- Alvin Adams (36) established Adams & Co. as an express service
in Boston (2 men, 1 boy as employees; 1 wheelbarrow); 1845
- U.S. government initiated protection for U.S. post offices
from independent competitors - only post office authorized to
carry letters for fee; July 1, 1854 - The Adams
Express Company formally incorporated in New York City (merged
Adams express and 8 other East Coast express companies);
September 7, 1849 - announced new service to San
Francisco via panama; 1918 - U.S. railroads
nationalized, railway express operations of principal express
companies sold to new government-operated American Railway
Express Company (became passive investors in AREC, U.S.
government operation); 1920 - railroads
reprivatized; 1929 - 86 principal U.S. railroads
formed monopoly company, Railway Express Agency, acquired AREC
shares; October 1929 - company operated as
closed-end fund; first 75 years - one of nation's
leading independent express companies; second 75 years
- one of nation's largest closed-end investment companies.
Alvin Adams - Adams express Company
- John Tappan
founded Investors Syndicate; 1937
- Company assets reached $100 million;
1940 - entered Mutual Fund market in
partnership with Investors Mutual;
1949 - name changed to Investors
Diversified Services, Inc. (IDS);
1984 - IDS Financial Services acquired by
American Express; 1986
- IDS acquired Wisconsin Employers Casualty Company of Green
Bay, WI; renamed IDS Property Casualty Insurance Company;
1994 - IDS reached
$100 billion in assets; conducted business under American
Express brand; August 1, 2005
- American Express Financial Corporation changed name to
Ameriprise Financial, Inc.;
September 30, 2005 - spun off from American
Express; May 2008
- ranked No. 296 on the FORTUNE 500.
1904 - Roger and Grace Babson founded
Babson's Statistical Organization with an initial investment of
$1,200; later called Business Statistics Organization, then
Babson's Reports, later Babson-United Investment Reports;
central clearinghouse for information on investment information,
business conditions published in newsletters, sold by
subscription to interested banks and investors;
1907 - expanded
investment practice to include counseling; originated
Babsonchart of economic indicators (assessed current, predicted
future business conditions); first financial forecaster to
predict stock-market crash of October, 1929;
Babson-United Investment Reports closed.
- Theodore T. Scudder, Sidney Stevens, Haven
Clark founded Scudder, Stevens & Clark.
March 21, 1924 - Massachusetts
Investment Trust organized in Boston as managed fund offering
redeemable securities; first open-ended mutual fund (vs.
closed-end trust) in U.S. (pool of funds contributed by
investors, mutually owned by shareholders but managed by
trustees who held the power to invest its assets at will, and
who were to be compensated at what was then the current bank
rate for trustees); idea of Edward Leffler (formerly of
International Securities Trust of America, sponsor of first
publicly-distributed closed-end fund in 1921, and employee of of
Learoyd, Foster & Co. brokerage firm); first trustees - Edward
Leffler, Charles Learoyd and Hatherly Foster (of Boston
brokerage firm of Learoyd, Foster & Co.);
June 1924 - Leffler, Foster resigned as
trustees to sell fund shares (Leffler formed Incorporated
Investors in 1925 with George Putnam as open-end investment
company); replaced by Ashton L. Carr, L. Sherman Adams (both of
State Street Trust Co.); Merrill Griswold became first chairman;
initial capital of $50,000, initial minimum investment of $250;
portfolio of 100% common stock, based only on conservative
investment principles (no speculative schemes of closed-end
funds), portfolio publicly disclosed;
1925 - organized Investment Trust Fund A
on premise that common stocks outperform bonds and cash over
long term; 1932 -
established in-house research department, employed first
industry research director (initiated industry practice of
preparing stock research reports);
1969 - became part of Massachusetts
Financial Services (MFS); 1982
- acquired by Sun Life Financial of Canada.
July 1924 - Paul Cabot, Richard Paine, Richard
Saltonstall formed State Street Investment Corporation in
Boston; country's second mutual fund, one of first mutual
investment companies (first whose partners visited companies,
interviewed managers before deciding to invest); 1927
- became open-end investment company; 1929 - 19
open-end mutual funds competed with nearly 700 closed-end funds;
1982 - acquired by Metropolitan Life Insurance
Company (fund assets grew from $500 million in 1981 to $7.5
billion as 2000); 2004 - acquired by BlackRock for
$375 million; merged into smaller fund.
1927 - Kenneth
Stevens Van Strum (28) established Van Strum Financial Service,
investment-counseling firm, in New York City;
1930 - hired
Herbert Sands Towne, opened branch office in Springfield, MA;
1934 - Towne made
partner, firm renamed Van Strum & Towne, Inc.;
1940 - nearly
three-dozen employees in five locations around country;
1952 - set up
Channing Corporation, multifaceted conglomerate; assembled array
of mutual funds in U.S. and Canada;
1968 - Robert Van Kampen (30) set up
investment partnership in Chicago; pioneered insurance coverage
for tax-exempt bond funds (insured unit investment trusts);
1980 - John C.
Merritt, former head of Unit Trust Division of Butcher & Singer,
joined Robert Van Kampen as president; company renamed Van
Kampen Merritt, Inc.; 1983
- had sold nearly $7 billion of trusts; nation's third-largest
firm in that arena; acquired by Xerox Corporation (Xerox
Financial Services Inc.) for $200 million; after several
mergers, Channing renamed American Capital Corporation;
1984 - Van Kampen
Merritt introduced first mutual fund;
1986 - mutual fund business topped $3.5
billion; 1994 -
merged with American Capital, formed fifth-largest broker-sold
mutual fund group (more than $50 billion in assets under
management, more than 75 mutual funds); renamed Van Kampen
American Capital; June 1996
- acquired by Morgan Stanley; 1987
- one of six companies in nation to hold more than $100 billion
in mutual fund assets; 1998
- Van Kampen American Capital changed name to Van Kampen
Investments, completed $1.6 billion IPO of closed-end mutual
fund, second-largest closed-end IPO at time.
