Tiger Cubs: Momwe a Julian Robertson adakhalira mafumu a hedge fund

Pamene kukakamizidwa kwa Archegos Capital kudawomba dzenje lofunika ndalama zoposa $ 10bn Kuchokera pamabanki angapo, mzere umodzi mu mbiri ya woyambitsa Bill Hwang udawonekera: Tiger Management.

Makampani abizinesi asanagwe mu Marichi, Hwang anali chithunzi chosadziwika wodziwika bwino chifukwa chofunsira milandu yabodza mu 2012. Otsatsa anzawo adadabwitsidwa akadatha kutuluka kuti apeze $ 50bn pakubwereka kumabanki omwe amenya kwambiri kuti awonjezere zomwe zidali zachinyengo.

Koma mbadwa yake monga wamkulu wakale wa Tiger fund adayika Hwang –
– yemwe adagwira ntchito ku Tiger Management ku New York kuyambira 1996 mpaka 2001 – pakati pa mafumu a hedge fund. Zinatanthawuza kuti adaphunzira luso lake pagulu lotchuka chifukwa chobwezera modabwitsa komanso kubetcha ndalama zambiri monga zotetezedwa mu 1980s mpainiya wa hedge fund a Julian Robertson. Fasco ku Archegos ikutsimikizira momwe, patadutsa zaka makumi angapo atatseka Tiger kwa osunga ndalama akunja, a Robertson otchedwa Tiger Cubs akadali ndi chikwama chotsegulira zitseko kumabanki otchuka kwambiri padziko lonse lapansi.

“Ngati mumachokera ku Tiger, zimathandiza kukopa aliyense kuti azichita bizinesi nanu,” adatero wogulitsa wamkulu ku banki imodzi yomwe idataya ndalama kugwa kwa Archegos.

Hwang ndizosiyana kwambiri zomwe zimatsimikizira lamuloli pagulu la mamanejala omwe apanga ndalama mabiliyoni kwa makasitomala. Ena tsopano ali m’gulu lazachuma kwambiri padziko lonse lapansi.

“Palibe shopu m’mbiri yoyang’anira ndalama zomwe zatulutsa anthu odabwitsa,” atero a Dixon Boardman, wamkulu wa Optima Asset Management, yemwe adagwira ntchito ndi Robertson ku broker Kidder, Peabody & Co Robertson asanakhazikitse Tiger ku 1980.

Mphamvu za Tiger zimabalalika pazachuma padziko lonse lapansi. Makampani pafupifupi 200 a hedge fund amatha kudziwa komwe adachokera ku Tiger Management, malinga ndi wochita bizinesi LCH Investments. Amalumikizidwa kupitilira nthawi ku hedge fund yoyambirira, magulu 50 kapena angapo pomwe Robertson adapereka ndalama kuti zithandizire mabizinesi awo kapena otchedwa ‘grandcubs’ omwe adasiyana ndi mabungwe a alumni. Malinga ndi LCH, a George Soros a hedge fund a Soros Fund Management okha ndi omwe amakhala ndi osewera ambiri.

Ngakhale pano, kulumikizana pakati pa a Robertson ndi milandu yake kumakhalabe kolimba, ndipo nthawi zambiri amakhala m’malo ofanana. “Bill [Hwang] ndi mnzanga wapamtima, ndipo Bill ndimamudziwa bwino. Ndikuganiza kuti adalakwitsa ndipo ndikuyembekeza kuti atuluka ndipo apitiliza, ”a Robertson, a zaka 88, adauza Financial Times poyankhulana kawirikawiri.

Kodi mtundu wodziwika bwino wa Tiger wa Hwang udathandizira mabanki kuti amubwereke ndalama zochuluka chotere? “Sindikudziwa,” anatero a Robertson. “Sindingayankhe funsoli.” Hwang anakana kuyankhapo pa nkhaniyi.

