Julian Robertson On The Three Things He Looks For In Stocks; Big Bond BubbleVW Staff
Oct. 31 (Bloomberg) — Tiger Management Advisors CEO Julian Robertson discusses the markets, bonds and his investment ideas on “Bloomberg Surveillance.”
Julian Robertson video and text below
Doubt about the future of america, the future of american capitalism.
You go long and strong when that happens.
Many of those themes are us as we go into november and into 2015. mr.
Robertson, with tiger management.
Julian, i want to go back to investment 101. how do you pick a stock to buy?
Well, i think you pick a stock to buy that has good management and that has a good product line and that is moving ahead and it is stock holder oriented.
Those are the sthreer big factors.
Everybody’s a genius in early 2009. it’s harder to mutt new money in the market.
Where do you get the courage to invest today?
Sometimes, maybe it’s a little good to move away from your normal bill affair, say stocks and all that and maybe look at yirns.
They’re very interesting to alies.
— alleys — i don’t think we have a particularly strong dollar policy at all.
Japan has a weak yen policy.
Julian, yesterday, we had an honest man on “surveillance”. he said you can’t get 15% returns without tremendous risk.
That seems sober and a responsible thing to say.
What are the returns that you think one could reasonably expect in the next two or three years?
Well, in the stock postal, i think it’s going to be — portfolio, i think it’s going to be very tough.
We have squandered a lot of our future on policies through here.
And i think what’s happened is that the federal reserves throughout the world have tried desperately to depreciate the currencies throughout the world.
And we, of course, have tried desperately to keep our bonds low and so is everybody else.
So, we’ve got a big bubble brought on by bond yields being so ridiculously low that it’s forcing people who would otherwise be in bonds — to be in stocks.
Julian, you mentioned before this, your affection for apple computer.
We saw yesterday, an historic moment of tim cook announced he was gay.
I thought the response.
Thank you so much for their response yesterday through twitter and through e-mails as well.
First, your comment on a cort leader of america saying that he is gay.
Well, i think america has adjusted to the gay marriage thing better than anything practically in history.
And people who would have thought they would have thrown up at the idea of gay marriage are all with it.
So i think we’ve come a long way on that.
And i think that it’s good — but i think tim cook has been acknowledged homosexual for some time.
He made a formal statement on it yesterday within bloomberg business week.
Julian, if we look at apple computers, is carl icahn your best flebled new york city this holidayen?
I think these great companies like apple and google would be selling it in two and three times their prices if we were in the 60’s and — 1980’s and 1970’s again.
All these great companies have sold their earnings.
If you didn’t have the fed