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WHEN: Today, Wednesday, October 26th
WHERE: CNBC's "Closing Bell"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Tiger Management Founder Julian Robertson on CNBC's "Closing Bell" (M-F, 3PM-5PM ET) today, Wednesday, October 26th. Following is a link to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000562746
All references must be sourced to CNBC.
ROBERTSON ON MITT ROMNEY AND THE ELECTION
JULIAN ROBERTSON: Well, I'm, of course, crushed that Mitt isn't in power so that he would be cruising to a great victory this time. But he's not. And we're in kind of chaos. And I'm up in the air. But I've decided to support the Libertarians. And Bill Weld is a good friend of mine. And I have a lot of respect for and faith in. And the governor of New Mexico who had an excellent record. And whereas he may be a little more aggressive than I am on drugs, I can go along with their policies.
KELLY EVANS: But are you okay with the fact that voting for them basically helps put Hillary Clinton in the White House?
JULIAN ROBERTSON: Well—
KELLY EVANS: I mean, what happens if Hillary Clinton wins this election?
JULIAN ROBERTSON: Well, I think that's a tragedy that is going to happen with or without me.
KELLY EVANS: And what about the prospect of her winning the White House and Democrats regaining control of Congress? People are starting to worry about that a little bit in the marketplace.
JULIAN ROBERTSON: Well, I worry terribly about that. And I worry about so many of these great senators and congressmen who will be out of power to regulate our country.
KELLY EVANS: So if you're not a supporter of Donald Trump's, do you feel like it's still important enough to make sure that if you support the Republicans, that, you know, they – you give them the best shot at the White House? Especially with the Supreme Court in play, that they get support down the ballot for the Senate and House races you're talking about.
JULIAN ROBERTSON: I think it's very important that we get those great senators and representatives that are Republican reelected. And I'm trying to do that. But I'm going to stick with the Libertarians.
KELLY EVANS: Why is it so important to you to make sure that Republicans have as much control as they can in this country?
JULIAN ROBERTSON: I am apoplectic over the thought of Mrs. Clinton being president of the United States. But I also feel very strongly that these Republican people, people like Kelly Ayotte, people like that Joni Ernst in Iowa, they are really good people that set a tone for our party and for our young people to aspire to.
ROBERTSON ON THE HEDGE FUND BUSINESS
KELLY EVANS: Let's talk about your business a little bit. The hedge fund business. And it's under some pressure these days. So, you know, what happens from here? Are you – how bad is the shakeout going to get?
JULIAN ROBERTSON: Well, the shakeout is tough. And it is caused, I think, by increased competition from more hedge funds. I suspect we'll get over this at some time before too much longer. But it's been a very tough period for hedge funds. All of them.
KELLY EVANS: What would you tell a young person in the business who is interested in some kind of career in investing or in finance? Where would you point them?
JULIAN ROBERTSON: Well, I would talk to any young person getting into business and I would tell them hit them where they aint. Go to an industry that is lacking people. When I got into the investment business, the real big hitters that companies wanted went to advertising. That was the hot thing. Nobody wanted to be in investment banking. And investment banking was the place where they should have gone. And the reason that they should have gone there was because there was nobody else there to fill these slots.
KELLY EVANS: Anywhere today in particular that you think looks interesting?
JULIAN ROBERTSON: Well I can't – I don't have any ideas on that. I'm not thinking of changing jobs right now.
ROBERTSON ON INVESTMENT OPPORTUNITIES
KELLY EVANS: So what about investments that you like? What are some good opportunities you see in the markets right now?
JULIAN ROBERTSON: I really like Microsoft. I think its cloud activities and also the new management has brought a revival of Bill Gates's initial strategy. And I think that's a great company.
KELLY EVANS: Do you mind that the shares are at an all-time though?
JULIAN ROBERTSON: I don't mind that. I don't have the statistics on it. But they're probably very little ahead of what they were in about 1995 I guess. I like Air Canada very much. I think it's an airline that's doing all the right things. And it's priced about three and a half times earnings. And—
KELLY EVANS: Wow.
JULIAN ROBERTSON: It's down about two points today. And it's, I think, a well-run company doing the right things at a very cheap price.
ROBERTSON ON OPPORTUNITIES IN BIOTECH AND GILEAD
JULIAN ROBERTSON: I think about things selling at depressed levels – the biotech stocks, the Celgenes and those type of companies are just selling at very, very low earnings multiples now. And there's a great feel that Mrs. Clinton – a great fear that Mrs. Clinton is going to put these people out of business.
I don't think she's that stupid. I mean, the country is begging for the new discoveries which these biotech countries – companies are uncovering. And I do some work in cancer research. And the progress there is just mind boggling. And I think it's due to, in large part, to these powerful biotech ideas, and people, and companies.
KELLY EVANS: Are there any smaller names in the space who have promising prospects as far as you're concerned? Or are you looking at more of the larger ones whose valuations have sold off a bit?
JULIAN ROBERTSON: I'm looking at the ones whose valuations have sold off a bit. And I think a lot of them have a lot of promise.
KELLY EVANS: Right. And there's probably going to be more acquisitions. You know, if you look at maybe even a Gilead, there's a lot of questions about how they backfill their pipeline. And perhaps they just go out looking for someone who can help with that.
JULIAN ROBERTSON: Well, with Gilead, it's amazing that they have not done more with their huge wads of cash. And we were big holders of Gilead. And frankly a little bit given up on them because they haven't put all this cash to work. And we think there are a lot of really good acquisitions available. And they should be taking advantage of this particular situation now that exists in the biotech area.
ROBERTSON ON APPLE
KELLY EVANS: That point raises a company in a totally different sector, but I just wonder if you have a view on whether Apple should be doing much more with its enormous cash pile to buy companies like Netflix maybe, which you sold out of. Or there is that speculation maybe they had some talks with Time Warner prior to the AT&T-Time Warner deal. You know, from that point of view, do you think they need to be more aggressive?
JULIAN ROBERTSON: I think I'm going to refrain from criticizing Apple too much. I mean, that's been a pretty great company. And I feel like in the long pull, I'm not in it now, but I think in the long pull that's going to be – is a great company. And I've got a lot of respect for them. I've got less respect for our politicians, for instance, who are not worried or apparently don't even consider the fact that Apple and a lot of the other good technology companies are going to create an automatic car. Think of the jobs that's going to cause to be gone.
KELLY EVANS: So you're opposed to that? Or you think people should be putting the brakes on that movement?
JULIAN ROBERTSON: No. I think we should be preparing now for what we are going to do with the people that are thrown out of work by automatic cars and these kind of these.
KELLY EVANS: You don't think it's a problem that'll take care of itself over the long run just like many, many other innovations?
JULIAN ROBERTSON: Oh, everything will take care of itself over the long run if you just let it go. But, you know, we're not willing to do that. And, I think here, it would be good to be thinking about where the unemployed can go.
ROBERTSON ON NETFLIX
KELLY EVANS: Let's go back to Netflix for a second, which you guys sold out of. Was it entirely or just in large part before – and then they had this great quarter. You know, subscriber numbers start picking up. But still, how much more growth can there be in that business? And do you have any regrets about selling out?
JULIAN ROBERTSON: I have always regrets about selling anything of Reed Hastings because he's really a good manager and a great capitalist. And I regret not being in it. I think that the growth in that business is going to be terrific.
KELLY EVANS: So why was the reason then of getting out of the stock?
JULIAN ROBERTSON: Well, you know, it's not the world's cheapest stock. It really isn't. Any way, we removed ourselves.
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