Mbiri ya Tiger inali yapadera, zaka 14 zakumenya msika waku US, motsogozedwa ndi malonda ochititsa chidwi monga kufupikitsa mkuwa momwe idagwera mu 1996 kapena kubetcha motsutsana ndi Thai baht chaka chotsatira. Inapereka ndalama zapakati pachaka zopitilira 25 peresenti ya chindapusa pakati pa 1980 ndi 2000, pomwe idabwezera capital capital. Robertson anakana kukumbatira Masheya paintaneti kumapeto kwa zaka za m’ma 1990 dotcom boom ndipo adataya 19% mu 1999 – malingaliro ake asanatsimikizidwe kuti anali olondola.

“Modabwitsa, a Julian Robertson amakhudza madola mabiliyoni ambirimbiri azinthu zomwe zikuyang’aniridwa chifukwa pali anthu ambiri omwe amamugwirira ntchito molunjika [or] mwanjira zina ”, atero a Daniel Strachman, wolemba Julian Robertson: Tiger M’dziko la Ng’ombe ndi Zimbalangondo.

Olemba ena amati aura yozungulira Tiger Cubs inali yokokomeza kapena idazimiririka mzaka zaposachedwa, ndipo njira zina zomwe zidayamba kale masiku oyamba ku Tiger Management tsopano ndizofala. Posachedwa, mwachitsanzo, ambiri mwa oyang’anira awa akhala akuchulukirachulukira pakukula kwa US – malonda ogwirizana munthawi yomwe ndalama zomwe sizinachitikepo zomwe zimachepetsa misika yamalonda ikukwera.

Koma owerengeka ndi omwe angakayikire kupambana kwa ana ena oyamba aja.

“Kuchita bwino kwa chilengedwe chonse sikuli kutali kwambiri ndi kupambana kwa gulu la ma hedge fund,” atero a Jim Neumann, wamkulu wazachuma ku Sussex Partners, yemwe amalangiza makasitomala pazogulitsa ndalama za hedge fund. “Koma omwe akhala akuchita bwino kwanthawi yayitali akhala akuchita bwino kwambiri komanso amalimba mtima pakusintha misika.”

Kuyika ‘tebulo la Mfumu’

Ana ambiri amakhalabe mabwenzi abwino wina ndi mnzake komanso ndi Robertson, ndipo apanga njira zofananira zomwe adaphunzira kwa iye. Imeneyi ndi njira yachinyengo: kugwiritsa ntchito kafukufuku wofunikira kugula makampani abwino kwambiri ndikupikisana ndi oyipitsitsa.

Robertson adauza a FT kuti ntchito yolembedwa yantchito inali yofunika kwambiri: “Ndikuganiza kuti anali anthu aluso ndipo tidawatsata mwadala komanso mwanzeru,” adatero. “Adawasankhadi mosamala kwambiri.”

A Philippe Laffont, omwe anayambitsa Coatue Capital, imodzi mwama Tiger Cubs odziwika bwino omwe ali ndi $ 50bn moyang’aniridwa, adati cholinga cha Tiger cholemba ntchito “anthu omwe anali okwanira m’malo mwa akatswiri” anali “msuzi wapadera” womwe “udapanga chikhalidwe cha anthu omwe anali okonda mpikisano, okonda chidwi komanso opitilira muyeso ”.

Omwe adasewera pantchitoyi anali Dr Aaron Stern, wama psychoanalyst omwe adagwira ntchito zosiyanasiyana pakampaniyi kuphatikiza wamkulu wogwira ntchito kwa zaka 30. Dr Stern, yemwe adamwalira mu Epulo ali ndi zaka 96, anali katswiri wodziwika pamavuto andale ndipo adalemba buku lodziwika bwino la 1979 Ine: Wachimereka waku Narcissistic.

“Aaron anali munthu wamkulu, wamkulu,” anatero a Boardman a Optima. “Zingakhale zochulukirapo kunena kuti ndi amene amachititsa kuti Julian achite bwino. . . Koma ndi amene amasankha amene ayenera kukhala pamenepo, amene ayenera kukhala patebulo la mfumu. ”

Robertson adagwiritsa ntchito Dr Stern koyambirira kwa zaka za m’ma 1990 kuti apange njira yolongosolera kupambana kwa Tiger Management kolemba ntchito akatswiri ofufuza, omwe anali kudalira matumbo a Robertson. Kuyesa kwa ofunsira kunali ndi mafunso pafupifupi 450 ndipo adatenga maola atatu.

