Lone Pine Tells Clients Loss Stemmed from Sins of Omission

Stephen Mandel’s Tiger Cub says easy-money market is currently rewarding plays the firm mostly avoids.

Stephen Mandel Jr.’s Lone Pine Capital, which lost between 1 percent and 3 percent in its funds in the first half, does not apologize or second-guess its decisions. Why should it?

The Greenwich, Connecticut–based hedge fund, possibly the most successful Tiger Cub of them all, tells clients its mistakes this year “have largely been ones of omission, not commission.”

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