Robert Van Kampen
- Van Kampen
December 27, 1928
- Walter L. Morgan (31) incorporated Industrial and Power
Securities Company as "stand-alone" fund with $100,000 of assets
(raised from relatives, businesspeople in home state of
Pennsylvania); committed to a policy of balanced; investing;
July 1, 1929 -
began operations ( eight other mutual funds in existence); three
objectives: 1) Conservation of Capital, 2) Reasonable Current
Income, 3) Profits Without Undue Risk; assets of $195,000 at end
of first year; 1934
- assets exceeded $1,000,000; July
11, 1935 - name changed to to Wellington Fund,
Inc. (named for Duke of Wellington, 19th-century British general
who defeated Napoleon); 1944
- tenth largest firm in industry; 1949 - assets of $100 million;
1965 - assets of
$2 billion; 1968 -
merged with Windsor Fund (second member of 118-fund Vanguard
family); 1972 -
John C. Bogle took over (hired in June 1951);
September 24, 1974
- The Vanguard Group formed (named for Lord Nelson's flagship,
HMS Vangaurd), Wellington became charter member of mutual
structure; management fees, operating costs sharply reduced,
recognition that improved performance essential to firm's
continuing competitiveness; 1977
- shares offered directly to investors on commission-free basis;
mid-1982 - assets
plummeted to $470 million; 2003
- $27 billion, largest balanced fund in world.
1930 - Anderson & Cromwell money management firm (became
Cromwell & Cabot, Inc. in 1937) founded Fidelity Shares, Inc.
(open-end diversified investment company) in Boston, MA;
1938 - opened its own offices; 1943 -
Edward C. Johnson II (45), former trust lawyer at Ropes, Gray,
Boyden & Perkins (1925-1939), and vice-president and treasurer
of Incorporated Investors investment trust (since 1939; founded
1925 by Edward Leffler, creator of Massachusetts Investment
Trust, and George Putnam), hired as president, director
(investment advisor) of $3 million Fidelity Fund (done on
part-time basis); 1945 - Johnson devoted full-time
to Fidelity; 1946 - did not renew contract with
Cromwell & Cabot (fee for investment advice), incorporated
Fidelity Management and Research as investment adviser to
Fidelity Fund; believed that funds should invest in common
stocks that traded heavily; launched Puritan Fund; 1947 to
1957 - assets under management grew from $16 million to
$262 million; 1962 - established Magellan Fund;
1972 - formed FMR Corp.; Edward 'Ned' C. Johnson III
took over (assets of $39 billion; 1977 - Peter
Lynch became manager of Magellan Fund; 1979 -
offered discount brokerage services; 1993 - assets
under management surpassed $250 billion; June 15, 2001
- Abigail Johnson (39, grand daughter) named president;
2006 - revenue of $12.8 billion, about 46,000
employees worldwide; November 2007 -
converted into limited liability company, called FMR LLC
to save hundreds of millions of dollars in tax payments a year;
$1.57 trillion of assets, more than 400 funds, more than 23
million investors in individual, institutional accounts.
Johnson II - Fidelity
- Jonathan Bell Lovelace founds Capital Research and Management
Company (Capital Group).
1937 - George
Putnam, Sr. established The George Putnam Fund of Boston, a
balanced mutual fund; offered flexible portfolio of stocks and
bonds; 1970 -
acquired by Marsh McLennan (assets under management are nearly
September 3, 1937- Chauncey Waddell, former
reporter for Wall Street Journal and stock broker and Cameron
Reed formed Waddell & Reed, Inc. (merger of Herrick, Waddell &
Co., New York securities firm, and Consolidated Trust Inc.) in
Kansas City, MO; 1943 - principal underwriter for
United Funds, Inc., open-end investment company, one of first
mutual funds registered under Investment Company Act of 1940;
October 9, 1940 - launched first two mutual fund
products under United Funds name (Accumulative Fund, Income
Fund); 1961 - assets under management reachred $1
billion; 1969 - acquired by Monte, Neil Wallace
(Continental Investment Corporation) for $82.5 million;
October 26, 1981 - acquired by Liberty National
Insurance Holding Company (renamed Torchmark in 1982) for $160
million; 1985 - W & R assets under management
reached $5 billion; March 5 1998 - Waddell & Reed
Financial, Inc. went public.
Alfred Winslow Jones (48), four friends formed an investment
partnership—the first hedge fund—with Jones as the Managing
Partner; realized that one could use speculative techniques to
conservative ends; Used knowledge of statistics to develop a
measure of market and stock-specific risk to better manage the
exposure of his portfolio; referred to his fund as a "Hedged
Fund" not a "Hedge Fund" because he believed that being hedged
was the most important identifying characteristic; created an
in-house fund of funds with multiple managers running portfolios
under one legal entity (the limited partnership) supervised by
Jones. Jones’s job changed from picking stocks, to picking stock
analysts. He allocated capital among them, monitored the
portfolio’s exposure, and managed the firm’s operations;
1970 - partnership
name changed to A.W. Jones Company;
1983 - Robert L. Burch, III (son-in-law)
became a General Partner; 1984
- became Managing Partner; transformed firm into a
formalized fund-of-funds structure with no internal managers;
2003 - Robert L.
Burch, IV (grandson) became a General Partner.
- Richard Russell began publishing Dow Theory Letters; oldest
service continuously written by one person in the business.
