in September did not spare billionaire Stephen Mandel Jr.'s Lone Pine Capital.
"Much has been written about the multi-year underperformance of 'value' stocks, with an expectation of a reversion to the mean. We believe that structural changes in the economy, driven in part by technology, make this unlikely," the letter states. The firm was able to buy some companies at a discount because of the momentum drop as well, the letter states, specifically Netflix, a favorite of many hedge-fund managers, and Global Payments.
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