分之五到六的年度联邦财富税。普拉特纳在一段网络视频中贬低了对柯林斯的捐款,称格里芬的目标是“帮她买下这次选举”,并说这样的捐款应该“被定为非法”。(格里芬驳斥了这一批评,告诉我:“马姆达尼的推文被无数朋友和熟人转发给我。普拉特纳的推文没有人转发给我。”)

Griffin seems to consider his pulpit to be as important as his checkbook. He speaks on more topics, and in more venues, than any of his financial peers, almost always at such cozy forums as Davos. His commentary is measured, and he often comes across as a shadow Secretary of the Treasury. Sometimes he can be a bit more tart. Last year, when he was asked about Trump’s One Big Beautiful Bill Act at a publicly broadcast Citadel Securities conference, he answered, “I don’t think there’s a nice way to put lipstick on that pig.” After pausing for home-field laughs, he returned to form, calling the bill a “pro-cyclical tax cut late in the economic cycle.”

格里芬似乎认为他的话语权和他的支票簿一样重要。他比任何金融界同行谈论的话题都多,露面的场合也更多,几乎总是在像达沃斯这样舒适的论坛上。他的评论很有分寸,常常给人留下一个影子财政部长的印象。有时他也会更尖刻一点。去年,在城堡证券一次公开直播的会议上,当被问及特朗普的“一项大而美的法案”时,他回答说:“我不认为有什么好办法能给那头猪涂口红。”在停顿片刻,享受完主场笑声后,他又恢复了常态,称该法案是“在经济周期后期的一次顺周期减税”。

In Miami, Griffin told me, “I’d like to keep the Republican Party the party of small government, personal freedom.” In contrast to MAGA nihilists, he frequently talks about the value of government: “I think your best private philanthropy is philanthropy that encourages the public government to do things that are necessary for the common good that would otherwise not be on their radar.” During the pandemic, he called up Jared Kushner with the outline for what became Operation Warp Speed—the plan to create a COVID vaccine as quickly as possible. “Jared just ran with it,” Griffin told me.

在迈阿密,格里芬告诉我:“我想让共和党继续做小政府、个人自由的政党。”与MAGA虚无主义者形成对比的是,他经常谈论政府的价值:“我认为你最好的私人慈善,是那种鼓励公共政府去做那些为了共同利益所必需、否则不会进入他们视野的事情的慈善。”疫情期间,他打电话给贾里德·库什纳,提出了后来成为“曲速行动”的框架——尽快研制出新冠疫苗的计划。“贾里德立刻就接手去做了,”格里芬告诉我。

Last year, Griffin said on CNBC, “Every single policy in Washington should have one focus and one focus only—how do we grow our economy?” This, he has noted, should not be at the expense of “equity and fairness,” adding that tax increases must be “on the table.” (According to ProPublica, between 2013 and 2018 he paid an average tax rate of 29.2 per cent—much higher than, say, the 13.7 per cent paid by Mark Zuckerberg.) More often, though, Griffin talks about American debt, competitiveness, and sagging productivity.

去年,格里芬在CNBC上说:“华盛顿的每一项政策都应该只有一个焦点,而且只有一个焦点——我们如何发展我们的经济?”他指出,这不应以牺牲“公平和公正”为代价,并补充说增税必须“摆在桌面上”。(据ProPublica报道,2013年至2018年间,他支付的平均税率为百分之二十九点二——远高于马克·扎克伯格支付的百分之十三点七。)不过,格里芬更常谈论的是美国的债务、竞争力和低迷的生产率。

He presents his ideas as patriotic advice. For a man the former Trump adviser Steve Bannon once sneeringly called a globalist with “the political instincts of Louis XVI,” and whose firm has a hundred and fourteen nationalities on staff, Griffin is surprisingly consistent in saying that his goal is for America to win. Discussing visas with me, he lamented the possibility of “a gifted student in mathematics and physics that chooses to stay in China.” He said he’d rather immigrants “wear the Team U.S.A. jersey and build great businesses in America than compete by running great businesses in foreign countries.” When our conversation turned to the liberal politics of professors at élite universities, he told me, “All of those guys are anti-United States. This doesn’t mean I don’t have my criticisms. . . . But the starting position should be ‘This is the greatest country in the world.’ ”

