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Lone Pine’s Short Bets Cut Into Gains

Tiger Cub Stephen Mandel, Jr. lost money shorting retailers, but his hedge funds are still top performers for the year — thanks in part to Facebook.

Stephen Mandel, Jr.’s Lone Pine Capital posted strong gains in its long book in the second quarter. Unfortunately for the firm, they were more or less offset by losses from the firm’s short book.The Tiger Cub’s long-only fund, Lone Cascade, surged about 6 percent for the quarter, boosting its gain

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