Sep

3

Tiger Management founder Julian Robertson dies at 90

I enjoy reading obituaries because there is a series of events that we use to describe a person - at the same time there is this internal rollercoaster of emotions going on - which we never know.

Alston Mabry adds:

From the NYT obit:

“I had become convinced that the hedge fund was the way to invest,” he
recalled, and that short-selling was “a license to steal.”

Mr. Robertson prospered, but in the mid-1990s his performance grew
ragged amid the mania for untested dot-com stocks. Investors withdrew,
and in 2000 a baffled Mr. Robertson, his strategy no longer working,
closed shop.

“There is no point in subjecting our investors to risk in a market
which I frankly do not understand,” he told investors.

In a 2004 biography, “Julian Robertson: A Tiger in the Land of Bulls
and Bears,” Daniel A. Strachman quoted Mr. Robertson as saying, “The
mistake that we made was that we got too big.” This meant, he added,
that “to make it meaningful we had to buy a huge amount of a company’s
stock, and there were only a few companies” where that was an option.

Easan Katir remembers:

While on a road show pitching a private equity deal in 1989 I recall a rendezvous Dean Witter had arranged at Tiger Management. I briefly chatted with Julian. He handed us off to a few of his cubs for the meeting. RIP, Julian.


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