Hedge Fund Not Hedged
• Patrick Byrne responds to a rumor of Lone Pine Capital’s collapse by naming Stephen Mandel, its founder and Dartmouth ‘78 alumnus/former trustee, accusing him of pushing DEI initiatives and retaliating against Byrne by seeking to remove his family name from college gifts and prompting a negative campus story over Byrne’s election integrity efforts.
• The quoted rumor lists Lone Pine’s top holdings as NBIS, ASML, STX, AMAT, and HUT, which align with its Q2 2026 13F showing heavy concentration (about 37% in AI/chip-related names),
A bet that drove strong first-half gains but contributed to sharp reversals.
• Lone Pine’s long-short fund erased a 44% YTD gain with roughly 31% Q3 2026 losses amid AI/tech selloffs, followed by further October declines, though reports describe major drawdowns rather than outright collapse, with assets around $18-19B
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