Hedge fund pioneer and Tiger Management founder Julian Robertson passed away at 90.
One of the first hedge funds, Tiger Management, was formed by Robertson. He is credited with growing the fund from $8 million in initial investment in 1980 to over $22 billion in the late 1990s. However, this was followed by a fast decline in investor inflows that led to the fund’s closure in 2000.
Insider laid out these links in late 2019 to demonstrate the impact of Robertson on the sector. The list is lengthy, including roughly 200 distinct companies and hundreds more names. More Tiger Cubs have been born since then, and some are currently launching.
Obituary: Who Was Julian Robertson? His Death Cause
According to Fraser Seitel, a longtime representative for Robertson, Julian passed away at his Manhattan home from heart issues.
Robertson, who initially focused on picking stocks, started increasing his wagers on bonds and foreign exchange in the 1990s, deviating into macro fund managers, who place bets on macroeconomic patterns that affect interest rates and currency swings.
One of the largest blowups in contemporary capitalism was started by one of Robertson’s Tiger Cub followers. Robertson was renowned for staying away from tech investments in internet companies during the late 1990s boom.
For Tiger Management, this avoidance was a double-edged sword. The fund did well until the ultimate burst of the IT boom, but it was adversely affected by a capital outflow as investors fled to Silicon Valley.
A significant investment in U.S. Airways that did not go well for Robertson added to his stress. In 2002 and 2004, U.S. Airways would submit bankruptcy guard petitions.
Following underwhelming results, Robertson closed the Tiger Management fund in 2000. He claimed that Tiger’s success resulted from a logical approach to trading and valuation. Along with the irrational boom of internet stocks, this method has shown to be less productive.
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Julian Robertson Age- How Old Was He?
On June 25, 1932, Julian Robertson was born. He was 90 years old at the time. He is the son of textile industry executive Blanche Spencer, previously Julian Hart Robertson Sr.
He received diplomas from Episcopal High School in 1951 and the University of North Carolina in Chapel Hill in 1955. While a student at Chapel Hill, he was admitted to the Zeta Psi fraternity.
In addition, he continued to serve as an officer in the American Navy until 1957. After leaving the Navy, Robertson moved to New York City and worked as a stockbroker for Kidder, Peabody & Co.
He finally rose to the position of head of the company’s asset management division before departing Kidder to move with his family to New Zealand for a year so that he could write a novel (Webster Securities).
Upon his return to the country in 1980, Robertson founded Tiger Management.
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Julian Robertson Wife- Was He Married?
Julian Robertson’s wife was Josephine Tucker Robertson. On June 8, 2010, she succumbed to breast cancer after a lengthy illness.
Alex, Jay, and Spencer Robertson are the names of his three children. Robertson gave $1.25 million in January 2012 to Restore Our Future, a Super PAC backing Mitt Romney for president.
Robertson contributed $1 million to a Super PAC endorsing Jeb Bush’s presidential campaign in 2015. Robertson donated $25 million to the Success Academy Charter Schools in New York in April 2016.
He was one of nine recipients of the Carnegie Medal of Philanthropy in 2017.
Julian Robertson Net Worth
The Bloomberg Billionaires Index estimated Robertson’s net worth to be $4 billion. In 1980, he invested $8.8 million to launch Tiger Management in New York. At the time, he was 48 and a bit old to start his own business.
On the strength of yearly returns averaging 32% by mid-1998, assets had increased to nearly $22 billion, earning him a reputation comparable to that of industry colleagues George Soros and Michael Steinhardt.
According to Mallaby, Robertson, who was renowned for his tenacity of character and wide-ranging network of advisors, imparted to his traders his secrets of success.
They included actively managing holdings, getting rid of solid companies to make place for better ones, putting no more than 5% of cash at risk in a single wager, and being optimistic despite setbacks.
Investors fled from Tiger in 1998 after making a bad bet on the yen. Robertson closed his six Tiger funds in March 2000 after seeing assets fall from $21 billion to $6 billion in just 18 months due to losses and client withdrawals.