May 15, 1959
- Max Oppenheimer, Leon Levy, Jack Nash, partners at Oppenhiemr
& Co., offered Oppenheimer Fund, single fund mutual-fund, to
public; first SEC-approved fund open to small investors, allowed
to sell short (established by Edmund Delaney, lawyer in 1957);
1960 - Oppenheimer
& Co. organized Oppenheimer Management Corporation as separate
subsidiary to manage its mutual fund business, act as investment
adviser for Oppenheimer Fund; 1982
- acquired by Mercantile House Holdings, PLC;
1985 - majority
interest acquired by management of Oppenheimer & Co., Inc.,
Oppenheimer Capital, separated businesses from OppenheimerFunds;
1987 - Mercantile
acquired by British & Commonwealth Holdings, PLC;
OppenheimerFunds, subsidiaries acquired by OppenheimerFunds's
senior management, Massachusetts Mutual Life Insurance Company;
June 30, 2008 -
more than $225 billion in assets under management.
August 10, 1971 - Luther Tyson and Jack
Corbett, worked on peace, housing, employment issues for United
Methodist Church, started Pax World Fund with $101.000 in
assets; first broadly diversified, publicly available
mutual fund to use social, financial criteria in investment
decision-making process; 2007 - industry estimated
to hold more than $2.7 trillion in investor assets (source:
Social Investment Forum); 2008 - Pax advises eight
funds, serves more than 100,000 investors; July 30, 2008
- fined $500,000 by SEC for failing to follow its own socially
responsible investing criteria over five-year period (two of its
mutual funds invested in off-limits industries such as gambling,
liquor, oil and gas exploration).
1975 - John Bogle presented idea to board of
directors of newly formed Vanguard Group: extremely low-cost
mutual fund (0.3% per year in operating expenses, 0.2% per year
in transaction costs vs. annual fund costs of about 2.0%) that
would attempt to would attempt to mirror returns of stock market
as measured by Standard & Poor's 500 index by buying each of
index's 500 stocks in amounts equal to weightings within index
itself; August 31, 1976 - First Index Investment
Trust created (nation’s first index mutual fund available to
individual investors, now known as Vanguard® 500 Index Fund);
1984 - second index fund; 1988 - total
index fund assets of $5.6 billion (1% of total assets of equity
mutual funds); 1996 - 5% market share; 1999
- 9% market share; 2006 - 175 of equity fund
assets ($1 trillion).
6, 1978 - President Carter signed Tax Revenue
Act of 1978 (included 401(k) provision - cash or deferred bonus
plans qualified for tax deferral; did not preclude pretax
salary-reduction programs); 1980
- R. Theodore Benna, employee benefits consultant with Johnson
Cos. in Philadelphia, devised first 401(k) [employee savings]
plan in response to client's proposal to transfer cash-bonus
plan to deferred profit-sharing plan - pretax salary reduction,
company matches, employee contributions;
1981 - established first salary-reducing
401(k) plan before Internal Revenue Service (IRS) wrote
regulations to govern it (IRS provisionally approved plan);
payroll deductions for IRAs allowed; 1986 - Reagan
administration tried two attempts to invalidate 401(k)s;
1985-1994 - value
of 401(k) plans sponsored by 1,500 large corporations surveyed
annually by Greenwich Associates grew from $137 billion to
$454.7 billion; number of employees able to participate in 401
(k) plans rose from 7 million in 1983 to more than 48 million by
November 20, 2006 - Bank of America Corp.
agreed to buy U.S. Trust, wealth management (private-banking)
unit of Charles Schwab Corp. (4th largest), for $3.3 billion in
cash; created biggest manager of private wealth to better
compete for wealthy clients against Citigroup Inc. and JPMorgan
Chase & Co.
September 23, 2007
- Hedge funds vs. S & P 500
June 12, 2009
- BlackRock Inc. acquired Barclays Global Investors for $13.6
billion, largest deal in history of money management industry;
formed new $2.7 trillion asset management company, named
BlackRock Global Investors.
July 24. 2009
- CALPERS record: worst one-year performance in decades.
(Acorn), Ralph Wanger with Everett Mattlin
A Zebra in Lion Country: Ralph Wanger's Investment Survival
Guide. (New York, NY: Simon & Schuster, 251 p.).
Investments; Securities; Finance, Personal.
(Adams Express), Albert Shumate; with foreword
by Kevin Starr (1986).
The Notorious I.C. Woods of the Adams Express.
(Glendale, CA: A. H. Clark, 144 p.). Woods, Isaiah Churchill,
1825-1880; Adams & Co.--History;
(American Express Financial Advisors), Kenneth
Lipartito, Carol Heher Peters (2001).
Investing for Middle America John Elliott Tappan and the Origins
of American Express Financial Advisors. (New York, NY:
Palgrave, 268 p.). Professor of History (Florida International
University); Great Granddaughter of John Elliott Tappan,
Communications Editor at the Princeton Environmental Institute
(Princeton University). Tappan, John Elliott, 1870- ; American
Express Financial Advisors; Financial planners--United States;
Investment advisors--United States; Financial services
John Elliott Tappan
- American Express Financial Advisors
(Babson's Reports), Roger W. Babson (1949).
Actions and Reactions: the Autobiography Of Roger Babson.
(New York: Harper, p. [rev. ed.]). Founder, Babson's Reports.
Babson, Roger Ward, 1875- ; Investment advice; Investment
Roger W. Babson
(Babson's Reports), Earl L. Smith (1954).
Yankee Genius; A Biography of Roger W. Babson, Pioneer in
Investment Counseling and Business Forecasting Who Capitalized
on Investment Patience. (New York, NY: Harper, 298 p.).
Babson, Roger Ward, 1875-.
(Cambridge Associates), Hunter Lewis (2007).
Are the Rich Necessary?: Great Economic Arguments and How They
Reflect Our Personal Values. (Mt. Jackson, VA: Axios
Press, 282 p.). Co-founder, Cambridge Associates. Economics;
Business & Investing. Alternate approaches
to solving everyday economic problems; succinct, yes-or-no
economic question: "Does the profit system glorify greed?,
analyzes rationally arguments behind both answers.
(Capital Group), Charles D. Ellis (2004).
Capital: The Story of Long Term Investment Excellence.
