Lone Pine Capital’s flagship hedge fund outperformed the S&P 500 Index by nearly 8 percentage points per year since its inception in 1998. But that’s mostly because of its tremendous success in the earlier years of the fund. Nowadays Lone Pine’s returns go hand in hand with the market. For example, last year Lone Pine’s funds declined about 5%, similar to S&P 500 Index’s decline including dividend payments. During the first half of 2019, Lone Pine’s Lone Cypress fund returned 19.4% net of...
Lone Pine Capital 2019 Q2 Investor Letter
