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Abelson, Alan, 181–182 Blanche and Family Absolute performance, 64 Foundation, 22, 256 Accredited investors, 251 Blue Ridge Capital, xvi, 197, 203 Acquisitions, 110–112 Boesky, Ivan, 81 Ainslie, Lee S., III, xvi, 197, 241 Bogle, John, 218 Airline industry, 116 Bond markets, 54, 57 Alliance for Automobile Manufacturers, Boy’s Club of New York, 239 245 Brady, Nicholas, 114 American Airlines, 116, 118, 119 Brain drain, 81–82, 94–95 American Depository Receipts, 206 Brazil, 82, 193 American Stock Exchange (AMEX), 53, 55 Broad, Eli, 241 Arbitrage, 180 Bronx Preparatory Charter School, 239 Art, 246–247 Bubble economy, 84, 164–166, 226 ASEAN, See Association of Southeast Asia “The Buck Stops with Julian Robertson, Nations Not the Market” (Gary Weiss), 177 Asian markets, 74–75, 149–150, 219–222. Budget deficit, 115–118, 130, 131 See also Japanese market Buffett, Warren, 15, 32, 101, 127, 170, 174 Assets, raising, 92, 194–195, 201, 228–229 Bumiller, Elisabeth, 150, 151 Association of Southeast Asia Nations Bundesbank, 129 (ASEAN), 220–221 Burch, Dale, 234, 240, 249 Athletes, 43, 201–202 Burch, Robert, 31, 35, 45, 197, 199, 219, Auto emissions standards, 245 249, 257 Automobile industry, 103–104, 140, 141 Burma, 220–221 A.W. Jones & Company, 38, 45, 256–257 Bush, George H. W., 113–114, 116 Bush, George W., 237 Bacon, Blanche Robertson, 16, 19 Business development and administration, Bader, Mark, 203 135–136 Baht, 179 BusinessWeek, 142, 144–149, 176, 177, 179 Banking industry, 101, 126 Business Week Assets, 125, 127, 128 Bank of England, 156, 221 Buy-back programs, 61, 63, 86, 87, 108–112 Baring, 8 Barron’s, 96, 128, 179, 181 California, 245 , 235 Cash, 108, 109 Belton, Peter, 115 Catalytic converters, 140, 141 Berg, Gilchrist, 85, 137, 138 Cemex, 206 Berkshire Hathaway, 174 Central Bank (Great Britain), 12 Biggs, Barton, 155 Chang, Yoon, 193 Bills, Michael, 72 Charitable organizations, 198

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Child Care Inc., 239 Druckenmiller, Stan, 12, 241 Chrysler, 59, 86 Duff, Patrick, 115 CityKids Foundation, 239 Duke University, 243–245 Clean Air Act, 245 Client relationship management, 92 Earle, Patrick, 203 Clinton administration, 204 Eastern Europe, 236–237 CNBC, 96, 166 Economy, 61–62, 82, 103–105, 107–110, Coca-Cola, 206–207 113, 120 Coleman, Chase, 190, 192–193 Education, public, 241, 242 Commodities trading, 64–68 Ellis, Robert, 203 Commodity Futures Trading Commission, Emerging Sovereign Group, 190, 193 65, 66 Environment, 245–246 Communication, 46, 59, 62, 63, 65, 67–68 Environmental Protection Agency, 141 Community, 22, 198, 233 Equities markets, 55, 63–64, 70, 78, 98, Company-specific risk, 211 149, 161, 165 Compensation, 44, 132–134 Equity long/short strategy, 51, 153–154 Competition, 15–16, 23–25, 43, 187, 201 European markets, 120–121 Condom manufacturing, 80 European monetary system, 156–157 Confidential sources, 145 Consumer debt, 82 Facciola, Tom, 190–192, 263 Consumer spending, 60 “Fall of the Wizard” (Gary Weiss), 142 Controlled aggression, 138 Family, 16–23 Copper, 2–3, 5–13, 210, 255 Federal Reserve, 129, 224, 225 Corporate governance issues, 110, 151 Fee structure, 38–39, 178, 179, 227 Corporate