他将自己的想法包装成爱国建议。对于一个曾被前特朗普顾问史蒂夫·班农轻蔑地称为拥有“路易十六政治本能”的全球主义者,且其公司员工来自一百一十四个国家的人来说,格里芬在说他的目标是让美国获胜这一点上,出奇地一致。在与我讨论签证问题时,他对“一个有天赋的数学和物理学生选择留在中国”的可能性表示遗憾。他说,他宁愿移民“穿上美国队的球衣,在美国建立伟大的企业,而不是通过在外国经营伟大的企业来竞争”。当我们的谈话转向精英大学教授的自由派政治时,他告诉我:“所有那些家伙都是反美的。这并不意味着我没有我的批评意见……但出发点应该是‘这是世界上最伟大的国家’。”

Griffin supported Marco Rubio in the 2016 Republican Presidential primary and Nikki Haley in 2024. He’s never given a campaign contribution to Trump. (He donated a million dollars to Trump’s Inauguration in 2025, but he also gave half a million to Joe Biden’s.) He decided to vote for Trump in 2024, although, as he said before the election, it was “not with a smile on my face.”

格里芬在2016年共和党总统初选中支持马可·卢比奥,在2024年支持妮基·黑利。他从未给特朗普捐过竞选资金。(他在2025年向特朗普的就职典礼捐赠了一百万美元,但他也给了乔·拜登五十万美元。)他决定在2024年投票给特朗普,尽管正如他在选举前所说,这“并非面带微笑”。

Griffin’s most frequent complaint about the Biden Administration was what he calls its “endless onslaught of pointless litigation and pointless regulation.” (That being said, in the Biden years his estimated net worth doubled.) The new Administration hasn’t made him much happier. At last year’s Citadel Securities conference, Griffin said that the Trump Administration has done “a lot that we love and a lot that we hate.” He has condemned most of Trump’s major economic initiatives: tariffs, meddling with the Federal Reserve, nostalgic favoring of the manufacturing sector. Although Griffin supports tighter enforcement of immigration at the border with Mexico, he said in 2021 that Trump’s “willingness to attack people on the basis of where they came from or the color of their skin was completely inappropriate.”

格里芬对拜登政府最常见的抱怨,是他所谓的“无休止的无意义诉讼和无意义监管的猛攻”。(话虽如此,在拜登执政期间,他估计的净资产翻了一番。)新政府并没有让他更开心。在去年的城堡证券会议上,格里芬说特朗普政府做了“很多我们喜欢的事,也做了很多我们讨厌的事”。他谴责了特朗普的大部分重大经济举措:关税、干预美联储、对制造业的怀旧式偏袒。尽管格里芬支持在墨西哥边境加强移民执法,但他在2021年表示,特朗普“基于人们的来源或肤色攻击他们的意愿是完全不恰当的”。

That was a rare public personal criticism of Trump—and one he dared make only when it seemed that Trump was permanently out of power. Nowadays, instead of naming the President, he prefers to say, for example, that “the U.S. government’s” favoritism toward political allies and interference in the economy are “incredibly distasteful.” Griffin likely had mixed feelings when, last fall, the Wall Street Journal anointed him “Wall Street’s Loudest Trump Critic.” He has made a point of saying that Trump’s “choices come from a good place,” and that the President is “very different in a small room,” something that is “quite touching” to behold.

那是对特朗普罕见的公开个人批评——而且他只在特朗普似乎永久失去权力时才敢这么做。如今,他不再点名总统,而是更喜欢说,例如,“美国政府的”偏袒政治盟友和干预经济是“极其令人反感的”。去年秋天,当《华尔街日报》封他为“华尔街最大声的特朗普批评者”时,格里芬很可能心情复杂。他特意指出,特朗普的“选择出于好意”,而且总统“在小房间里非常不同”,这一点“相当感人”。

This carefulness is clearly strategic. In 2024, a CNBC interviewer at a conference exclaimed, to applause, “You need to run for President, Ken!” To many in finance, Griffin has taken the slot formerly held by the JPMorgan Chase C.E.O., Jamie Dimon: an outspoken king of Wall Street who could become a technocratic moderate in the White House. Griffin has encouraged these speculations. At a conference in February, he said, “I’d like to believe that at a future point in my life, I will be involved in public service.”

