Thought For The Day

[At the age of six.] I still remember the first time I ever heard of stocks. My parents went away on a trip, and a great-aunt stayed with me. She showed me in the paper a company called United Corp., which was traded on the Big Board and selling for about $1.25. And I realized that I could even save up enough money to buy the shares. I watched it. Sort of gradually stimulated my interest.
Julian Robertson

 

[In December 1998] The Internet is a great new technology that will change our lives. But there have been other great developments that created equally important lifestyle changes. In the past, investors overreacted to the promise of these changes…
Julian Robertson

 

There is no point in subjecting our investors to risk in a market which I frankly do not understand.
Julian Robertson

 

It is amazing how in the rest of the world no one really seems to care about profitability.
Julian Robertson

 

[In August 1989] We aren’t that worried about the market, the reason being that everybody else is worried about it.
Julian Robertson

 

[In December 2002] I'm actually sort of shocked by the totally unanimity of bearishness today - it's the most bullish thing I can think of.
Julian Robertson

 

I like stocks with very big free cash flow yields.
Julian Robertson

 

I like to utilize money in a fashion to leverage it to do good.
Julian Robertson

 

As long as the story around the investment remained the same, the position should get bigger.
[When the story around an investment changed, then it was time to get out.]
Julian Robertson

 

[On the fine line between market information and insider information.] Better safe than sorry.
Julian Robertson

 

In a rational environment [our] strategy functions well, but in an irrational market, where earnings and price considerations take a back seat to mouse clicks and momentum, such logic, as we have learned does not count for much.
Julian Robertson

 

I always had the feeling that if you go the talent to keep up with assets, then it did not make any difference how big you got. The trouble was, and I sort of overlooked this, the buffet table got smaller and there wasn’t as much to choose from, because to make it meaningful we had to buy a huge amount of a company’s stock, and there were only a few companies we could buy a huge amount and be liquid.
Julian Robertson

 

[On his father Julian Robertson Sr when he passed away at age 95 on February 22, 1995 - He was a] Wonderful man. He may not agree with you but he agrees with the premise that you have the right to have your opinion.
Julian Robertson

 

[In February 1986] Our forte is picking stocks, good and bad, not dealing with commodities, which is a totally different business. Nevertheless, it is always a mistake to totally exclude yourself from any modality since that will result in missed opportunities.
Julian Robertson

 

In the past, there have been times when it would have been a great mistake for me not to have taken advantage of certain special situations in the commodities file. Some of you knew me in the late sixties when a young analyst at Kidder Peabody discovered the that Treasury Department, which had effectively kept a ceiling on the price of silver by selling its hoard on the open market, was rapidly running out of silver. Silver became one of the most fabulous investments I have ever made, doubly so because there was no risk involved. Later on you may recall our delving into cattle futures when the herds diminished significantly.
Julian Robertson

 

[On running the tiger funds.] For every minute of it, the good times and the bad, the victories and the defeats, I speak for myself and the multitude of Tigers past and present who thank you from the bottom of our hearts. Julian Robertson

 

Warren Buffett Quote:

I am not looking at quarterly earnings projections,am not looking at next year’s earnings, am not thinking about what day of the week it is, I don’t care what investment research from any place says, am not interested in price momentum, volume or anything. I am simply asking: What is the business worth?

 

The hedge fund business is about success breeding success. Over time as we continued to perform, many of our investors told their friends, their colleagues about what we were doing and that is how we grew.
Julian Robertson

 

[On the idea that a firm could grow talent commensurate with the burgeoning assets under management.] Theoretically sound, it was practically impossible.
Julian Robertson

 

Some may think it ambitious that we are determined to be global investors. We think any other approach would be shortsighted.
Julian Robertson