We Study Billionaires - The Investor’s Podcast Network TIP756: The Rise and Fall of Julian Robertson’s Tiger Fund w/ Kyle Grieve
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Sep 26, 2025 Discover the remarkable journey of Julian Robertson and his iconic Tiger Fund, famous for an impressive 32% annual return. Explore the legendary $300 million copper short and how supply and demand shaped investment strategies. Learn about Robertson's unique no-fee structure and his emphasis on leveraging vast information networks to source ideas. Delve into the lessons from market bubbles, the tech crash, and how Robertson's principles can guide investors today.
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Exceptional Long-Term Track Record
- Julian Robertson's Tiger Fund returned ~32% annually from 1980–1998, vastly outperforming the S&P 500.
- That track record built a long-lasting lineage of successful hedge funds run by his alumni.
The $300M Copper Short
- Tiger's famous copper short netted about $300 million in one day when prices collapsed after a major trader's position was dumped.
- Robertson profiled supply, inventories, producers and users to confirm demand weakness before holding the short.
There Is No Single Market
- Robertson believed there was no single 'market'—just many individual companies to value on fundamentals.
- He argued true profit comes from buying cheap stocks and waiting, not trading market patterns.
