Wall $treet Folly

Appaloosa accountant beats Einhorn, Ackman and -- his boss -- at charity poker event that raised more than $400,000

And now he gets to play in next month's World Series of Poker in Las Vegas:

Peter Dougherty, 33, an accountant at Chatham, New Jersey- based hedge-fund firm Appaloosa Management LP, took first prize in the No Limit Texas Hold 'Em competition Tuesday at the W Hotel in Midtown. The event, which lasted until almost 1 a.m. yesterday, was the Big Deal tournament benefiting Washington, D.C.-based Hillel: The Foundation for Jewish Campus Life.

Dougherty won a trip to next month's World Series of Poker in Las Vegas, where Einhorn also will compete after paying his own way. Einhorn, 38, founder of Greenlight Capital LLC, placed 18th among more than 8,700 contestants last year. He and Ackman, 41, founder of Pershing Square Capital Management LP, didn't make the top 10 at the Big Deal, and rankings for all 180 players weren't tabulated.

Hot traders: Five hedge fund managers under Barron's microscope

Barron's took a look at the most watched and imitated hedge fund traders and came up with a list of whose coattails matter the most:

Based on discussions with many institutional investors, we've identified five well-regarded hedge funds whose investment moves are closely scrutinized. These leaders are Appaloosa Management, run by David Tepper; Greenlight Capital, managed by David Einhorn; Lone Pine Capital, run by Steve Mandel; ESL Investment Management, run by Ed Lampert, and Icahn Partners, managed by Carl Icahn.

In the past two weeks, institutional investors in search of investment ideas have been poring over the third-quarter holdings of these and other managers with strong stock-picking skills. Other closely watched hedge funds include Blue Ridge Capital, Atticus Capital, Perry Capital, Caxton Associates, Maverick Capital, Tontine Management, Highfields Capital and Alson Capital. In the mutual-fund industry, other managers watch Bill Miller of LeggMason; Southeastern Asset Management's Staley Cates and Mason Hawkins, and Dodge & Cox, led by John Gunn

Tracking the Smartest Money - Barron's