Julian Robertson

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Julian H Robertson Jr (1932- ) was born in Salisbury, North Carolina in the United States. Robertson founded the investment firm Tiger Management Corp. He is credited with turning $8 million in start-up capital in 1980 into over $22 billion in the late 1990s, though that was followed by a fast downward spiral that ended with the funds' closing in 2000.

In 1993, his compensation and share of Tiger's gain exceeded $300 million. His 2003 estimated net worth was over $400 million, and in 2005 it was estimated at $900 million.[1] Robertson is thought to have shorted the sub-prime. His current wealth is estimated to exceed $3 billion.

The Tiger funds reached a peak of $22 billion in assets in 1998. But because of the skyrocketing values of the technology stock craze combined with the stumbling of Robertson's usual valuation yardstick, Robertson suffered large losses at the end of the decade. When the Standard and Poor's 500-stock index climbed 21 percent in 1999, the Tiger funds declined 19 percent.

Tiger's largest equity holding at that time was U.S. Airways, whose troubles dragged down the value of his holdings. Such missteps ultimately led him to close his investment company in March 2000 and return all outside capital to investors. Tiger earlier made $2bn in gains but then gave most of them back during a huge one-day move in the yen in 1998.

But when viewed from the longterm, the results look a bit different: Robertson's funds since their inception yielded an average annual return of roughly 25 percent over 20 years. And the timing of the closure was fortunate for investors: Robertson managed to dodge some of the worst bloodletting of the market top. Since that time, Robertson has fared well for his main investor: himself.[2]

Robertson is a native of North Carolina, the son of Julian Robertson Sr., a textile company executive, and the former Blanche Spencer. He graduated from Episcopal High School in 1951 and the University of North Carolina at Chapel Hill in 1955. While at Chapel Hill, he was admitted to Zeta Psi fraternity. He then served as an officer in the U.S. Navy until 1957. He worked for a time as a stockbroker for Kidder, Peabody & Co., where he later headed up the firm's asset management division (Webster Securities) before departing to move to New Zealand for a year. On his return, Robertson launched Tiger with initial investments from friends and family.

Today, Julian Hart Robertson is an active philanthropist and serves on a number of organization and university boards. He is the founder and benefactor of the Robertson Scholars Program which awards a merit scholarship that provides 4-year full-tuition and travel funding for 36 Duke and University of North Carolina students each year. He remains a staunch supporter in the campaign to stop global warming. He also is active as an investor and developer in New Zealand, where he spends much of his time. He owns both Kauri Cliffs Lodge, Kerikeri, Northland, and The Farm at Cape Kidnappers, Hawkes Bay, New Zealand. Cape Kidnappers has a world class and highly rated golf course (27th best in world in 2005). Both properties are members of Relais & Chateux.

[edit] References

  1. ^ Forbes 400 Richest Americans—Julian Robertson
  2. ^ Tiger's Julian Robertson Roars Again, Brian O'Keefe, Fortune Senior Editor, Jan. 28, 2008

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