“Anali wofunikira kwambiri chifukwa adachitadi bwino. . . njira imeneyi yopezera anthu ntchito, ”atero a Robertson.

Mafunso atha kuphatikizanso kuyesa kwa Rorschach, komwe kudapangidwa mu 1921 kowunikira kusamvana kwamisala. Stern adakonzanso mayeso kuti ofunsira asawayese ‘powapatsa mayankho omwe amaganiza kuti Tiger amafuna.

“Mafunso ena anali omasuka,” adatero mkulu wina wakale yemwe adalemba mayeso. “Zinali motsatira: Kodi ndikofunikira kuti mukhale bwino ndi gulu lanu kapena kuwatsutsa? Kodi mungakonde kukhala anzeru koma osataya ndalama kapena kukhala olakwitsa koma osapulumutsa malonda anu? ”

Cholinga chake chinali kuzindikira momwe olemberawo amaganizira, zoopsa kapena momwe amagwirira ntchito m’magulu. Njirayi inali chipatso cha msinkhu wake; olemba anzawo ntchito anali amuna ochulukirapo ndipo palibe ‘ma tigresses’ odziwika omwe adatsalira mpaka lero omwe ndi amuna ambiri. Komabe, njira yoganiza idakhala yovuta kwambiri. M’malo mongoyesetsa kupeza anthu anzeru kwambiri, Matigari amafunafuna anthu omwe amapikisana nawo kwambiri komanso atachita bwino pamasewera ngati masewera.

“Munthu wina atakhala ndi kuchuluka kwa IQ, sizinali zofunikira monga mukuganizira kuti achita bwino,” atero a Alex Robertson, mwana wa Julian komanso purezidenti wa Tiger Management lero.

Mbali ziwiri za ndalamazo

Akatswiri achichepere adagwira ntchito limodzi ndi anzawo odziwa zambiri kuti aphunzire ntchito yawo. Aliyense ankagwira ntchito mwakhama, ena mpaka masiku 14 ola limodzi Loweruka. Kampaniyo idapanga malo ochitira masewera olimbitsa thupi, omwe Julian amayendera tsiku ndi tsiku, pansi pamwamba pa likulu la 101 Park Avenue kuti athandize ogwira ntchito kuthana ndi nkhawa.

“Tidali achichepere komanso ochita mpikisano wopikisana kwambiri ndi anthu [in other firms] omwe amagwira ntchito masiku asanu ndi awiri ndipo anazolowera kudya masana awiri, “adatero Lee Ainslie, yemwe anayambitsa Maverick Capital.

Kampaniyo idafunitsitsanso kulimbikitsa ofufuza kuti azigawana mwamwayi ndikutsutsa malingaliro, nthawi zambiri amalowa m’maofesi a wina ndi mnzake kukakambirana zomaliza pamsika. Ofesi ya Julian yomwe ili pakona, galasi pamwamba pake, analibe chitseko – china chake cholimbikitsa antchito ake kuti amuponye.

Laffont wa Coatue anati: “Kumayambiriro kwa Julian kunakupatsani mphamvu yoti muziganizira kwambiri za nzeru zanu.

“Pa chilichonse adakukakamizani kuti muwone mbali zonse ziwiri za mtsutsowo. Panalibe odzipereka konse – ndalama iliyonse ili ndi mbali ziwiri. Ngati Julian angaganize kuti wayamba kunyalanyaza mbali inayo, ndiye kuti amakuwona ngati wosakonzeka – chifukwa amakuwona ngati wopanda nzeru kapena wopanda nzeru mumachitidwe ako. ”

Dr Stern analinso ndi gawo lofunikira pothetsa mikangano pakati pa akatswiri ndikufotokozera momwe Julian adayendetsera bizinesiyo. “Anali munthu wothandiza kwambiri komanso wothetsera mavuto,” atero a Alex Robertson. Amaonetsetsa kuti aliyense wagwirizana monga gulu. ”

