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Oh Boy Does Julian Robertson Wish Apple, Facebook Had Been Around When He Was A Middle-Aged Man

You kids today don’t know what kind of a bargain you’re getting.
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This year marks the 60th anniversary of Julian Robertson’s arrival on Wall Street as a kid stockbroker at Kidder Peabody. In those six decades, the Tiger Management founder’s seen a lot of things happen over and over again. Like rallies creating bubbles that lead to crashes. And guess what?

julian robertson facebook

"The market as a whole is quite high on a historical basis," he said. "I think that's due to the fact that interest rates are slow low. But there's no real competition for the money other than art and real estate…."

"I think we need interest rates to appreciate, to go up, because I think we are creating a bubble," he added.

Now, you might expect an octogenarian who spends much of his time ensuring that his New York City tax payments are as low as possible to locate the source of this bubble-blowing in these newfangled FANG stocks that the kids love so much, your Faceflix and Netbook and Goog-a-watchamacallit and what have you that no one really understand but whose share prices are seemingly divorced from both reality and gravity. But no: His little cubbies have told him all about them, and he just wishes that a younger him had the opportunity to buy them at these prices long before the existed.

“Right now the Apples, the Facebooks and the Googles are priced cheaper than they would have ever been in the ’60s, ’70s and ’80s,” Robertson, 85, said Tuesday at the CNBC Institutional Investor Delivering Alpha conference in New York.

While he’s a long-term investor in Facebook Inc., he finds Apple Inc. and Netflix Inc. enticing. “Netflix is tempting to me because it’s run by really good people and I love it too,” said Robertson, who founded New York-based Tiger Management in 1980 and turned it into one of the industry’s largest hedge funds. “Not liking Netflix is like saying you hate Santa Claus.”

Tiger Management’s Robertson says ‘we are creating a bubble’ in stocks [CNBC]
Julian Robertson Says FANG Stocks Aren’t Too Rich, the Market Is [Bloomberg]


Those Touched By Julian Robertson Are Not Losing Their Touch

The majority of Tiger Cubs are still in it to win it.

Julian Robertson Made Mitt Romney An Offer He Could Refuse

And did! (Next time think about throwing in a tutorial on not letting The Man make you his bitch and some tales from the crypt to sweeten the deal.) Not long after Mitt Romney dropped out of the presidential race in early 2008, a titan of New York finance, Julian H. Robertson, flew to Utah to deliver an eye-popping offer. He asked Mr. Romney to become chief executive of his hedge fund, Tiger Management, for an annual salary of about $30 million, plus investment profits, according to two people told of the discussions. For Mr. Romney, who had spent the previous decade in public life forgoing any paychecks, the position promised to catapult him back to the pinnacle of American business and into the ranks of the stratospherically rich. Several friends and relatives urged him to accept. “Let’s put it this way,” said Mr. Robertson. “He could have made a lot of money.” But Mr. Romney was uninterested. Defeat, Introspection, Reinvention, Nomination [NYT]


David Einhorn Also Unloaded Some Apple Shares

Hedge fund managers everywhere are spitting out pips.

Julian Robertson Likes Mitt Romney So Much He's Considering Letting The Governor Take Over The Number 1 Spot On Speed Dial

A slot previously held by a certain Home Depot founder who'd better step his shit up next time he's on CNBC. “I think people are getting to know the real Mitt Romney. I am thrilled that that is happening. He is really quite a guy. He is, in my opinion, intellectually and morally and managerially the man that is most qualified by far to be president of the United States. You're having a guy this afternoon that is a great hero of mine, but Mitt Romney is even better than Ken Langone...I think the campaign is going good. I think Governor Romney is really getting the American people to see the real Romney. That is what we have needed all along. I wish his family would expose itself more…I'd like to see Mrs. Romney, I would like to see the boys out and all of that more." Tiger's Robertson: hedge fund managers are scared [BloombergTV]