📖Julian Robertson
Continuous Improvement System
Treat investing as a craft that can always improve.
Review every investment decision — wins and losses — to improve your system. The best investors treat investing as a craft that can always be refined.
🏠 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：Post-mortem analysis drives systematic improvement.
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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
Tiger Management and Asian/Russian Turmoil (1998)
Global Perspective, influenced by Robertson’s macro views, faced losses as Asian crisis and Russian default triggered massive volatility
✨ Outcome：Positioning proved too early; heavy redemptions and losses contributed to the eventual shuttering of Tiger Management in 2000
2
Tech Bubble Skepticism (2000)
Robertson’s global perspective led him to short overvalued tech stocks and avoid momentum-driven internet names at the peak
✨ Outcome：Fund underperformed during late-stage bubble but was vindicated when tech stocks crashed; however, investor withdrawals had already forced closure
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