📖Julian Robertson
Independent Investment Philosophy
Develop your own philosophy through study and experience.
Develop your own investment philosophy through study and experience. Copying others without understanding why leads to confusion when strategies are tested.
🏠 Everyday Analogy
📖 Core Interpretation
Julian Robertson advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Personal conviction withstands adversity better than borrowed ideas.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Black Monday Portfolio Resilience (1987)
During the October 1987 crash, Robertson’s Tiger Management was positioned defensively with selective shorts and quality longs, limiting losses versus the S&P 500.
✨ Outcome：Outperformed broad indices on a risk-adjusted basis, reinforcing discipline around downside protection and volatility management.
2
Tech Bubble Avoidance (1999)
Robertson avoided overvalued dot-com stocks, shorting some high-flyers and owning fundamentally strong, cash-generative businesses instead.
✨ Outcome：Underperformed during the late-stage bubble but delivered superior risk-adjusted returns after the 2000–2002 tech crash as speculative names collapsed.
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