Tiger Global New Yorker Article
Does anyone have a copy of the draft New Yorker article on Tiger?
Any chance the stuff they're saying is true? (Chase does drugs w/ Kygo, hates Scott, etc.)
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Not sure if this is it but take a look below:
https://media.licdn.com/dms/document/media/D4D1FAQHjoEA0QMZvww/feedshar…
Wow. It’s over for these dudes
they never had talent. just great marketing
Got a copy of it - pretty damning and also not at all surprising.
Can’t be real though right… some of the stuff in this seems made up and saying that Dragoneer and Coatue are getting flows because TG is doing badly just doesn’t really jive to me
Is this fanfic?
Hi Scott
Pod shop bros be like 'I saw this coming, I made the right career choice'
they actually did tho
I think all of Tiger’s employees have done just fine riding the wave up top
Pretty fascinating situation, although I do question the authenticity of the article somewhat as there must be a reason it has not been published despite circulating within the industry and media for "months" (according to Reuters)
That being said, nothing in the article strikes me as openly false - Shleifer is known to be an asshole, for example, and the article's other broader claims (LPs are frustrated, there was a significant sexual harassment settlement, significant underperformance despite tech outperformance YTD, Lee Fixel's competence and the incompetence of those who replaced him, etc.) all check out.
At this point everyone is just waiting for that "conversion to family office" press release in a few years once the redemption gates are lifted and capital is paid back.
My friend who does it consulting did some work for tiger. Was told specifically by his assigned handler to never look chase in the eye...even when speaking to him. He had to do some work in his office and said chase is completely unhinged when dealing with people (like some 17th century french king) . Always thought that was funny af. He's cracks chase Coleman the third jokes all the time.
Who does Coleman think he is? Kim Jong-il?
This isnt shocking at all lol. I would expect this to be the norm.
LOL at this. Only an analyst with a couple years experience would correlate model complexity with investment success.
I doubt the article is true as the text seems unprofessional (quite a bit of spelling mistakes, writing style is not in the style of a journalist etc). could be a précis
Imagine coming out with this pathetic rebuttal afterwards. if any one of my shorts came out with something like this, i'd add a ton more to my position
The phrasing of the last bit of the rebuttal letter is really unprofessional. It seems the vitriol is just seething through, very telling.
In my mind this is just another nail in the coffin.
How does a guy like Schleifer get and hold onto a position like that in the first place given his reputation?
Don't have inside knowledge but from what i've read: he's employee #2 at TGM (or one of the first few), founder of the PE business unit, and probably the second largest shareholder of TGM. Probably is a key man for all the funds. Does Chase even have the means to push him out?
He probably doesn’t but I’m just curious as to how he even got to be in that position in the first place. His background is solid (Penn + Analyst Stint @ Blackstone) but doesn’t suggest he should have even been in that position in the first place.
How many analysts at MF’s today or in the recent past are getting those kinds of opportunities 3 years out of UG?
It makes me think he either got a shot through family connections or became friends with the right people (how Coleman got into Tiger). Nothing wrong with that, but it does bother me though when these guys hit the lottery and develop egos when the reality is that any of their colleagues likely could have produced solid results in similar situations.
The article is poorly written but is any of this accurate?
i'd be shocked if the majority, if not all, of the article were NOT accurate. nothing in there surprises me
Fun read. Why namedrop the IR people trying to jump ship though?
Thought the same thing...did them dirty
Probably these two were abrasive toward the "ex-employee" too
It's funny to me when stories like these come out. All of us on the outside were assuming all was well in Tiger Global, everyone was raking in $$$, and having a great time. Even during 2020-2021, shit was still floating around at Tiger.
They did all make a shitton of $$$ though
Have always been curious about their hiring strategy of almost exclusively hiring from BX/APO. How do they get the so called best talent, most traditionally value oriented shops like Blackstone and Apollo, to make such growthy and bad investments into unprofitable companies? Given their strategy, why wouldn’t they hire more from Insight/WP/Vista/VC?
I interviewed with SoftBank a few years ago (nice username) and was curious about the same thing - they hired a bunch of smart people out of MF PE (lots of Warburg Pincus in particular) and seemed dead set on making stupid investments at insane valuations into terrible businesses.
After lots of conversations, my takeaway was that incentives are misaligned - at some point the mid-level and junior investors are more incentived to just deploy capital / get deals done that made Masa excited vs. trying to generate actual returns. This only works in a bubble environment where the markets are completely valuation insensitive.
I'm guessing this is what happened with Shleifer at Tiger - the article noted that he pushed Tiger into investing in WeWork despite protests from his team. WeWork has always been an unjustifiable investment, and I've heard that pretty much every single firm that invested in the company's later rounds chose to do so despite negative recommendations from the junior team. Perhaps that's a good test of an investment firm's decision-making process - if you see a firm invest in WeWork, you know that your work as a junior investor will likely get ignored even if it's obviously the right takeaway.
I can confirm that the Evercore part is true. They have been hired to assist in the sale of many port cos via secondary market sale (PCA team is doing it).
Not surprised at all by Scott being an asshole, I've heard Philippe Laffont, his brother Thomas, and other senior management at Coatue are screamers / super difficult to work with as well - but aren't facing the same pressures due to their returns not being as bad as Tiger's. Curious whether Viking has a similar set of characters
Doesn't seem like it was written by a journalist. Writing style is a little off?
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