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peak in October 1998, Tiger assets reached $22.8 billion, making it the largest-ever hedge fund.

There were six funds in total—all named after cats: Tiger was a fund for U.S. investors, while Jaguar was for non-U.S. investors, plus taxexempt U.S. foundations and institutions. Ocelot, a deal Tiger did with Donaldson, Lufkin & Jenrette (DLJ), had a 4 percent up-front fee, a five-year lock-up, and a $1 million minimum investment. About $2 billion in assets were raised with assets locked up through July 2002. Lion, a relatively new fund, was a clone of Tiger. Panther investors who were not qualified persons could gain access through Lion. Panther was dissolved in June 1997. Puma was for U.S. investors, as was Panther.

Investment Strategy

Robertson bought and sold stock on fundamentals. He used short selling and index put options to hedge. To manage risk and diversify, he had a large number of positions.

His investment credo was summed up well in a 1990 Business Week article.7 First, stick to the fundamentals. Buy stock as if you were buying the company. Get to know its products and management. Second, put away the crystal ball. Don't try to time the market—but stay hedged through shorting stock and options to guard against a market downturn. Third, don't stop at the border. Keep a global perspective. Overseas stocks are areas of boundless opportunity on the long and short side. Fourth, if you're wrong, sell. Keep losses to a minimum. Sell before the losses become excessive. Fifth, short frogs if the public thinks they're princes. Sell a stock short if it is overpriced and public has a misconception of it.

Robertson was the one who made the investment decisions at Tiger. He has always been known for his stock-picking skill. His team of analysts gave him qualitative and quantitative information, but he was the main decision maker. At its peak, Tiger had about 30 analysts/portfolio managers providing recommendations. They were located in London, Tokyo, and Washington, DC, as well as the New York City office.

Succession Planning

In 1991, Robertson talked to bankers about selling a stake of Tiger.8 Nothing developed. In 1997, he again was considering selling an equity