Friday, February 26, 2010

Maverick Capital’s Lee Ainslie reviews 2009 and looks ahead to 2010

Hedge fund manager Maverick Capital sent out its fourth-quarter 2009 investor letter earlier this month, detailing both Maverick’s 2009 performance and its predictions for 2010. According to the investor letter, throughout 2009 “fundamental stock-picking was a challenging endeavor as equity markets opened the year with the continuation of last year’s collapse” and as “fundamentals took a backseat to liquidity flooding out of and into the markets as well as to ballooning and collapsing risk premiums.” However, on a smaller-capital basis, “credit, small cap and private equity efforts each generated terrific returns” for Maverick. In industry-specific sectors, only consumer and healthcare generated disappointing returns, and “technology and media & telecom sectors were significant contributors” to performance. Shorting, on the other hand, provided a challenge in 2009 even though Maverick emerged with “slight gains in our short investments in Japan and the credit space.”
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