By Stephen Taub
Photographs by Martin Adolfsson
After Tiger Management’s Julian Robertson staked Chase Coleman and Bill Hwang with more than $15 million each in 2001, the two came to symbolize the success of Robertson’s now-10-year strategy to bankroll young and unproven-but smart and driven-hedge fund managers. Both men appeared to be investment geniuses. By the end of 2007, Coleman’s Tiger Global, a long/short equity fund, had grown to more than $6 billion, with a seven-year annualized return of approximately 44%. Hwang’s Tiger Asia, a specialist in Asian securities, had $8 billion-and a 40.4% annualized return.
But since then the two boy wonders have stumbled. The now-35-year-old Coleman lost 26% in 2008 and another 1% last year, before rebounding by more than 9% in the first nine months of 2010-which still puts him below his high-water mark. His assets are down by about one...