(Hoboken, NJ: Wiley, 318 p.). Capital Group History; Investment
(Cassandra Group Inc.), Emily White (2007).
You Will Make Money in Your Sleep: From Boom to Bust with Dana
Giacchetto in the 1990s. (New York, NY: Scribner, 320
p.). Giacchetto, Dana; Investment advisors--United
States--Biography; Investment advisors--Corrupt
practices--United States. Former president, founder of $100 million Cassandra Group,
investment advisory firm; managing funds for celebrity clients;
charged with stealing $9.9 million in client funds, lying to
securities investigators; sentenced to nearly 5 years in prison;
won early release.
(Dreyfus), Jack Dreyfus (1996).
The Lion of Wall Street: The Two Lives of Jack Dreyfus.
(Washington, DC: Regnery Pub., 328 p.). Founder, Dreyfus Funds.
Dreyfus, Jack, 1913-; Dreyfus, Jack, 1913- -- Health;
Capitalists and financiers -- United States -- Biography;
Depression, Mental -- Patients -- United States -- Biography;
Jack Dreyfus - Dreyfus Funds
(ETS Capital Management), Richard L. Lackey
Cashing in on Wall Street's 10 Greatest Myths: What You Can Do
To Consistently Build Wealth. (New York, NY:
McGraw-Hill, 220 p.). CEO of ETS Capital Management. Portfolio
management; Investments; Stocks; Wealth; Finance, Personal
(Fidelity), Diana B. Henriques (1995).
Fidelity's World: The Secret Life and Public Power of the Mutual
Fund Giant. (New York, NY: Scribner, 416 p.). Business
Reporter-New York Times. Fidelity Investments (Firm); Mutual
Funds-United States. Fidelity - the corporation and its
environment: consumer company marketing "products" to satisfy
every taste, rather than group sober fiduciaries who considered
investors as shareholders and themselves as trustees.
Edward C. Johnson III
- Fidelity (http://media.washingtonpost.com/wp-dyn/content/photo/2005/08/09/PH2005080901603.jpg)
(Greenlight Capital), David Einhorn; foreword
by Joel Greenblatt (2008).
Fooling Some of the People All of the Time: A Long, Short Story.
(Hoboken, NJ: Wiley, 400 p.). Founder, Greenlight Capital.
Allied Capital--Management--Evaluation; Allied
Capital--Accounting--Evaluation; Small business investment
Events that followed speech about shorting
Allied Capital (leader in private finance industry); how
Allied, investment community attacked to protect company,
its stock price; how current environment allows such
behavior, protects companies, attacks those who attempt to
(Holte Capital Ltd.), Lars Kroijer (2010).
Money Mavericks: Confessions of a Hedge-Fund Manager.
(New York, NY: Financial Times Prentice Hall, 210 p.). Founder
and Chief Executive Officer of Holte Capital Ltd. Hedge funds;
Hedge funds -- Management; Speculation. Life of a hedge fund;
what it's like to try, set, run a hedge fund; founding, rise,
eventual closing of fund which operated in London from 2002 to
2008; trying to do something incredibly hard: beat the market.
(Incorporated Investors), Amory Parker (1946).
Twenty Crucial Years; The Story of Incorporated Investors, A
Pioneer Investment Company, 1925-1945. (Boston, MA: Parker
Corporation, 126 p.). Incorporated Investors.
(Legg Mason), Janet Lowe (2002).
The Man Who Beats the S&P: Investing with Bill Miller.
(New York, NY: Wiley, 262 p.). \Miller, Bill, 1950- ;
(L.T.C.M.), Nicholas Dunbar (2000).
Inventing Money: The Story of Long-Term Capital Management and
the Legends Behind It. (New York, NY: Wiley, 245 p.).
British financial journalist. Long-term Capital Management
(Firm); Finance; Financial crises.
(L.T.C.M.), Roger Lowenstein (2000).
When Genius Failed: The Rise and Fall of Long-Term Capital
Management. (New York, NY: Random House. Former Wall
Street Journal Reporter. Hedge funds--United States.
(Marathon Asset Management), Edward Chancellor
Capital Accounts: A Money Manager's Reports on a Turbulent
Decade (1993-2002). ( New York, NY: Texere, 272 p.).
Investment advisors; Money management.
(Mercury Asset Management), Peter Stormonth
City Cinderella: The Life and Times of Mercury Asset Management.
(New York, NY: Texere, 284 p.). Chairman of Mercury Asset
Management from 1979 to 1992. Warburg, Siegmund; Mercury Asset
Management; investment advisers.
(Minyanville Media), Todd A. Harrison (2011).
The Other Side of Wall Street: In Business It Pays to Be an
Animal, In Life It Pays to Be Yourself. (Upper Saddle
River, NJ: FT Press, 192 p.). Founder of Minyanville Media,
Former Vice President on Worldwide Equity Derivative Desk at
Morgan Stanley, Former Managing Director of Derivatives at The
Galleon Group, Former President of $400 million hedge fund
Cramer Berkowitz. Harrison, Todd A.; Stockbrokers --United
States --Biography; Investment advisors --United States
--Biography. From adrenaline rush of trading at Morgan Stanley,
to trench warfare with Galleon and Jim Cramer to valuable
lessons about money and life.
(MotherRock LP), Ben Mezrich (2007).
Rigged: The True Story of an Ivy League Kid Who Changed the
World of Oil, from Wall Street to Dubai. (New York, NY:
Morrow, 294 p.). Columnist for Stuff magazine and Boston Common.
D’Agostino, John; Petroleum industry and trade--United
States--Biography; Businesspeople--United States--Biography.
Founding Partner and COO of MotherRock LP (energy hedge fund).
Rags-to-riches story of Italian-American
kid from streets of Brooklyn; Harvard Business School, Merc
Exchange (oil exchange), adventure to revolutionize oil trading
(Odyssey Partners), Leon Levy with Eugene
Linden ; foreword by Alan Abelson (2002).
