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Lone Pine Falls on Some Icarus Bets

Stephen Mandel Jr.’s firm blames first-quarter underperformance on “incorrect assessment of risk” on a pipeline merger and Valeant Pharmaceuticals.

When you think of Stephen Mandel Jr. and his hedge fund firm, Lone Pine Capital, you generally think of savvy long and short bets on companies that are either benefiting from or hurt by the Internet’s evolution, among other strategies. However, in its first-quarter letter to clients, the Greenwich, Connecticut, firm

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