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Julian Robertson took a deceptively simple approach to investing: own the best companies and bet against the worst ones. To succeed in the investment world means being right on more occasions than you are wrong. And for most of Robertson’s time running Tiger Management — the hedge fund firm he founded in 1980 — he was right.
朱利安•罗伯逊(Julian Robertson)采取了一种看似简单的投资方法：持有最好的公司，并做空最差的公司。要在投资界取得成功，就意味着你在更多的情况下是对的，而不是错的。在罗伯逊经营老虎管理公司(他于1980年创立的对冲基金公司)的大部分时间里，他都是对的。
Robertson, who has died aged 90, was an investment industry giant who spawned a dynasty of hedge fund managers known as the “Tiger cubs”.
罗伯逊已经去世，享年90岁，他是投资界的巨头，孕育了一个被称为“小虎队”(Tiger cubs)的对冲基金经理王朝。
Born in North Carolina in 1932, Robertson served as an officer in the US Navy after university. In 1957, he joined Kidder, Peabody & Co, an American securities firm, as a sales trainee, where he befriended the son-in-law of Alfred Winslow Jones, the intellectual father of the hedge fund industry. This would lay the foundations for Tiger’s investment approach.
罗伯逊1932年出生于北卡罗来纳州，大学毕业后在美国海军担任军官。1957年，他加入了美国证券公司基德尔与皮博迪公司(Kidder, Peabody & Co.)，担任销售培训生。在那里，他与对冲基金之父阿尔弗雷德·温斯洛·琼斯(Alfred Winslow Jones)的女婿成为了朋友。这将为老虎的投资方式奠定基础。
In 1978, Robertson moved to New Zealand intending to write a novel but soon returned to New York. Aged 48, he co-founded Tiger, named after his tendency to call people “Tiger” when he could not remember their name. Launched with initial capital of $8mn, it grew to over $21bn at its peak. Over its two decades, the fund delivered average annual returns of more than 25 per cent, and beat the S&P 500 in 14 of the years.
1978年，罗伯逊搬到新西兰，打算写一部小说，但很快又回到了纽约。48岁时，他与人合伙创立了老虎，这个名字源于他在记不住别人名字的时候喜欢叫别人“Tiger”。该公司最初的资本为800万美元，在巅峰时期增长到210多亿美元。在20年的时间里，该基金的平均年回报率超过25%，有14年的回报率超过了标准普尔500指数。
Tall, slender and gregarious, Robertson dressed in Savile Row suits, spoke with a Carolina drawl and wore his sharp intellect casually. “He was a charmer in a southern way, a networker in a New York way,” writes Sebastian Mallaby in his book More Money Than God. “He was a guy’s guy, a jock’s jock, and he hired in his own image.”
罗伯逊身材修长，爱交际，穿着伦敦萨维尔街的定制西装，说话带着卡罗来纳慢吞吞的拖腔，漫不经心地流露着他敏锐的智慧。塞巴斯蒂安·马拉比(Sebastian Mallaby)在他的书《比上帝更有钱》(More Money Than God)中写道：“他有南方人的魅力，纽约人的人脉。他是男人中的男人，运动员中的运动员，他按照自己的形象招募员工。”
The typical Tiger analyst was competitive, curious, extroverted — and male. Being on Robertson’s team “was like the Navy Seals,” recalls Tiger cub Philippe Laffont, who went on to found Coatue Management. Every morning at 6am sharp, Robertson rang the trading desk to check in on performance. Analysts were interrogated on investments with their boss pouncing on a rogue decimal place or a wrong number. Robertson would challenge traders to an exercise bike race in the gym and fly them to outward bound retreats in Idaho’s Sawtooth Mountains in his private plane. The women Tiger employed in support roles “looked like supermodels” recalls one visitor.
典型的老虎分析员是好胜、好奇，并且外向的--而且是男性。后来创建了Coatue管理公司的“小虎队”成员菲利普·拉丰(Philippe Laffont)回忆说，在罗伯逊的团队中，“就像在海豹突击队一样”。每天早上6点整，罗伯逊都会给交易台打电话，检查业绩。分析师们被审问投资情况，他们的老板会对一个错误的小数点位或一个错误的数字大加抨击。罗伯逊会邀请交易员在健身房参加一场自行车运动比赛，然后用他的私人飞机带他们去爱达荷州锯齿山(Idaho 's Sawtooth Mountains)的户外活动。一位来访者回忆道，老虎雇佣的女性助理人员“看起来像超模”。
Robertson enjoyed learning from young people. He was unfamiliar with the market for credit default swaps until one of his analysts told him about it a few years before the financial crisis. He decided to trade CDS and made triple digit returns in 2007-2008.