The Mind of Wall Street: A Legendary Financier on the Perils of
Greed and the Mysteries of the Market. (New York, NY:
Public Affairs, 220 p.). Founder, Oppenheimer Funds. Wall
Street; Investments--United States; Speculation--United States.
(Paulson & Co.), Greg Zuckerman (2009).
The Greatest Trade Ever: The Behind-the-Scenes Story of How John
Paulson Defied Wall Street and Made Financial History.
(New York, NY:
Broadway Business, 304 p.).
Street Journal). Pulson, John; Paulson & Co., Inc.; housing
How contrarian foresaw
escalating financial crisis; 2006 - realized housing market,
value of subprime mortgages were grossly inflated, headed for
major fall; Paulson, Jeffrey Greene, Michael Burry began to bet
heavily against risky mortgages; initially, lost tens of
millions of dollars; double size of bets; summer of 2007 -
markets began to implode, brought Paulson early profits, sparked
efforts to rescue real estate and derail him; year end 2007 -
greatest trade in financial history, earned more than $15
billion for his firm (dwarfed George Soros's billion-dollar
currency trade in 1992); 2008 - made billions more.
John Paulson - Paulson & Co. (http://images.businessweek.com/ss/08/07/0701_short_sellers/image/john_paulson.jpg)
(Pershing Square Capital Management), Christine Richard
Confidence Game: How a Hedge Fund Manager Called Wall Street's
Bluff. (New York, NY: Bloomberg Press, 352 p.). Debt
reporter for Bloomberg News. Ackman, Bill; Pershing Square
Capital Management. How hedge fund manager Bill Ackman warned
that MBIA Inc., little-known bond insurance company, had guaranteed
nearly a $ trillion of debt (short
seller stood to gain $ billions from company's bankruptcy if
investigated by Eliot Spitzer, Securities Exchange Commission);
branded a fraud in financial press; Ackman's
battle with MBIA;
bond insurance business dried up;
dangerous delusions that humbled America's largest financial
(PIMCO), Timothy Middleton (2004).
The Bond King: Investment Secrets from PIMCO's Bill Gross.
(Hoboken, NJ: Wiley, 223 p.). Gross, William H.; Bonds; Bond
(PIMCO), Mohamed A. El-Erian
When Markets Collide: Investment Strategies for the Age of
Global Economic Change. (New York, NY: McGraw-Hill, 344
p.). Co-CEO, Co-CIO of PIMCO. Markets; Business cycles; Risk
management. Why asset class mispricings are important signals of
opportunities, risks that will shape market for years to come;
recent events in proper context; how to: think about new
opportunities and risks; construct appropriately diversified,
internationalized portfolio; capitalize on new
financial landscape, while limiting exposure to new risk
(Pioneer Funds -
established 1928), Philip L. Carret (1998).
Classic Carret: Common Sense from an Uncommon Man.
(Boston, MA: Pioneer Group, 100 p.). Carret, Philip L. (Philip
Lord), b. 1896 --Quotations; Business--Quotations, maxims, etc.;
Economics--Quotations, maxims, etc. Published in honor of
Pioneer Fund's 70th birthday and a memorial to its founder,
Philip L. Carret (d. May 28, 1998).
- Pioneer (http://www.pioneerinvestments.sk/Images/PhilipCarret.jpg)
(Scudder), Scudder, Stevens & Clark (1994).
The History of Scudder, Stevens, & Clark : 75 years.
(Boston, MA: Scudder, Stevens & Clark, 173 p.). Scudder,
& Clark--History; Investment
Securities industry--United States--History--20th century;
Financial services industry--United States--History--20th
(Third Millennium Russia Fund), John T.
Connor; with Lawrence P. Milford (2008).
Out of the Red: Investment and Capitalism in Russia.
(Hoboken, NJ: Wiley, 205 p.). Founder, Portfolio Manager of the
Third Millennium Russia Fund, U.S., S.E.C.-registered mutual
fund specializing in equities of Russian public companies;
Equity Analyst for Third Millennium Russia Fund. Investments
--Russia (Federation); Capitalism --Russia (Federation); Russia
(Federation) --Economic policy. Industry
overview, history, advice on how to invest in industries
(steel/metals, oil and gas, auto, real estate, banking, retail);
60 viable companies; currency, oil, political risks.
(Tiger Management), Daniel A. Strachman
Julian Robertson: A Tiger in the Land of Bulls and Bears.
(New York, NY: Wiley, 288 p.). Managing Director of Answers
Company. Robertson, Julian; Tiger Management; Hedge Funds.
(Traxis Partners), Barton Biggs (2006).
HedgeHogging. (Hoboken, NJ: Wiley, 256 p.). Formerly
Head of Investment Strategy (Morgan Stanley). Hedge funds.
Battle for investing survival.
Barton Biggs - Traxis Partners
(Traxis Partners), Barton Biggs (2008).
Wealth, War, and Wisdom. (Hoboken, NJ: Wiley, 358 p.).
30-year veteran of Morgan Stanley (formed firm’s number
one-ranked research department, built its investment management
business, served as chairman of investment management firm).
Stock exchanges--History--20th century;
Investments--History--20th century; World War,
1939-1945--Economic aspects; Wealth. "The
wisdom of markets" prevails, even in most turbulent of eras: how
perilous times affect financial markets, how investors can
benefit; how turning points of World War II intersected market
performance, can help 21st century investor comprehend perilous
times, choose best strategies for modern market economy.
(Treynor Capital Management Inc.), Jack L.
Treynor on Institutional Investing. (Hoboken, NJ: Wiley,
574 p.). President of Treynor Capital Management, Inc; Former
Editor of the Financial Analysts Journal. Institutional
investments; Portfolio management. Investment insights: from seminal presentation of CAPM at MIT in
1962 to papers that introduced modern risk, performance
measurement to revolutionary paper on inflation;
controversial proposals on trading strategy, stock valuation.
