When you think of Stephen Mandel Jr. and his hedge fund firm, Lone Pine Capital, you generally think of savvy long and short bets on companies that are either benefiting from or hurt by the Internet’s evolution, among other strategies.
However, in its first-quarter letter to clients, the Greenwich, Connecticut, firm blames “two investment errors” involving distinctly non-Internet companies for hurting its quarterly and longer-term performance, admitting that they “resulted from an incorrect assessment of risk.”
