Julian Robertson's decision to kill his Tiger funds makes a mockery of what fund managers preach to clients - that when the markets get wild, we should sit tight and keep our cool as long as we know our portfolios are built with sturdy stocks.
Robertson's determination to stick to his buying-the-best-stocks-and-shorting-the-worst philosophy no doubt deserves empathy. The tech stock whirlwind stripped his six funds' aggregated assets from $22 billion to just $6 billion in 18 months.
Admittedly, $7.7 billion of that hefty sum was withdrawal from investors, while his short position on the yen in 1998 also proved to be costly.
Robertson rightly points out that the current market is...