Memo to the Tiger Cubs who are throwing the bash: weekends are hardly ever city days for Tiger Dad, who has been known to make his assistant “painstaking collect evidence to account for his whereabouts each day and on some late nights [has] frantically searched for a car to take him back to Locust Valley” in order to avoid spending more days of the year inside NYC that out, which the Tax Man would just love. This thing better be good. [AR]
Julian Robertson Did Not Pay A Horse-Drawn Carriage 10 G’s To Take Him Home To Long Island One Night So He Could Pay NYC TaxesBy Bess Levin
For the young whippersnappers just getting started on Wall Street, and even for the veterans, legendary investor Julian Robertson has a lot of wisdom to impart. His sagely advice today, however, is not about how to navigate the markets, per se. It’s about pinching a penny and not letting the state of New York make you its bitch. Read more »
Absolute Return reports that Shumway Capital Partners will be allowed to submit redemption requests until December 3, due to a restructuring that will see founder/Tiger Cub Chris Shumway handing over the role of CIO to Tom Wilcox (Shumway will become CEO). The $8 billion firm’s flagship, SCP Atlantic, was down 3.55% through Septemeber. [AR]
At this point in his life, no one would fault Julian Robertson for not starting another career. He’s already had an arguably pretty successful one as a hedge fund manager, in addition to his work rearing the Tiger Cubs, to say nothing of his wine business. Still, he’s always had a dream gig and today he shared it with Erin Burnett on CNBC. “I would love to be the Obesity Czar,” Robertson said. Read more »
Following a “disappointing” first-quarter, an investor in Andreas Halvorsen’s Viking Global Investors tells us the firm’s main fund is down 5 percent for the month. It appears the departure David Ott, Viking’s co-founder and CIO, is not helping matters. Read more »
From Katherine Burton:
Chris Shumway sold an 8 percent stake in his hedge-fund firm to a leveraged-buyout fund run by Goldman Sachs Group Inc., according to a letter sent to investors today.
Shumway Capital Partners LLC will use proceeds from the sale to help finance a partnership to include senior executives of the Greenwich, Connecticut-based firm, the letter said. Terms of the agreement with Goldman Sach’s Petershill Fund were not disclosed.