What Really Killed Robertson's Tiger

Closing the Jaguar fund dealt the final blow to Julian Robertson's empire

When the fat lady sang for Julian H. Robertson Jr. and his renowned Tiger Management hedge-fund group, it came much faster than anybody anticipated. At yearend, Tiger analysts were told that the end was looming if mounting losses weren't reversed. But the funds were supposed to have at least eight months to live (BW--Mar. 13). In a letter to investors on Feb. 4, Robertson expected to turn things around. Yet again, in a letter to investors on Mar. 10, he bravely asserted that "the values in our portfolio are tremendous and eventually they will be recognized." And then, just days later, it was all over. On Mar. 30, Robertson announced that he was giving up the fight. Tiger Management was through.

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