statistics, 121, 122 Fidelity, 218 Crash of 1987, 89–92, 108 Fight positions, 187, 188 Crisis of confidence, 177, 182 Financial analysis, 208 Culture, 184–185 Financial services sector, 100, 129 Currency markets, 57–58, 65–67, 110, 144, Florida, 242 158, 161, 162 Forbes, 137, 155 Forced giving, 235 Davis, Gray, 245 Ford, William Clay, 111 Davis, Rob, 237 Ford Motor Company, 75, 86, 94, 95, Day trading, 166 98–99, 110–113, 115 DeBeers, 116 Foreign buying, 88 Debt component, 71–73 Free cash flow, 109, 205 Decision making, 137, 143, 187, 200 Friday lunch meetings, 209 Deepdale golf course, 249 Defense business, 112 Gasoline tax, 117, 130–131 Defense spending, 110, 115 Geneen, Harold, 112, 113 De la Hey, Johnny, 203 Generic drug sector, 58–59, 73 Democratization of hedge funds, 229–230 Georgia Gulf, 99 Denominator, 94 Germany, 122, 123, 157 Deutsche mark, 129 Global macro trading, 52, 55–56, 64, 67, Diamond market, 116 103, 115–118, 140, 143–144, Dillon Read, 114 149–150, 153, 158–160, 174, 180, 181, Diversification, 103, 158, 159 205, 221 Documents, , 66–68 Goldman Sachs, xiv, 81, 225 Dodd, David L., 32–34, 39, 101, 208 Golf, xiii, 248–249 Doe Fund, 239 Golfweek, 248 Dole, Elizabeth, 16 Goodell, Bill, 240, 241 Dole, Robert, 117, 187 Gorbachev, Mikhail, 115 The dollar, 54–55, 58, 60–62, 86, 96, 98, Graham, Benjamin, 32–34, 39, 101, 208 104 Great Britain, 12, 116–117, 130, 156–157 Donaldson, William, 222 Great Depression, 89 Donaldson Lufkin and Jenrette, 252 Greed, 118 Doomsday fund, 88, 95 Greenburg, Ace, 235 Dow Chemical, 109 Greenspan, Alan, 169 Dow Jones Industrial Average, 89, 170 Griffin, John, xvi, 136–137, 164, 197, Dreyfus, 100 202–203, 246

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Growth (of Tiger), 178 Investor sentiment, 53 Growth stocks, 164, 213 IPOs, See Initial public offerings “Irrational exuberance,” 169 Halvorsen, O. Andreas, 197, 201 Irrational markets, 180 Hamanaka, Yasuo, 7–10, 255 Harman, David, 248 Jackson, Andrew, 16 Harvard Business School, 81, 94 Jacobs, Dale, 230 Hawke Bay, 249 Jaguar Fund, 176, 179, 251 Health tax, 117 “Japanese Insurance Policy,” 121 Hedge funds, xiii–xvi Japanese market, 74–75, 78, 82–88, 91, 93, absolute basis of, 64 96–98, 104–107, 109, 113–115, closed to new investors, 231 120–122, 129, 142, 149, 161 democratization of, 229–230 Jefferson Smurfit, 86, 99 documents for, 66–68 Johnson & Johnson, 115, 120 fee structure of, 38–39 Jones, Alfred Winslow, xiii, 35–40, 154, founding fathers of, xv 198, 218, 233–234 Graham and Dodd’s strategy for, 32–34 Jones, Paul Tudor, 237 investment in, 221–222 Jones, Tony, 36, 234 and Alfred Jones, 36–37 Jones partnership, xv mutual funds vs., 217–218 Josie Robertson Fund, 242 number of, 222 Josie Robertson Plaza, 150 overcrowding of, 28–229 Julian H. Robertson Jr. Capital Markets and pound sterling, 156–157 room, 246 Robertson’s superiority in, 127 Junk bonds, 121, 122 strategies for, 51–52 and taxes, 139–140 Karr, Robert, 201 Hedge Fund Cares, 237 Kenny, Kevin, 190, 193–194 Hedge Fund Roundtable, 222 Kidder Peabody & Co., 29–32, 34, 40, 41, Henney, Tim, 135, 155 80 Henry Street Settlement, 234, 239 KKR, See Kohlberg Kravis Roberts High-capitalization companies, 83 Klein, Joel, 241 High water mark, 227 Kohlberg