Julian Robertson's most successful 'Tiger cub', who invented the modern crossover playbook — one firm straddling public equities and late-stage private tech at industrial speed. After the 2022 drawdown that playbook looked dead; the AI supercycle revived it, with Tiger back in mega-rounds including OpenAI and xAI. The firm's arc is the cleanest evidence that when private returns beat public ones, public capital migrates.