Julian Robertson, a pioneer in hedge funds and the founder of Tiger Management, passed yesterday at the age of 90.
Robertson established Tiger Management, which is considered to be one of the first hedge funds. It is largely credited to him that the fund was able to grow from its original investment of $8 million in 1980 to more than $22 billion in the late 1990s. However, this was then followed by a sharp drop in the amount of money invested, which ultimately resulted in the fund being closed in the year 2000.
Late in 2019, Insider presented these connections in order to highlight the influence that Robertson has had on the industry. The list is quite extensive, containing over 200 unique businesses in addition to hundreds of other names. Since then, several more Tiger Cubs have been born, and some of them are now beginning their first flights.
Obituary: Who Was Julian Robertson? His Death Cause
According to Fraser Seitel, Julian Robertson passed yesterday at his home in Manhattan due to heart problems. Seitel was a longtime spokesperson for Robertson.
Robertson, who initially concentrated on selecting stocks, started increasing his wagers on bonds and foreign exchange in the 1990s. This was Robertson’s first foray into the realm of macro fund managers, who make bets on macroeconomic patterns that affect interest rate swings and currency fluctuations.
One of Robertson’s Tiger Cub followers is responsible for starting what became one of the most significant scandals in modern business. It was well known that Robertson refrained from making any tech investments in internet startups during the boom that occurred in the late 1990s.
This strategy of avoidance presented challenges for Tiger Management on multiple fronts. The fund performed well up until the point that the IT bubble finally burst, but it suffered a setback as a result of a capital outflow caused by investors moving their money to Silicon Valley.
Robertson’s stress level increased as a result of a major investment he made in US Airways that did not perform well. The year 2002 and 2004 saw the filing of bankruptcy guard applications by U.S. Airways.
Robertson decided to pull the plug on the Tiger Management fund in the year 2000 due to its lackluster performance. He stated that Tiger Woods’ success was due to a rational approach to trading and appraisal of the company’s assets. This strategy has shown to be less productive than others, which coincides with the irrational surge in internet stocks.
Julian Robertson Age- How Old Was He?
Julian Robertson came into the world on June 25th, 1932. At that point in time, he was 90 years old. Blanche Spencer, who was once known as Julian Hart Robertson Sr., is his mother. Blanche Spencer is an executive in the textile industry.
He graduated from Episcopal High School in 1951 and the University of North Carolina in Chapel Hill in 1955. Both of these institutions are located in North Carolina. While he was attending the University of North Carolina at Chapel Hill, he was initiated into the Zeta Psi fraternity.
Additionally, up until the year 1957, he continued his career as an officer in the United States Navy. Following his discharge from the Navy, Robertson relocated to New York City and found employment with Kidder, Peabody & Co. as a stockbroker.
He eventually became the head of the asset management division of the company before quitting his job at Kidder to take his family and go to New Zealand for a year so that he could work on writing a novel during that time (Webster Securities).
In 1980, once Robertson had relocated back to the United States, he established Tiger Management.
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Julian Robertson Wife- Was He Married?
Josephine Tucker Robertson was Julian Robertson’s wife when they were married. After a protracted battle with breast cancer, she passed away on June 8, 2010, having lost her battle with the disease.
His three children are known by the names Alex Robertson, Jay Robertson, and Spencer Robertson. In January of 2012, Robertson made a donation of $1.25 million to Restore Our Future, a Super PAC that supported Mitt Romney’s candidacy for president.
In 2015, Robertson made a contribution of one million dollars to a Super PAC that supported Jeb Bush’s bid for the presidency. In April of 2016, Robertson made a donation of $25 million to the Success Academy Charter Schools in the state of New York.
In 2017, he was one of nine people who were awarded the Carnegie Medal for their philanthropic work.
Julian Robertson Net Worth
According to the estimates provided by the Bloomberg Billionaires Index, Robertson has a net worth of $4 billion. Tiger Management was established in New York with his initial investment of $8.8 million in 1980. He was 48 years old at the time, which was considered an advanced age to launch one’s own company.
His holdings had expanded to about $22 billion by the middle of 1998 on the strength of annual returns that averaged 32%, garnering him a reputation akin to that of industry peers George Soros and Michael Steinhardt.
According to Mallaby, Robertson shared his strategies for success with his traders. Robertson was well-known for the tenacity of character he possessed as well as the expansive network of advisors he maintained.
The active management of holdings, the sale of good enterprises in order to make room for better ones, the risking of no more than five percent of total cash on a single wager, and maintaining a positive outlook in spite of losses were all part of these strategies.
After placing a poor wager on the yen in 1998, investors ran away from Tiger in droves. After watching the assets of his six Tiger funds drop from $21 billion to $6 billion in the space of just 18 months as a result of losses and client withdrawals, Robertson decided in March of 2000 to liquidate the funds.