The macro environment is so bad everywhere,observes Julian Robertson,founder of the old hedge fund Tiger Management Group.Our political leadership is doing nothing.Europe is just in a state of financial collapse.I think we're in plenty of trouble,and we really have to watch ourselves carefully.
The weak currencies in Europe are still good shorts.They carry a lot of risk with them.We're very long the Norwegian krone.We think that's a wonderful currency.The Canadian dollar is from a very well-run country.
Apple is worth 3-4 times what it's selling for.Google is very attractive.There's a big dichotomy between the macro and stock prices.
Basically,Washington is not really trying to lead;they are trying to continue to exist.
Master Card and Visa are very appealing.The risk of any credit loss is taken by the banks,not the credit cards.I think they will continue to grow rapidly in the 20% range for some time to come.There's a need for credit in the world,Mr.Robertson noted.
The billionaire Julian R. Robertson,Jr.,KNZM(Hon),started one of the first hedge funds in 1980.He has an honorary knighthood from New Zealand,where his family owns several lodges.
Mastercard(MA),Visa(V),Apple(AAPL),Google(GOOG)
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