Top Highlights

• George Soros, Michael Steinhardt, and Julian Robertson, the true founding fathers of the modern hedge fund industry.
• former Tiger Management employees were managing or overseeing more than 10 percent of all of the assets that were invested in hedge funds.
• The idea behind shorting is simple:You believe that the price of a security is too high and that the price has to come down. Therefore, you enter into an agreement with an owner of the security to borrow it from them for a fee, and you sell it into the market. When the price falls, you buy back the security and give it back to the person you borrow...
• The key behind all of the firm's investments was the story. If the story made sense, then the investment made sense. If there was no story or it was not easily understood, then it had no place in the portfolio. When the story changed, the investment had to change as well-it was and is all about the story.Robertson's mantra was, as long as the story...
• To understand the concept of story, consider this example. Say you are interested in a solid oak wooden table.