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market which I frankly do not understand. . . . After thorough consideration, I have decided to return all capital to our investors, effectively bringing down the curtain on the Tiger funds."11 At the time of the announcement, the funds were down about 14 percent. For 1999 as a whole, Tiger funds fell 19 percent. Tiger's average annual performance since it began trading through 2000 was about 25 percent.

Investors received about 75 percent of their money in cash and 5 percent in shares still held by Tiger. The remaining 20 percent came in cash as Robertson gradually sold his five largest holdings—US Airways, United Asset Management, Xtra Corp., Normandy Mining Management, and Gtech Holdings.

Robertson is still managing his own money, approximately $1.5 billion to $2 billion.

Robertson remains an avid skier, tennis player, and golfer. He recently set up a new golf course at Kauri Cliffs in New Zealand. He has devoted considerable time and resources to charity. Robertson launched the Tiger Foundation in 1989 with the goal to support nonprofit organizations serving disadvantaged youth and families in New York City. He also set up a charitable foundation named for his father in Salisbury, North Carolina, in which $3.5 million was donated to educational community development health programs. Both Duke University and the University of North Carolina received a $25 million gift. He also donated $25 million for Lincoln Center's fountain in honor of his wife, Josie.