Some of my peers in the industry sent me this interview with Julian Robertson [1], an investment legend. Is rare to see Robertson on TV these days. Robertson founded the investment firm Tiger Management Corp., one of the earliest hedge funds. Robertson is credited with turning $8 million in start-up capital in 1980 into over $22 billion in the late 1990s, though that was followed by a fast downward spiral of investor withdrawals that ended with the fund closing in 2000.
Readers of bhc investment should find that almost all the points expressed by Robertson are resoundingly familiar [2]:
- The recession is at least temporarily over.
- We are borrowing so much money we can't possibly pay it back.
- Americans need to quit spending & start saving.
- It is almost Armageddon if the Chinese & Japanese don't buy U.S. debt.
- It is tragic that we've been put in this position by our leadership.
- Inflation is a bigger risk than deflation.
- Inflation could wipe out many people in the U.S.
- I don't think that the Chinese want to stop buying our bonds.
- Politicians don't ask Americans to sacrifice, except for the military.
- History shows people who borrow short term get burned.
“It is almost Armageddon if the Chinese & Japanese don't buy U.S. debt”
-- Julian Robertson, 24 September 2009
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References:
- Julian Robertson
- CNBC EXCLUSIVE: CNBC TRANSCRIPT: CNBC'S ERIN BURNETT SITS DOWN WITH JULIAN ROBERTSON, TIGER MANAGEMENT CHAIRMAN, TODAY ON CNBC'S "STREET SIGNS"
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