Kravis Roberts (KKR), 118, 260 hiring, 138 Kravis, Henry, 119 Historic Salisbury, 17, 256 Krugman, Paul, 179–180 Hong Kong, 149, 161 K2 Advisors, 201, 216, 239 Hospital Corporation of America, 122 Hughes, Martin, 203 Large-capitalization stocks, 106 human capital, 138–139 Leadership, 117, 204 Humor, 23, 47, 48 Learning from others, 30 Hwang, Bill, 190 Leeson, Nick, 8 Lehman Brothers, xiv Icahn, Carl, 119 Lessons learned, 205–232 Idea generation, 54, 119–120, 160, 190, 198 Leverage, 38, 83, 93–94, 211–212 Independent investors, 108 Leveraged buyouts, 108, 118, 260 Information processing, 47, 143, 215 Levine, Dennis, 81 Infrastructure, 78, 131–132, 190, 202 Levy, Leon, 143 Initial public offerings (IPOs), 130, Lincoln Center, 150, 242 165–166 Lion, 252 Inside information, 120 Liquidity, xiv, 53, 57–58, 70–71, 86, 91, 93, Insider trading, 80–81, 259 94, 96, 154, 183 Institutional Investor, 128, 201 Listening, 30, 137 Insurance industry, 100 Livermore, Jesse, 15 Interest rates, 122, 129, 130, 144 Lock-up period, 70–71, 73 Internal Revenue Service, 239, 240, 242 The Lodge and Golf Course at Kauri Cliffs, Interviews, research, 208 248–249 Investment Advisory Sentiment, 53 Loews, 86 Investment banking industry, 81 London Metal Exchange, 10 Investors: Lone Pine Capital, xvi, 197 idea generation from, 54 Long positions, 37–38 taking care of, 167–168 Long/short equity model, 153–154

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Long-Term Capital Management (LTCM), Nasdaq Composite, 173 174, 219, 222–226, 228 Nash, Jack, 143 Lowenstein, Roger, 223 National Distillers, 86 LTCM, See Long-Term Capital Networking, 30, 45–47, 209–210 Management , 233–234, 238–239, 241, Lynch, Peter, 101, 127, 208 242 New York Daily News, 174–175 “Macro Trouble” (Alan Abelson), 181 New York Post, 226 Magellan Fund, 218 New York State Supreme Court, 145 Mahathir Mohamad, 220 , 74 Major, John, 157 New York Times, 150, 179 Mandel, Steven, xvi, 197 New Zealand, 40–41, 140, 247–249 Manufacturing, 86, 103–105, 109 Nicholson, John, 85 Margin-account buying, 53 Nikkei averages, 121 Margin trading, 84 1987, 77–102 Mariner Investment Group, 227 brain drain in, 81–82, 94–95 “The market,” 34 changes resulting from crash of, 93–102 Marketing, 35 crash of, 89–92 Market risk, 211 and doomsday funds, 95 Marsh & McLennan, 79, 100 insider trading in, 80–81 Maverick Capital Management, xvi, 197, Japanese market in, 82–88, 91, 93, 241 96–98 McCormack, Patrick, 190 “silly season” in, 79–80 McFarland, Mike, 243 volatility in, 78 McGraw-Hill, 144, 145 Nippon Telephone and Telegraph, 84, 97 McIntire School of Commerce, 246 “No campaign to save the Tiger” (Times of McKenzie, Thorpe, 44, 47, 140–141, 251 London), 179 Medium-capitalization stocks, 107 North Carolina, 16 Merck, 115, 120 North Carolina Museum of Art, 247 Merger mania, 61, 62 Meriwether, John, 222–226 Ocelot Fund L.P., 166, 252 Merrill, Charlie, 15 Ocelot Offshore Fund L.P., 252 Merrill Lynch, 225 Off-the book trades, 8 Metals trading, 1–13 Oil, 66, 73, 74, 116 Metropolitan Financial, 87 Oligopolies, 116 Mexico, 54, 140, 193, 206–207 Olson, Brian, 201 Michaelcheck, William, 227 Openness, 226 Mitsukoshi, 107 Open Society Institute, 220, 237 Mlyn, Eric, 244 The Orange County Register, 203 