(Vanguard), Robert Slater (1997).
John Bogle and the Vanguard Experiment: One Man's Quest to
Transform the Mutual Fund Industry. (Chicago, IL: Irwin,
270 p.). Bogle, John C.; Vanguard Group of Investment
Companies-History; Mutual Funds-United States-History.
- Vanguard (http://www.princeton.edu/pr/pwb/99/0301/m/bogle.jpg)
(Vanguard), John C. Bogle (2001).
John Bogle on Investing: The First 50 Years. (New York,
NY: McGraw Hill, 455 p.). Vanguard Group of Investment
Companies; Investments; Securities; Mutual funds; Portfolio
(Vanguard), John C. Bogle (2002).
Character Counts: The Creation and Building of The Vanguard
Group. (NewYork, NY: McGraw-Hill, 333 p.). Bogle, John
C.; Vanguard Group of Investment Companies; Chief executive
officers--United States--Biography; Mutual funds--United States.
(Vanguard), John C. Bogle (2005).
The Battle for the Soul of Capitalism. (New Haven, CT:
Yale University Press, 288 p.). Founder, Former CEO of the
Vanguard Mutual Funds. Capitalism--United States;
Corporations--United States; Investments--United States; Mutual
funds--United States. Jeremiad against corporate excess.
(Vanguard), John C. Bogle (2008).
Enough: True Measures of Money, Business, and Life.
(Hoboken, NJ: Wiley, 288 p.). Founder of The Vanguard Group.
Finance; Investments; Business; Value. Attributes of life well-lived; warned about
risks presented by financial system that subtracted value from
society; what is, should be "enough" in money, in business, in
life; nation suffered from decades of unchecked financial excess
(investment company fees; financial speculation masquerading as
diversification and innovation; salaries of top executives;
salesmanship; role played by financial industry in national
economy, national life); frenzy of derivatives, structured
vehicles, layers of intermediation behind recent collapse.
(Vanguard), Johm Bogle (2010).
Don't Count on It!: Reflections on Investment Illusions,
Capitalism, "Mutual" Funds, Indexing, Entrepreneurship,
Idealism, and Heroes. (Hoboken, NJ: Wiley, 603 p.).
Founder of The Vanguard Group. Investments; Portfolio
management; Business mathematics. Essays based on
speeches delivered to professional groups, college students in
recent years; 8 themes:1) illusion versus reality in investing;
2) indexing to market returns; 3) failures of capitalism; 4
flawed structure of mutual fund industry; 5) spirit of
entrepreneurship; 6) what is enough in business, in life; 7)
advice to America's future leaders; 8) characters who shaped his
(Velocity Capital Management), Andy Kessler
Running Money: Hedge Fund Honchos, Monster Markets, and My Hunt
for the Big Score. (New York, NY: HarperCollins, 320
p.). Co-founder and President. Hedge funds.
Anonymous Hedge Fund Manager; [introduction by] Keith Gessen
Diary of a Very Bad Year: Confessions of an Anonymous Hedge Fund
Manager. (New York, NY: Harper Perennial, 272 p.).
Co-Editor-in-Chief of n+1. Hedge funds --Management; Subprime
mortgage loans; Global Financial Crisis, 2008-2009.
Candid, account of economic crisis; two years of interviews with despairing anonymous
hedge fund manager; stories behind death of Bear Stearns,
collapse of Lehman Brothers, plunging dollar, bailouts, Madoff
scandal, upswing; stress - took semi-sabbatical.
John Baschab and Jon Piot (2010).
Outperform: Inside the Investment Strategy of Billion Dollar
Endowments. (Hoboken, NJ: Wiley, 316 p.). Senior Vice
President at Technisource; Co-Founder and CEO of Impact
Innovations Group. Endowments -- United States -- Finance;
Investments -- United States; Institutional investments --
United States. How Chief Investment Officers at top academic
endowment funds (manage over $400 billion in total assets)
consistently outperform market,; what they predict for coming
years; how small investors can employ their investment
philosophies; 1999–2009 - large endowments returned an average
of 6.1%, compared to S&P 500 index average of –2.22%.
Thomas A. Bass (1999).
The Predictors. (New York, NY: Holt, 309 p.). Investment
advisors; Stock price forecasting; Economic forecasting;
Richard Bookstaber (2007).
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils
of Financial Innovation. (Hoboken, NJ: Wiley, 276 p.).
Manager of FrontPoint Partners, Former Managing Director for
Risk Management at Salomon Brothers, Member of Salomon's Risk
Management Committee. Hedge funds; Risk management.
Liquidity begets greater leverage;
innovation creates greater complexity; structure demands
nonhuman level of rationality; twofold solution: 1) reduce
complexity, 2) break tight coupling of transactions.
Peter Brimelow (1986).
The Wall Street Gurus : How You Can Profit from Investment
Newsletters. (New York, NY: Random House, 238 p.).
Investment advisors; Investment analysis.
Hugh Bullock (1959). The Story of
Investment Companies (New York, NY: Columbia University
Press, 305 p.). Mutual Funds-United States.
Jonathan Burton (2001).
Investment Titans: Investment Insights from the Minds that Move
Wall Street. (New York, NY: McGraw-Hill, 278 p.).
Investments--United States; Investment analysis;
Katherine Burton (2007).
Hedge Hunters: Hedge Fund Masters on the Rewards, the Risk, and
the Reckoning. (New York, NY: New York, NY, 206 p.).
Reporter (Bloomberg News). Hedge funds; Investment advisors. Personal journeys, strategies for
producing outstanding returns, characteristics that make great
investor, attributes most important to job.
Michael J. Clowes (2000).
The Money Flood: How Pension Funds Revolutionized Investing.
(New York, NY: Wiley, 308 p.). Pension
Douglas J. Donnelly (1994).
