FYI: The golden age of the star stock picker has come and gone.
Big names like Peter Lynch, David Einhorn, and Bruce Berkowitz are today either fuzzy memories or else they’ve gone through enough rocky patches to tarnish their once-stellar track records.
Yet in a little noticed move, the most successful fundamental stock picker of them all quietly stepped down as portfolio manager last month—Steve Mandel of Lone Pine Capital.
Not well known outside the hedge fund industry, Mandel, 62, has generated tens of billions of dollars in gains for his clients over the past two decades and established one of the best investment track records ever.
Lone Pine’s main long-short fund has risen 14.4% annually net of fees since its inception in 1998, versus the S&P 500’s 6.6% over the same period, according to published returns from Institutional Investor. The returns are all the more impressive because the fund ran a net exposure (longs minus shorts) of about 50% to the market.
Regards,
Ted
https://www.barrons.com/articles/star-stock-picker-steve-mandel-exits-hedge-fund-stage-51549654136?mod=djem_b_Weekly Feed for Barrons Magazine