Osati ana onse apitilira kukhala ma Vikings, Coatues kapena Tiger Globals. Kupatula pa Hwang, yemwe amafotokozedwa ndi wochita bizinesi wina yemwe adakumana naye ku Tiger Management kuti anali “wobisa kwambiri” komanso “wosamvetseka”, ena monga TigerShark ya Tom Facciola ndi Latimer Light ya Scott Phillips atseka zitseko zawo m’zaka zaposachedwa.

Ndipo mosiyana ndi a Julian Robertson, a Dr Stern samakondedwa konsekonse mkati mwa Tiger Management, atero oyimilira. Umunthu wamphamvu komanso wolamulira, amatha kudzutsa mkwiyo chifukwa champhamvu zomwe adayambitsa woyambitsa. “Anthu ena amamuwona ngati wonena za akavalo a Julian,” anatero munthu wina pafupi ndi kampaniyo.

Stern “ankakonda kugwira ntchito limodzi” Robertson, makamaka pankhani zachifundo monga kafukufuku wamankhwala ndi kusintha kwamaphunziro, atero a Betty Lee, mkazi wa psychoanalyst, yemwe adawafotokoza awiriwa ngati abwenzi “okhalitsa”.

Njira yayitali

Tiger Management ndi ana ake amadziwika chifukwa chakuwona kwawo kwakanthawi komanso kafukufuku wozama pamakampani, amalankhula ndi makasitomala ndi omwe akupikisana nawo kuti amve zambiri. Cholinga cha Robertson chinali kupeza masheya 20 abwino kwambiri oti agule komanso masheya 20 oyipitsitsa kwambiri omwe angagulitsidwe posagulitsa. Amabereka nthawi zambiri pafupifupi 100% – kutanthauza kuti kuwonekera kwakukulu pamisika kumatha kukhala mpaka 230 peresenti.

Ngakhale kuwerengera kunali kofunikira, nthawi zambiri kumatha kukhala kachiwiri kuzinthu monga kampani pakampani ndi zolepheretsa kulowa. “Lingaliro la ndalama silinapangidwe konse ngati kampani ingachite bwino kapena moipa kotala yotsatira,” atero a Laffont. “Nthawi zonse ndimaganizo okhalitsa, zaka zitatu mpaka zisanu.”

Njira yofananayi yatengedwa ndi ana monga Tiger Global’s Coleman, Laffont ndi Maverick a Ainslie, omwe amathandizira makampani amakono omwe angawoneke ngati okwera mtengo pamiyeso yazikhalidwe zapindulitsa kwambiri. Onse atatu afutukula kukhala makampani wamba kutsatira mwayi wochulukirapo.

Otsatsa omwe adasaina ndi Coleman pomwe adakhazikitsa Tiger Technology, yomwe tsopano ndi Tiger Global, mu 2001 ali ndi zaka 25 adayimilira kuti apeza ndalama zowerengeka 43. Coleman adati upangiri wa a Robertson wapatsa anawo “chidaliro choika pachiwopsezo tikazindikira mwayi wapadera”.

Ndipo a David Goel, omwe ndi otsika kwambiri, Matrix Capital, omwe adangopeza ndalama pafupifupi $ 1bn kuchokera kwa osunga ndalama, akula mpaka $ 7bn kudzera pakupeza bwino, atero anthu omwe amadziwa kampaniyo.

“Kutha kwa a Julian Robertson kufunafuna akatswiri ofufuza achinyamata, kuwaphunzitsa kuyendetsa ndalama mmaofesi ndikuwalola kuti achite bwino chifukwa makampani opanga ndalama ndi apadera, potengera kupambana komwe Tiger Cubs akhala nako,” a Pierre-Henri Flamand, mlangizi wamkulu wazachuma ku Man GLG, gawo limodzi la man Manager oyang’anira mabizinesi. Ichi ndi cholowa chake. ”