罗伯逊喜欢向年轻人学习。他对信用违约掉期市场并不熟悉，直到金融危机发生前几年，他的一位分析师告诉他。他决定交易CDS，并在2007-2008年获得三位数的回报。
Tiger’s simple investment approach belied a forensic analysis of companies and their management. Robertson could be short-tempered but his force of personality helped build a diverse group of investors including singer Paul Simon, writer Tom Wolfe and Blackstone founder Steve Schwarzman. In 1998 he even persuaded former UK prime minister Margaret Thatcher to join the advisory board.
老虎简单的投资方法掩盖了他对公司及其管理层的法医般的详细分析。罗伯逊可能脾气暴躁，但他的个性力量帮助建立了一个多元化的投资者群体，包括歌手保罗•西蒙(Paul Simon)、作家汤姆•沃尔夫(Tom Wolfe)和黑石(Blackstone)创始人苏世民(Steve Schwarzman)。1998年，他甚至说服英国前首相玛格丽特•撒切尔(Margaret Thatcher)加入该顾问委员会。
Short seller Jim Chanos recalls running a short portfolio for Tiger in the nineties and being regularly summoned to the firm’s 101 Park Avenue headquarters to defend his ideas. After the first lunch, Robertson walked Chanos to the lift. “Jim, that was great and thank you for coming over,” he said. “Also, please cover that short” — ie close out the investment.
做空者吉姆•查诺斯(Jim Chanos)回忆起上世纪90年代为老虎管理一个做空投资组合时的情景，当时他经常被公司召集到位于101公园大道的总部，为自己的想法辩护。吃完第一顿午饭后，罗伯逊送查诺斯去了电梯。“吉姆，太棒了，谢谢你过来，”他说：“另外，请补上那笔空头” - 即关闭投资。
Tiger’s legacy is as much the success of Robertson’s protégées — among them Laffont, Chase Coleman, John Griffin, Lee Ainslie, Steve Mandel and Andreas Halvorsen — as it is his own track record. Almost 200 hedge fund firms can trace their origins back to Tiger Management, including Bill Hwang’s Archegos Capital Management, which blew up spectacularly in 2021.
老虎的遗产是罗伯逊的门徒们的成功——其中包括拉丰、蔡斯·科尔曼、约翰·格里芬、李·安斯利、史蒂夫•曼德尔和安德烈亚斯•哈尔沃森——就像他自己的记录一样。有近200家对冲基金公司的起源可以追溯到老虎管理，其中包括比尔·黄(Bill Hwang)的Archegos Capital Management，该公司在2021年爆仓。
Robertson, who is survived by three sons and nine grandchildren, gave over $2bn to charity, and was among the early signatories to the Giving Pledge. “When Julian got a philanthropic recommendation from someone he trusted, he immediately wrote a cheque that always involved a lot of zeros,” Warren Buffett, who co-created the Giving Pledge, told the FT. “He never wanted a word of recognition or thanks.”
罗伯逊有三个儿子和九个孙子在世，他向慈善机构捐赠了超过20亿美元，是“捐赠誓言”(Giving Pledge)的早期签署人之一。“捐赠誓言”的共同创始人沃伦•巴菲特(Warren Buffett)向英国《金融时报》表示：“当朱利安从他信任的人那里得到一份慈善推荐时，他立即写了一张支票，上面总是写着很多‘零’。他从来不想要一句认可或感谢的话。”
As Tiger grew, it expanded beyond its core expertise in US equities into government bonds, commodities and currencies. Some of the drivers of Robertson’s success — hefty bets with unshakeable conviction — were eventually his undoing. A huge wager against the Japanese yen and a large position in airline USAir proved painful, while his refusal to embrace the dotcom boom — which he said was “unwittingly creating a Ponzi pyramid destined for collapse” — cost the fund a fifth of its value in 1999.
随着老虎的发展，该公司的业务范围从其在美国股市的核心专长扩展到了政府债券、大宗商品和外汇领域。罗伯逊成功的一些驱动因素——坚定信念下的巨额赌注——最终导致了他的失败。事实证明，做空日元的巨额赌注和持有美国航空公司(USAir)大量头寸是痛苦的，而他拒绝拥抱互联网热潮——他表示，互联网热潮“在不知不觉中创造了一个注定会崩溃的庞氏金字塔”——让该基金在1999年损失了五分之一的价值。
Robertson was ultimately right about the dotcom bubble. But it was too late for Tiger. After losses and a slump in assets, the hedge fund finally returned outside investor money in 2000. Its charismatic founder was living proof that in the stock markets, being early is the same as being wrong. Harriet Agnew, Laurence Fletcher, Ortenca Aliaj and Eric Platt
罗伯逊关于互联网泡沫的预测最终是正确的。但对老虎来说已经太晚了。在经历了亏损和资产滑坡之后，该对冲基金终于在2000年归还了外部投资者的资金。其富有魅力的创始人活生生地证明，在股票市场上，早到就等于错了。