The Money Monarchs: The Secrets of 10 of America's Best
Investment Managers. (Burr Ridge, IL: Business One
Irwin, 222 p.). Investment advisors--United States;
Steven Drobny (2006).
Inside the House of Money: Top Hedge Fund Traders on Profiting
in a Global Market. (Hoboken, NJ: Wiley, 384 p.).
Cofounder of Drobny Global Advisors. Hedge funds; Mutual funds;
Investment advisors; Portfolio management; Investments.
Thirteen interviews with industry's
Steven Drobny; foreword by Jared Diamond (2010).
The Invisible Hands: Hedge Funds Off the Record--Rethinking Real
Money. (Hoboken, NJ, Wiley, 484 p.). Cofounder and
partner of Drobny Global Advisors (DGA). Hedge funds; Mutual
funds; Investment advisors; Portfolio management.
Hedge fund managers highlight specific
risk and return objectives, evolution of certain styles, beliefs
in money management; top hedge fund managers who survived,
prospered through 2008 financial crisis; investments, strategies
for rocky road ahead; how hedge fund managers seek new paradigm
of risk management, profit making opportunities in post-crisis
world; how traditional investors (pensions, endowments,
foundations family offices) should rethink asset allocation,
Charles D. Ellis, with James R. Vertin (2001).
Wall Street People: True Stories of Today's Masters and Moguls.
(New York, NY: Wiley, 342 p.). Investment advisors--United
Wall Street People: True Stories of the Great Barons of Finance.
(Hoboken, NJ: Wiley, 276 p.). Investment advisors--United
Matthew P. Fink (2008).
The Rise of Mutual Funds: An Insider's View. (New York,
NY: Oxford University Press, 320 p.). Former President,
Investment Company Institute. Mutual funds -- History.
Developments that produced mutual funds' long history of success
from 1940 to largest financial industry in world (over 88
million shareholders, over $11 trillion in assets).
Ben Finkelstein (2006).
The Politics of Public Fund Investing: How To Modify Wall Street
to Fit Main Street. (New York, NY: Simon & Schuster, 208
p.). Investment of public funds--United States; Local
finance--United States. Fixed-income
portfolio management while balancing politics (preserve
principal), with economics (optimize income).
Richard Folcker (2001).
Derivatives Diary: The Strategies of an Independent Fund Manager.
(New York, NY: Wiley, 128 p.). Management Consultant
Specializing in Global Risk Management. Investment advisors;
Investment analysis--Marketing; Derivative securities.
Albert J. Fredman, Russ Wiles (1993).
How Mutual Funds Work (New York, NY: New York Institute
of Finance). Mutual funds; Investments.
Richard Goldberg (2009).
The Battle for Wall Street: Behind the Lines in the Struggle
that Pushed an Industry into Turmoil. (Hoboken, NJ:
Wiley, 240 p.). Wall Street veteran with Lehman Brothers,
Lazard, and Wasserstein Perella (25 years). Investment advisors
--United States; Investments --United States; Finance --United
States; Stock exchanges --New York (State) --New York.
for power between sellers (traditional commercial, investments
banks) and buyers (upstart hedge funds, private equity firms) to
win hearts, minds, wallets of global investors; forces behind
shift of power from sell side to buy side.
Boris Groysberg (2010).
Chasing Stars: The Myth of Talent and the Portability of
Performance. (Princeton, NJ: Princeton University
Press, 464 p.). Associate Professor in the Organizational
Behavior Unit (Harvard Business School). Investment advisors
--United States; Labor turnover --United States; Wall Street
(New York, N.Y.). Fundamental nature of outstanding performance;
star analysts who change firms suffer immediate, lasting decline
in performance; earlier excellence appears to have depended
heavily on former firms' general, proprietary resources,
organizational cultures, networks, colleagues; female stars
perform better, after changing jobs, than male counterparts;
how some Wall Street research
departments successfully grow, retain, deploy their own stars;
how findings apply to many other occupations.
Ed. Gilbert E. Kaplan and Chris Welles. With
an introd. by 'Adam Smith.' (1969).
The Money Managers. (New York, NY: Random House, 261
p.). Publisher of Institutional Investor, Journalist,
respectively. Investment advisors--United States. "Profiles ...
based on articles which originally appeared in The institutional
Scott Kays (2005).
Five Key Lessons from the Top Managers. (Hoboken, NJ:
Wiley, 278 p.). Founder, Kays Financial Advisory Corporation
(over $100 million in client assets). Portfolio management;
Investment analysis; Investment advisors. Different investment styles, five common principles.
Kirk Kazanjian (2000).
Wizards of Wall Street: Market-Beating Insights and Strategies
from the World's Top-Performing Mutual Fund Managers
(New York, NY: New York Institute of Finance, 359 p.). Mutual
funds--United States; Stocks--United States; Investments--United
States; Investment advisors--New York (State)--New
York--Interviews; Stockbrokers--New York (State)--New
York--Interviews; Stock exchanges--New York (State)--New York.
Ari Kiev (2005).
Hedge Fund Masters: How Top Hedge Fund Traders Set Goals,
Overcome Barriers, and Achieve Peak Performance.
(Hoboken, NJ: Wiley, 272 p.). President of the Social Psychiatry
Research Institute (stress management and performance
enhancement). Hedge funds; Investment analysis; Floor traders
Norman King (1983).
The Money Messiah$. (New York, NY: Coward-McCann, 221
p.). Investment advisors--Biography; Capitalists and
James A. Kujaca (1996).
The Trillion Dollar Promise: An Inside Look at Corporate Pension
Money, How Its Managed, and for Whose Benefit. (Chicago,
IL: Irwin Professional Pub., 191 p.). Pension trusts--United
States--Management; Pension trusts--United States--Investments;
Pension trusts--Corrupt practices--United States.
Michael F. Lane (2000).
Secrets of the Wealth Makers: Top Money Managers Reveal Their
Investing Wisdom. (New York, NY: McGraw-Hill, 217 p.).
