Great fund managers don’t typically start out at the top of their game. More often than not, they must work their way up the ranks, operating under the auspices of a more knowledgeable and experienced financial mentor.
One remarkable individual who typifies this developmental journey is Stephen Frank Mandel Jr., more commonly known as Steve Mandel, and founder of Lone Pine Capital. Headquartered in Greenwich, Connecticut (where Mr. Mandel and his wife, Sue, live with their three children), Lone Pine Capital is a public equity asset management firm that he started in 1997.
Investing in public equity markets across the globe, Steve Mandel’s firm provides its services to pooled investment vehicles as well as pension and profit-sharing plans, and it launches and manages equity mutual funds. Utilizing in-house research to make its investment decisions, Lone Pine Capital employs long and short strategies, along with fundamental analysis and a bottom-up stock-picking approach to
Mr. Mandel currently manages $18 billion and has returned over 25% annually since his fund’s inception. Steve has been recognized by Institutional Investor as one of the top-paid hedge fund managers of 2005. In that same year, Steve Mandel earned at least $500 million on his investment in Google stock shares, his second-largest holding at year-end.
Steve Mandel graduated from Phillips Exeter Academy and earned his B.A. from Dartmouth College and his M.B.A. from Harvard Business School. Prior to founding Lone Pine Capital, Mr. Mandel was a consultant at Mars and Company from 1982 to 1984. Next, he worked as a mass-market retailing analyst at Goldman Sachs from 1984 to 1990. After that, from 1990 to 1997, Steve served as a managing director and consumer analyst at Tiger Management Corporation.
It has been claimed that Steve Mandel is the most successful of the Tiger Management Corporation “cubs” to leave legendary Tiger founder Julian Robertson Jr. to start their own funds. Robertson’s protégé now manages a world-famous fund with offices in London, New York City, and San Francisco.
Beyond his financial pursuits, Steve Mandel is involved with numerous educational endeavors. Mr. Mandel is the board chair of Teach for
As we can see, this former tiger cub has earned the right to be respected as a true financial lion. On both the economic and educational fronts, followers and admirers anticipate even greater achievements as Steve Mandel solidifies his stature as a financial manager and educational advocate par excellence.