Moneyic (term), 81 OTC market, See Over-the-counter market Money management, 35, 64, 216 Ott, David, 201 Monopolies, 116 Outside expertise, 212 Morgan, J. P., 15 Overhanging the market, 258 Morgan Stanley, xiv, 71–72, 100–101, 131, Overstated performance, 131 132, 135, 136, 148, 193, 202 Over-the-counter (OTC) market, 53, 55 Morgan Stanley Capital Index (MSCI), 49, Overtrading, 72–73 163 Morgan Stanley Capital International, 62 Pacific Investment Management Morgan Stanley Capital International Company, 218 World index, 163 Palladium, 140–141 Morgan Stanley World Capital Index, 161 Pall Corporation, 59–60 Morningstar, 217 Pattison, Shawn, 220 MSCI, See Morgan Stanley Capital Index Paul, Chris, 244 Mulheren, John, 235 Pension plans, 53, 63, 91, 108, 120 Mullins, David, 224 Performance, 131, 178, 214 Munger, Charlie, 32 Performance-based compensation, 44 Mutual funds, 64, 108, 127, 217–218, 226 Personal savings, 115 Personnel, 183–188 Nakashin, Shigehiro, 201 Phalon, Richard, 138 Nasdaq, 89, 168, 170 Philanthropy, 19, 150–151, 204, 234–247

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Phillip Morris, 118 Salisbury, North Carolina, 16–18, 22, 256 Picasso, Pablo, 247 Salisbury Post, 23 Poland, 193 , xiv Polar fund, 85, 87 Saunders, David, 24–25, 155, 201, Political risk, 67 239–240 Politics, 113–118 Savings, personal, 115 Polyvinyl chloride, 98 Savings and loan associations, 101 Pound sterling, 156–157 Schilt, Tim, 115, 121 Praise, 161 Scholarships, 243–245 The press, 125–150, 173–188 schools, 242 Pricing inefficiencies, 158 schools, public, 241 Profit, 153 Sears, Michael, 189, 190 Profit-sharing plans, 53, 63, 91 Secrecy, 178 Project Reach Youth, 239 Sector specialists, 186 public schools, 241, 242 Securities and Exchange Commission, xiv, Puma Fund, 71–74, 100, 119, 136, 251–252 222, 261 Put—call ratio, 53 Security analysis, 32–33 Put options, 9, 61, 114, 121 Security Analysis (Benjamin Graham and David Dodd), 32 Qualified purchasers, 251 Sentiment, 53 Quantum fund, 143 September 11, 2001 terrorist attacks, 96 Queen Elizabeth II Trust for Conservation, Settlement, 147 248 Shadow portfolio accounting system, Quota fund, 143 132–133 Shapiro, Steven, 201 Rankin, Johanna, 244–245 Shephard, Stephen B., 145, 149 Real estate, 109 Shimachu, 107 “Reckonings” (Paul Krugman), 179 Shorting, 2–3, 10–11, 37–40, 52, 77, 211, Redemptions, 176–177, 179, 183 256 Regulation, 229 Siegel, Martin, 80–81, 258–259 Reinganum, Marc, 174 Sills, Beverly, 242 Relative performance, 64 “Silly season,” 79–80 Research, 11, 31–38, 202, 208–209 Silver, Jonathan, 204 Reserves, 114 Silver market, 65 Resorts, 248–249 Singleton, Henry, 112, 113 Responsibility, 26, 204 Sin tax, 117 Ricadelli, Lou, 132–133 Siris, Peter, 175 Risk, 64, 67, 149, 153, 155–156, 211, 212, Size of assets, 181, 183 227–228 Slater, Robert, 156 Risk Arab Parners, 136 Slippage, 56–57 R.J. Reynolds (RJR), 118, 260 Small cap stocks, 54, 83, 93, 107 RJR Nabisco, 122 Snider, Arnold, 115, 201 Robertson, Alex, 40 Social Security, 110 Robertson, Blanche Spencer, 17, 19–23 Soros, George, xv, 1, 12, 15, 44, 57, 90, 127, Robertson, Jay, 40 143, 156–157, 159, 188, 219–221, 223, Robertson, Josie, 40, 150, 240, 247 236–237, 262 Robertson, Julian Hart, Jr., xii–xiii Soros Foundation, 