Investments; Finance, Personal; Investment advisors. Showcases
the proven wealth-building tactics of the best and brightest
financial advisors in the country.
Dean LeBaron, Romesh Vaitilingam (2002).
Dean LeBaron's Treasury of Investment Wisdom: 30 Great Investing
Minds. (New York, NY: Wiley, 310 p.). Founder (Batterymarch
Financial Management). Investments; Stock exchanges.
Louis Lowenstein (2008).
The Investor’s Dilemma: How Mutual Funds Are Betraying Your
Trust and What To Do About It. (Hoboken, NJ: Wiley, 220
p.). Simon Rifkind Professor Emeritus of Finance and Law,
Columbia Law School. Mutual funds--United States; Investments.
Fund families have become behemoths,
primary goal to collect more assets; investors suffer; how
highly overpaid are mutual fund managers; how they consistently
cost investors through unreasonable fees, expenses; maze of
conflicts of interest, financial double-dealing; fund.
Martin Mayer (1969). New Breed on Wall
Street: The Young Men Who Make the Money Go. (New York, NY:
Macmillan, 128 p.). Investment advisors--United States;
Institutional investments--United States.
Ben Mezrich (2004).
Ugly Americans: The True Story of the Ivy League Cowboy Who
Raided Asia in Search of the American Dream. (New York,
NY: Morrow, 288 p.). Capitalists and
financiers--Japan--Biography; Americans--Japan--Biography; Hedge
Louis Navellier (2007).
The Little Book That Makes You Rich. (Hoboken, NJ:
Wiley, 208 p.). Newsletter Editor (25+ years) - Recommendations
have gained over 4,806 percent in last 22 years (confirmed by
The Hulbert Financial Digest). Stocks; Investments.
How to find stocks poised for rapid price
increases, regardless of overall stock market direction;
statistical, quantitative measures needed to measure risk,
reward along path to profitable growth stock investing; specific
tools for selecting stocks based on factors that years of
research have proven to lead to growth stock profits.
Ronald D. Orol (2008).
Extreme Value Hedging: How Activist Hedge Fund Managers Are
Taking on the World. (Hoboken, NJ: Wiley, 370 p.).
Senior Writer for The Deal and The Daily Deal. Hedge funds;
Hedging (Finance). Rise to power in
U.S. of activist hedge fund managers, how they spread their
influence around globe (China, Ukraine, South Korea,
Robert C. Pozen; editorial assistance by
Sandra D. Crane (2002).
The Mutual Fund Business (Boston, MA: Houghton Mifflin,
589 p. [2nd ed.]). Mutual funds--United States--Case studies.
Michael D. Sheimo (2000).
Mutual Fund Rules: 50 Essential Axioms to Explain and Examine
Mutual Fund Investing (New York, NY: McGraw-Hill, 247
p.). Mutual funds--Handbooks, manuals, etc.
R. J. Shook (2005).
The Winner's Circle: Wall Street's Best Mutual Fund Managers.
(Hoboken, NJ: Wiley, 238 p.). Mutual funds--United States;
Investment advisors--United States; Success in business.
Michael Steinhardt (2001).
No Bull: My Life In and Out of the Markets. (New York,
NY: Wiley, 289 p.). Hedge Fund Manager. Steinhardt, Michael;
Capitalists and financiers--United States--Biography;
Larry E. Swedroe (2011).
The Quest for Alpha: The Holy Grail of Investing.
(Hoboken, NJ: Wiley, 208 p.). Principal and the Director of
Research for the Buckingham Family of Financial Services.
Investments; Investment analysis; Portfolio management.
returns above appropriate risk-adjusted benchmark; debate over
decades: active investing-stock picking, market timing-versus
passive investing-markets are highly efficient, almost
impossible to outperform; active investing - likely to prove
futile (associated expenses-costs, fees, time spent analyzing
individual stocks and overall market likely to exceed any
Peter Tanous, with a foreword by Andrew Tobias
and a preface by Richard C. Breeden (1997).
Investment Gurus : A Road Map to Wealth from the World's Best
Money Managers. (New York, NY: New York Institute of
Finance, 414 p.). President (Lynx Investment Advisory, LLC).
Investment advisors--United States--Interviews; Stocks;
Peter Temple (2001).
Hedge Funds: The Courtesans of Capitalism. (New York,
NY: Wiley, 271 p.). Former Investment Analyst for a Fund. Hedge
funds; Hedge funds--United States; Capitalism.
Michael Useem (1996).
Investor Capitalism: How Money Managers Are Changing the Face of
Corporate America. (New York, NY: Basic Books, 332 p.).
Institutional investments -- United States; Investment advisors.
Business History Links
100 Women in Hedge Funds
Formed in December 2001 and incorporated as 100 Women in Hedge
Funds Association, Inc. in July 2003. The aim is to help advance
the hedge fund industry and the business activities of
professional women within it. We aim to provide our members and
associates with high-level contacts, services and information
that will enhance and strengthen their organizations. We sponsor
educational programs and seminars, as well as social events,
designed to facilitate broader knowledge and opportunity for our
colleagues. Members and associates are expected to contribute
their talents, expertise and leadership toward the development
and implementation of programs and services that enrich one
Centre for Hedge Fund Research and
Education (London Business School)
Established in 2000 as a response to the recent rapid growth in
investor interest in hedge funds and the demand for a greater
understanding of what remains for many, a highly complex world,
characterised by intricate investment methodologies.
Investment Adviser Public Disclosure
The Securities Exchange Commission (SEC) has just announced a
new Website that allows users to look up information about SEC-
and state-registered investment advisor firms. Users can search
for firms and pull up their most recent Form ADV, the form that
firms file to register with the SEC or the states. The form
contains information about the firm's operations, its key
personnel, and disciplinary actions involving the firm. The site
also provides links to related sites, such as state regulators
and the Central Registration Depository Public Disclosure on the
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