Who Was Julian Robertson?
Let me tell you about Julian Robertson, an American investor and former hedge fund manager who founded Tiger Management in 1980. This fund grew to be one of the most prominent of its time. He closed Tiger in 2000 and then turned to mentoring younger hedge fund managers and pursuing philanthropic ventures in higher education and medical research. In the 1980s and early 1990s, people often called him the 'Father of Hedge Funds' and the 'Wizard of Wall Street.'
Early Life and Education
You should know that Julian Robertson was born on June 25, 1932, in Salisbury, North Carolina, to Julian Hart Robertson Sr., a textile company executive, and Blanche Spenser Robertson, a homemaker. After graduating from Episcopal High School in his hometown, he attended the University of North Carolina and graduated in 1955. He then spent two years in the Navy before joining the New York office of Kidder, Peabody & Co. as a retail broker in 1957. He rose through the ranks and eventually led its asset management division, Webster Securities. In 1979, he took a year-long sabbatical in New Zealand, where he came up with the idea for Tiger Management.
Notable Accomplishments
During his time in New Zealand, Robertson developed the concept for his new fund. Upon returning to New York in 1980, he founded Tiger Management, one of the first hedge funds, starting with about $8 million in assets. Over the next two decades, those assets grew to $22 billion, thanks to his global macro trading strategy and a long-short approach where he invested heavily in top stocks and shorted the worst ones. He's credited as the first major hedge funder, and his success inspired many others in the industry.
In the late 1990s, Robertson avoided tech investments during the internet stock buildup, which helped during the bubble's collapse but led to capital outflows as investors chased Silicon Valley. A bad investment in U.S. Airways, which filed for bankruptcy in 2002 and 2004, added pressure. He liquidated Tiger in 2000, noting that his rational valuation approach didn't work well against the irrational growth of internet stocks. After that, he mentored 'Tiger Cubs' like John Griffin of Blue Ridge Capital, Ole Andreas Halvorsen of Viking Global, Chase Coleman of Tiger Global Management, and Steve Mandel of Lone Pine Capital.
Wealth and Philanthropy
After stepping away from fund management, Robertson focused on philanthropy. He founded scholarships at his alma mater and Duke University, committed to The Giving Pledge started by Bill Gates and Warren Buffett, and was active in New Zealand, buying several luxury lodges. Forbes reported he donated $1.3 billion to causes like environmental protection, charter schools, and medical research. As of April 5, 2022, his net worth was $4.8 billion. Julian Robertson died on August 23, 2022, at age 90 in his New York home.
Key Questions About Julian Robertson
You might wonder who the 'Wizard of Wall Street' is— that's Julian Robertson, a billionaire hedge fund manager nicknamed for his sharp investment skills. Is he still alive? No, he passed away on August 23, 2022, at 90, and spent his retirement as a philanthropist donating over $1 billion. Who were the Tiger Cubs? They were young hedge fund managers trained at Tiger Management who later ran successful funds of their own.
The Bottom Line
In summary, Julian Robertson founded and ran Tiger Management, a top hedge fund in the 1980s and 1990s that closed in 2000. He was renowned for his business acumen, philanthropy, and mentoring aspiring hedge fund operators.
Key Takeaways
- Julian Robertson was a high-profile hedge fund manager in the 1980s and 1990s.
- He used a long-short strategy to profit from differences between best and worst stocks.
- Robertson lived in New Zealand for a year and formed the idea for Tiger Management there.
- Many of his proteges became successful hedge fund managers.
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