Update: julian robertson
Julian Robertson has teed up a whole new version of his legendary Tiger Managment, with stunning results.
Hedge fund legend Julian Robertson said Friday he expects the U.S. economy is heading for a “doozy of a recession.” Erin Burnett spoke with Tiger Management founder Julian Robertson just now, and has declared him “vindicated” for calling for “a doozy of a recession” this time last year.
Today, on CNBC’s Street Signs, legendary investor (Tiger Mgmt), Julian Robertson said during the past week he picked up shares of these stocks: Apple (Nasdaq: AAPL ), Microsoft (Nasdaq: MSFT ), Baidu (Nasdaq: BIDU ), Mastercard (NYSE: MA ) and Visa (NYSE: V ). He said all these stocks are all trading at very attractive valuations. He also bought shares of Ryanair Holdings (Nasdaq: RYAAY ). Tiger Management head Julian H Robertson Jr says he is shutting down operations; after chalking up outstanding investment record, Tiger Management is closing because of sharp reversal of fortunes; of $2 billion left, it will distribute 75 percent in cash and 5 percent in shares of 11 stocks; Tiger will keep its stake in five stocks to sell later; difficulties began in early fall of 1998 when Russia defaulted on its debt; Tiger lost $6 billion on bad currency bets that year, producing declin. Hedge funds turn in strong performance in 2000 even as stock markets decline sharply; one reason for funds’ success is that they generally protect profits by short-selling; strong performance drives sales, lifting hedge fund industry assets from $324 billion at the end of 1999 to about $400 billion projected for the end of 2000; overall growth comes despite the fact that George Soros and Julian H Robertson Jr, the most visible hedge fund mangers, moved to sidelines after suffering stinging loss.
Get Alerts On Julian H. Robertson Jr. Receive My Alerts e-mails on topics covered on this page.
Dec. 6, 2007 - The McIntire School of Commerce at the University of Virginia announced today that its state-of-the-art new building will be named “Robertson Hall,” honoring the remarkable legacy of the distinguished financier Julian H. Robertson Jr. and his wife, Josie.
His Cape Kidnappers plans, however, are currently stalled in environment court. “Many New Zealanders see this as one of their own jewels being taken as another trophy for a rich overseas investor,” says Rod Heaps of the Cape Kidnappers Protection Society. Robertson also purchased two New Zealand wineries: Te Awa Farm-the name means River of God in Maori-churns out popularly priced merlots, cabernets, and chardonnays; Dry River, a boutique vineyard, makes an internationally acclaimed pinot noir. This story appears in the November 8, 2004 print edition of U.S. News & World Report.
Robertson Hall also features an attractive, environmentally friendly “green” roof designed to allow the planting of sedum, a low-growing garden plant that needs little water and acts as a natural insulator. The McIntire School will move into its new home in time for the spring 2008 semester. Griffin also helped to found the School’s Center for Financial Innovation and to establish the School’s Julian H. Robertson Jr. Capital Markets Room in 2000, which serves as a state-of-the-art experiential learning environment for students and as a virtual research laboratory for faculty.
He presides over bi-weekly investment meetings in which the managers share ideas and debate strategies. “I get a nice chunk of their action, of their 20%, and it’s a very good system - particularly for me, at my time in life,” he says. The investment reflects a negative outlook on the prospects for the U.S. economy that has been building in Robertson for years. He believes that the Federal Reserve will continue to flood the economy with money, weakening the currency and ultimately causing the Japanese and Chinese central banks to stop purchasing Treasuries, which will drive the price of 10-year bonds down. It’s a macroeconomic hedging strategy that has already paid off handsomely.
Together, before fees, the 34 funds in which Robertson has an ownership stake averaged a return of 34% in 200 The firm that was founded to support Robertson’s own funds now provides infrastructure for and invests in a total of 34 hedge funds, employing a wide variety of different strategies, with a total of about $26 billion under management. That pool of capital grew tremendously over the past year as a number of the funds turned in spectacular returns - some of them even better than that of their mentor.
We kept the space, which seemed sort of silly at the time, and we seeded a few guys who had worked for us in starting new hedge funds. This has succeeded beyond my wildest dreams. It’s been an unbelievable success. It’s happened because of them. We selected good people, but they are the ones that have manufactured the record not me.” We were en route to one of the two world-class golf courses he has built in the island nation. His mind was on the markets halfway around the world. As the flight crew prepared for takeoff and his wife Josie and their other guests found their seats, the 75-year-old billionaire used his mobile phone to check in with his office back in New York. “How are the subprime positions looking?” he asked excitedly.
Personalize your U.S. News with our feeds of blogs and breaking news headlines. The breathtaking course sits atop cliffs overlooking Hawke Bay, surrounded by a 6,000-acre sheep and cattle station that Robertson also owns. His other course, Kauri Cliffs (www.kauricliffs.com), opened in 2000 and is ranked 49th in the world by Golf Magazine. “I think we are going to have a doozy of a recession,” Robertson told CNBC’s Erin Burnett.
Robertson is credited with turning $8 million in start-up capital into more than $22 billion at the peak of the tech boom.
Robertson : “Doozy is a tough one. we’re going to have 10-15 years of a poor economy.” JR thought the short sale ban was a “terrible thing,” is buying “some Apple, some Microsoft, Baidu- a Chinese Google- MasterCard, Visa,” and has a “pretty good bet in copper right now.” He also “doesn’t want to be disgracefully crass but will plug THE KIWI CHALLENGE, which will be shown on NBC on the 15 and 16th of November between 4 and 6 pm. It’s the battle of the best golfers in the world under 30, in New Zealand. Apparently there’ll be more of the interview at 2:30, when we’ll find out if Julian is buying or selling. Personally, I’m going to be extremely disappointed if Burnett doesn’t ask JR how it feels for so many of his children to be failures, and if he thinks his parenting is somehow to blame.
