Tar Heel native Julian Robertson is shutting down his once wildly successful Tiger Management investment fund and plans to spend more time on philanthropy, The New York Times reports.
Robertson is closing Tiger Management partly because shifts in the market have caused to the fund to lose money.
Robertson bought stocks that were undervalued and sold those that were overvalued.
But in today’s hot technology market, the Times reports, stocks rise and fall based on potential for profit rather than the company’s current value.
Robertson will have more time to spend on his charitable pursuits.
In his home town of Salisbury, he and his wife have created a foundation named for his parents, which over two years has given more than $3.5 million to education, community development and health programs, the Times reports.
Robertson also supports the Strang Clinic for cancer research and the Lincoln Center in New York.