📖Julian Robertson
Behavioral Bias Awareness
Know your behavioral biases to avoid them.
Know the common behavioral biases that trap investors: anchoring, confirmation bias, loss aversion, and herding. Awareness is the first step to prevention.
🏠 Everyday Analogy
📖 Core Interpretation
Julian Robertson treats survival as the first objective. Limiting permanent capital loss, controlling leverage, and avoiding single-point failure are prerequisites for long-term compounding.
💎 Key Insight：Awareness of biases is the first defense against them.
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❓ Why It Matters
A single large drawdown can erase years of progress. Risk control is not timidity; it is the operating system that keeps compounding alive.
🎯 How to Practice
Define downside scenarios before entry, cap position size, avoid fragile leverage, and maintain liquidity so mistakes remain survivable.
⚠️ Common Pitfalls
Equating volatility with all forms of risk
Oversized positions without an exit plan
Using leverage to compensate for uncertainty
📚 Case Studies
1
Teaching Fundamental Stock Picking (1980)
Robertson trains young analysts at Tiger Management to focus on deep fundamental research, concentrated bets, and strict risk control.
✨ Outcome：Many protégés adopt his style and later found successful hedge funds, reinforcing that apprenticeship can scale investment skill.
2
Tiger Closure and Lessons to Protégés (2000)
After tech bubble pain, Robertson closes Tiger Management but spends extensive time debriefing and mentoring former team members.
✨ Outcome：Ex-Tiger analysts launch ‘Tiger Cubs’ funds, applying lessons on valuation discipline, position sizing, and downside protection to decades of outperformance.
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