The perennial attraction of curve steepeners

June 3, 2009

In January 2008, Brian O’Keefe informed us that “the biggest bet that [Julian] Robertson has in his own portfolio at the moment” was a curve steepener.

In October 2008, Buck Woodford told us that Robertson’s “favorite investment right now” was a curve steepener.

Now, in a “very recent May/June 2009 interview with Value Investor Insight”, Robertson seems to have “bet the farm” on, you guessed it, curve steepeners.

It’s worth noting that in the middle of this timeline we had the failure of Lehman Brothers and the most astonishingly disruptive market meltdown in living memory. But I guess Robertson saw that coming, seeing as how his strategy doesn’t seem to have changed at all.


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