When Larry Robbins was a boy in the Chicago suburbs, his father, Sheldon, worked two jobs and wasn’t around much. If the young Robbins wanted to see him on weekends, he had to travel to Arlington Park, a nearby horse-racing track that his dad ran. During those Saturday visits, his father taught him how to handicap horses. One lesson: Know the horse and the race. Was the track dry or muddy? Did the horse win because he was fast or because the competition was lousy?
Julian Robertson, the billionaire who once ran one of the world’s largest hedge funds, will take over as chairman of Forstmann Little & Co., the private-equity company co-founded by Ted Forstmann, who died Nov. 20, according to a statement from the New York-based firm.
Priceline.com Inc.’s 17 percent stock market swoon today may fall particularly hard on money managers who got their start with the help of billionaire Julian Robertson, the founder of Tiger Management LLC.