220 character of, 19–20 Soros Fund Management, 220 competitive nature of, 15–16, 19, 23–25 Soros (Robert Slater), 156–157 early years of, 16–27 South Korea, 149–150, 205–206 family of, 16–23 S&P 500, 49, 58, 60, 62, 69, 89, 130, 161, New Zealand sabbatical of, 40–41 163, 174 Robertson, Julian Hart, Sr., 18–20 Sports, 23–24 Robertson, Spencer, 40 Stanford Business School, 136–137 The Robertson Foundation, 240–241 Steinhardt, Michael, xv, 15, 57, 90, 127, Robertson Scholars, 243–245 182, 223 Robin Hood Foundation, 237, 241–242 Steinhardt Partners, 223 Roditi, Nicholas, 143 Stern, Aaron, 138, 139, 250 Rose, Charlie, 247 Stock market ratios, 122 Russia, 115, 140, 174, 187, 193, 219, 222 Stock options, 91

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Story (concept), 4–5, 210 Trade deficit, 82, 94, 113 Sumitomo Corporation, 6–9, 255 Trading operations, 134–135, 162 Sun America, 241 Traditional markets, 52–55 “Supply and Demand in the Stock Market” Training, 200 (Julian Robertson), 107–108 Transparency, 226 Tritt, Ramie, 166 Taiwan, 74 Trust, 29–31, 135 Takeovers, 55, 62 Tulip mania, 84–85 Taxes, 117, 130–131, 139–140 Tuncel, Mete, 193 Tax-exempt investors, 176 Taylor, Hunt, xvi, 199–200 Undervalued stocks, 60 Teamwork, 20, 43 United Airlines, 115, 116, 118, 119 Te Awa, 249 U.S. Department of Treasury, 114 Technology stocks, 170, 179 U.S. Navy, 25–26 Teledyne, 112 U.S. Treasuries, 97, 143 Templeton, John, 101 University of North Carolina, 25, 243–245 Territo, Charles, 245 University of Virginia, 246 Testaverde, Peter, 222 testing system for hiring, 138 Value investing, 32–34, 79–80, 90, 101, Thailand, 161, 179 105, 174, 205 Thatcher, Lady Margaret, 117, 187 Vanguard, 218 Tiger Cubs, 183, 189–204 Venture capital investing, 70–71 Tiger Foundation, 238–240 Viking Capital, 197, 201 Tiger Fund: Vista Chemical, 99 and crash of 1987, 77–102 Volatility, 38, 55, 78, 107, 149 formative years of, 51–75 Volunteering, 22 growth of, 49 infrastructure of, 131–132 Wald, Lillian, 234 long/short ratio of, 78, 94, 96 Wal-Mart, 115, 116, 118–120, 129 naming of, 44 Walton, Sam, 119 networking at, 45–47 Webster Management Corp., 29 1980/1981 returns of, 49 Weil, Sandy, 235 1980-1999 growth of, 251–253 Weiss, Gary, 125–128, 142–145, 148–149, 1985 returns of, 58, 60 176–181 1986 returns of, 68–69 West Fraser Timber Company, 87 1988 returns of, 109 “What Really Killed Tiger” (Gary Weiss), 1991 returns of, 128–129 176 1997 returns of, 161 Wheeler, Lawrence, 247 1998 returns of, 163 When the Genius Failed (Roger Lowenstein), 1999 returns of, 174 223 personality conflicts at, 49 Wilson, Robert, 44 safeguards for, 61 Winery, 249 start of, 44–49 Winn-Dixie, 99 , LLC., xii, xv–xvii Wire-houses, 230 Tiger person, 138–139 “Wizard of ,” 196, 230 TigerShark Management LLC, 190–192, Wolf, Steve, 119 263 Wong, Paul, 216 Tiger Technology Fund, 190, 192–193, 263 Woodsen, Mary, 21, 256 Tiger: The Record . . . The Reasons, 251–253 “The World’s Best Money Manager” (Gary Time horizons, 159–160 Weiss), 125 The Times of London, 179 WTD Industries, 137–138 Tokyo Electric, 75 Tosco, 116 Yen, 162, 174 Total Return Fund, 218 Town & Country, 248 Zenith Labs, 74 Toyota, 75 Ziff, Dirk, 241

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