market folly

Mark Yusko is out with Morgan Creek Capital Management's first quarter letter.  In it, he talks about learning from Julian Robertson, the legendary money manager from Tiger Management.

The most notable takeaway here is that Robertson has become bearish.  Yusko walks us through the previous times Robertson has been negative, why he felt that way, and what transpired. 

Yusko has titled his commentary "Not Lyin', The Big Tiger's a Bear, Oh My!"  Since Julian only turns negative at certain times, he feels it prudent to pay attention when this occurs.

This time around, Robertson is concerned that the Fed has essentially inflated asset prices and he believes that once they start tightening, there will be pain in equities.

Embedded below is Morgan Creek's Q1 letter:



You can download a .pdf copy here.


And if you missed it, be sure to view Robertson's recent interview as well.