Graham & Doddsville Winter Issue: Interview with Lee Ainslie

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Graham & Doddsville Winter Issue: Interview with Lee Ainslie

Lee Ainslie III is the head of Maverick Capital, which he formed in 1993. Prior to founding Maverick, he worked at Julian
Robertson’s Tiger Management. He holds a bachelor’s degree from the University of Virginia and an MBA from the University of North Carolina’s Kenan-Flagler Business School.

 

each other and compared to each other and what have you taken away from each of them?

Bonhoeffer Fund July 2022 Performance Update

Screenshot 27Bonhoeffer Fund's performance update for the month ended July 31, 2022. Q2 2022 hedge fund letters, conferences and more The Bonhoeffer Fund returned 3.5% net of fees in July, for a year-to-date return of -15.8%.   Bonhoeffer Fund, LP, is a value-oriented private investment partnership for . . . SORRY! This content is exclusively for Read More

 

KSS: Building a firm is a combination of timing, skill and luck, and what I have learned is that it’s a different thing from just being a good investor. Something I appreciate more now than I did 10-15 years ago is how important communication is with your partners, your investors, and all of your stakeholders.

 

The second thing I would say is that it is a much different environment today than it was 15 years ago. The industry has changed quite a bit in terms of the investor base. It used to be a business of mostly individual investors, and now it is a business of mostly institutional investors. So if you want to build a business today, it’s more challenging unless you come from a brand-name firm or you start at a certain size. Being small is great for investing but a challenge for building the business.

In our case, we have $ 80 million in assets under management. We had $400 million before the credit crisis and we made the decision during the crisis to give cash back to our clients who were under extreme distress, even though we had some capital locked up. I made the decision that I didn’t want people to experience extreme financial str