The Price of Market Pessimism Is Rising: What happens when the last of the value investors departs...
The Price of Market Pessimism Is Rising: What happens when the last of the value investors departs the market? Two recent decisions force the question: that of Julian Robertson, the legendary hedge fund manager, to shut down Tiger Management, one of the few US institutions to persist with an approach based on picking stocks that are undervalued relative to earnings potential; and the resignation of Tony Dye as head of investment at UBS AG's British unit, Phillips & Drew. With the departure of Dye, 51, the City of London lost its most forceful, articulate and committed Cass...
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