这种谨慎显然是策略性的。2024年,一位CNBC采访者在一次会议上大声说,伴随着掌声:“你需要竞选总统,肯!”对金融界的许多人来说,格里芬已经占据了摩根大通首席执行官杰米·戴蒙曾经的位置:一位直言不讳的华尔街之王,可能成为白宫里一位技术官僚式的温和派。格里芬助长了这些猜测。在二月的一次会议上,他说:“我愿意相信,在我人生的未来某个时刻,我会参与公共服务。”

Griffin told me last week that he has no current plans to run for anything: “There’s not been a meaningful shift in my position over the last six to twelve months.” One reason might be that he is never interested in losing. None of his predecessors who tried to parlay Wall Street success into a shot at the American Presidency—from Hamilton to Harriman to Romney to Bloomberg—ever won.

格里芬上周告诉我,他目前没有任何竞选计划:“在过去六到十二个月里,我的立场没有发生实质性转变。”一个原因可能是,他从来都对失败不感兴趣。他的那些试图将华尔街的成功转化为竞选美国总统机会的前辈们——从汉密尔顿到哈里曼,再到罗姆尼和布隆伯格——没有一个赢过。

Moreover, if Griffin stepped into public life now, the cynical wags in finance would declare the reason obvious—his hedge fund’s returns have been sagging. As a senior investment professional at a large institution told me, it’s axiomatic that a hedge fund’s performance is “inversely proportional to the amount of exposure the head guy or gal is getting on TV.” Although Citadel Securities has reported record revenue so far this year, the hedge fund delivered a return of just 10.3 per cent last year—worse than the industry average for only the second time since 2008. Through May of this year, it’s up only 3.9 per cent, according to Business Insider. Griffin portrayed this to me as the consequence of intentional caution, given that so many potential Wall Street bets are “being driven by a singular question, which is: how long will the Strait of Hormuz be closed for?” Perhaps, but H.F.R. has reported that the industry average is up 7.1 per cent over the same period.

此外,如果格里芬现在步入公共生活,金融界那些冷嘲热讽的人会宣称原因显而易见——他的对冲基金回报率一直在下滑。正如一家大型机构的一位资深投资专业人士告诉我的,一条公理是,对冲基金的表现“与头号人物在电视上露面的次数成反比”。尽管城堡证券今年迄今报告了创纪录的收入,但对冲基金去年的回报率仅为百分之十点三——自2008年以来仅第二次低于行业平均水平。据《商业内幕》报道,截至今年五月,它仅上涨了百分之三点九。格里芬向我描绘,这是有意谨慎的结果,因为华尔街如此多的潜在赌注都“由一个单一问题驱动,那就是:霍尔木兹海峡会关闭多久?”也许吧,但H.F.R.报告称,同期行业平均上涨了百分之七点一。

Griffin admitted to me that running the hedge fund could be wearying: “There are parts of it I love and parts of it I hate.” He certainly seems to enjoy mixing it up with Mamdani, and buying a Constitution or two. But, ever since high school, the first order of business for Griffin has been business. He expressed confidence to me about his ability to get Citadel traders to stop “waiting for softballs.” Many current employees, no doubt, will not last long. His task is “getting people to really get back in—I hate to say it—the grind-it-out reality that defines most of the life of an investment firm. . . . You have to see the details the competition hasn’t seen.” He promised, “This won’t take us long to do.” ♦

格里芬向我承认,经营对冲基金可能令人疲惫:“其中有些部分我热爱,有些部分我讨厌。”他看起来确实很享受与马姆达尼交锋,以及买下一两份宪法。但是,从高中起,格里芬的首要任务就一直是生意。他向我表达了对自身能力的信心,能让城堡的交易员停止“等待慢速球”。毫无疑问,许多现任员工不会坚持太久。他的任务是“让人们真正回到——我讨厌这么说——那种磨砺出来的现实,它定义了投资公司大部分的生命……你必须看到竞争对手没看到的细节。”他承诺:“这不会花我们太长时间。” ♦

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