Masters in Business · Wednesday, August 5, 2026
Mike Kelly described his time at Tiger Management as an honor, comparing the firm to the New York Yankees of the hedge fund world. He highlighted Julian Robertson's influence, noting that early on, both Robertson and Lee Cooperman had value-oriented approaches. Kelly emphasized the importance of continuously re-underwriting investments daily and adopting a 'variant perception' – having a view different from the market to outperform.
“So I had worked full time after business school for Lee and four Omega Advisors. I received a phone call a few years later by Tiger Management. They were looking for someone in their macro an analyst group. And at that time, you know, getting a call from Tiger was like getting a call from the New York Yankees.”
“I think what I appreciated the most about those first few firms I worked at, Solomon, Omega Advisors, Tiger Management. It was a commonality of culture in that these were very intense work environments with very intellectually curious individuals who were super smart and but like to have fun and were a joy to be around and learn from.”
“There was a view that every single day you rebuy your portfolio. It doesn't matter if you're losing money or you're in the money, made a double already, if you own it, think about it, and re underwrite it as if you just bought it today.”
“And so that variant perception of how do you look at it different? You're either more bullish about that opportunity or you think that opportunity is overdone, and so you're either selling or your shorting or what have you.”