Stephen Mandel Jr. and several colleagues at Greenwich, Connecticut–based Lone Pine Capital have taken a cynical shot at the rash of investors, including hedge fund firms, that have been putting money into private companies.
“With interest rates at multi-decade lows, equities markets having enjoyed a powerful rally from the 2009 bottom through year-end 2014, and private technology companies receiving eye-popping valuations, does this not signal an extended equities market with limited opportunity?” Mandel and three of his colleagues wrote in the firm’s fourth-quarter letters for each of...
