One of the reasons I started Hedge Fund Letters (currently getting redesigned) was that I loved reading old hedge fund letters and interviews. But it has always been impossible to find many of the old letters.
Below is a great interview with Julian Robertson from 1987 and 1989 in Barron’s (HT: Oddlot blog). Quick quote then download:
Q: What’s your market view now?
We’ve made the point, over the years, that we are more stock pickers than market judges. I really feel like that is our forte. We don’t make big market bets. Having said that, I’m having a very difficult time finding shorts at the present time. A very hard time. And, No. 2, I find a great plethora of people expressing bearish opinions on the market. I was writing a memo to my partners today, which I haven’t sent out yet, that I think I’m going to end with this statement: “There are so few bulls that I can’t imagine who’s going to impregnate the cows.” And I really mean that. I just don’t see anybody bullish around at all.