Pinned
Steve Mandel (Lone Pine) sat down on Joys of Compounding to discuss the building of his fund.
Mandel spent thirty years protecting one rare skill, judging what a business is worth years out, which he thinks is only getting more valuable.
Lessons learned w/ more in the article:
Julian Robertson and five of his Tiger analysts were interviewed in 1991 before the cubs scattered.
The takeaway is that Tiger was never one great picker. It was a team and a room wired for ground truth.
Here's what they actually did and what remains true today:
1/ The edge
