Legendary investor Julian Robertson has passed away — but left behind many powerful mentees – TechCrunch

His hedge fund investors did not want to listen to him when, in 1999, Julian Robertson questioned the prudence of the prices being paid for shares in nascent Internet companies. So in October 1999, months after being reprimanded for 15 minutes at the annual meeting of shareholders at the Plaza Hotel in New York, he began the process of closing his shop. “There’s no point in subjecting our investors to market risk, which I clearly don’t understand,” he said. Allegedly Wrote them in March 2000. “After due consideration, I have decided to return all the capital to my investors, effectively curtailing Tiger Funds.”

In April 2000, the tech market began to explode.

His good times only cemented the legend of Robertson, who, according to his spokesman, died at the age of 90 of cardiac complications, but by age 67, led Tiger Management, the largest, highest-profile And was one of the best-performing funds in the 70-year-old hedge fund industry.

One doesn’t have to look far to appreciate their lasting impact. While Tiger Management reportedly claimed an average annual profit of more than 30% for 20 years, a wider number of investment managers who cut their teeth as part of Robertson’s 200-person team have become almost famous. Among the many hedge funds run by people who worked with Robertson—they became famous as “Tiger Cubs”—are Tiger Global, Lone Pine, Cotu Management, Viking Global, D1 Capital and Pantera Capital, and that’s just one is pattern,

“Weirdly, Julian Robertson touches trillions of dollars in assets under management because there are so many people who have worked directly for him. [or] Indirectly,” Daniel Strachman, author of Julian Robertson: A Tiger in the Land of Bull and Beartold the Financial Times Last year,

Unsurprisingly, Robertson’s advisors speak eloquently of him as an investor as well as a philanthropist. except for robertson family foundationAnd Tiger FoundationA nonprofit that says it has provided more than $250 million in grants to organizations working to break the cycle of poverty in New York City, Robertson signed in 2017 To give promiseWhich asks participants to give away at least half of their assets.

One of those people is Coteau founder Philippe Lafont, who spent three years working for Robertson before striking out on his own with a report in 1999. $45 million That, unlike Robertson, he immediately began plowing into tech stocks. (Lafont lost money in the recession the following year, but made his way through it.)

Coatue – A crossover fund named a . named after beach off the coast of Nantucket – is squeezed Again this year by declines in both public and private tech stocks. Still, Coatue had grown its assets under management to nearly $60 billion by the end of last year, and Laffont credits Robertson for some of that success.

“Julian was a great investor and generous mentor,” Lafont said in a statement sent to TechCrunch this morning. “He did so much good in the world, and often when no one was watching. Without him we all feel lonely here. He has left a beautiful legacy that many of us want to live on. I consider myself lucky.” That I got his friendship and advice in my life.”

One of Robertson’s well-known advisors is Chase Coleman, who worked as an investment analyst at Tiger Management for nearly four years before the hedge fund’s closure. Coleman, who launched Tiger Global Management the following year in 2001, also credits Robertson for much of his career.

In a statement sent to TechCrunch earlier today, Coleman writes: “Julian was a pioneer and a giant in our industry, respected as much for his abilities as an investor as he did as a leader.” I had displayed integrity, honesty, loyalty and competitiveness. He took the time to be a true mentor, always led by example and inspired all of us to be the best versions of ourselves. For him and his friendship “I am forever grateful. He will be greatly missed, but his impact on me and countless others as well as the communities he has touched through his philanthropic efforts will continue to be.”

Like Coatue, Tiger Global is a crossover fund that has increasingly invested in private tech companies as well as publicly traded companies. Like Coatue, it also has comparative tough 2022, Because of the tempting zigs and zags of the market. (In fairness, the same is true of many organizations, including Viking Global, whose founder, Andreas Halvorsen, once traded equity in Tiger Management and, like Lafont, struck out on his own with Viking in 1999. His major fund is on track for this worst year everBloomberg reported last month.)

In fact, it’s easy to wonder why Robertson—whose success was tied to buying low-priced stocks with good earnings prospects—thought these Cubs’ aggressive moves into privately-held tech companies of late, in particular. Considering that some of them were paying any price last year. , and driving evaluation has skyrocketed in the process.

If Robertson ever questioned his different viewpoints, he never said so publicly. Even when Archegos Capital Management – the family office of another disciple, Bill Hwang – suddenly collapsed great fashion last year (Hwang was accused of large scale fraud by the SEC in April), Robertson came to Hwang’s defense in a rare interview with the FT, Telling Outlet Last summer: “Bill is a good friend, and I know Bill very well. I think he’s made a mistake and I hope he’s coming out of it and moving on.”

Legendary investor Julian Robertson has passed away — but leaves behind many powerful mentees

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