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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (66368)5/17/2000 2:42:00 PM
From: Michael Young  Read Replies (3) of 95453
 
<<Robertson has legendary performance that has so significantly outperformed the market over such a long period of time that it is moronic to say that one bad "season" of stockpicking and/or performance forced him out - ludicrous. That would be like calling for McGwire's retirement because he goes 0 for 9 over a couple of games.>>

You don't understand how hedge funds operate. They get paid on performance, and they have "high water mark" clauses. Meaning they don't get any incentive fees at all until they recover losses from a previous bad period.

Roberston's best people had been defecting over the past few years. Why? Because they weren't getting paid bonuses. And they weren't likely to get any in the future because the firm was in such a big hole.

Robertson made some huge bets that went bad. Monster positions in U and a few others were simply bad stock picks. It wasn't because the market was "irrational." He simply picked bad stocks.

Soros simply realized it is about impossible to get big returns on a consistent basis running a multibillion dollar fund. Watch Drunkenmiller do very well in the future managing a more reasonable amount of money.

Both Robertson and Soros have huge egos. So it is expected they would blame an "irrational" market, rather than their own mistakes.

Slider, you have some interesting posts. But you also babble about a lot of subjects about which you know very little.

MIKE
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