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Frederick S. Mates
Frederick S. Mates, aka Frederic Mates, founded in August 1967 the Mates Investment Fund, a high-flying mutual fund during the 'Go-Go' 60s that later crashed in the bear market of the early 1970s. Mates ran his fund from an office he dubbed the "kibbutz" and with a young staff he called his "flower children". Mates put most of his fund into a letter stock known as Omega Equities. Mates in determining his funds assets assigned a value to the barely traded Omega of $16 a share, while having purchased the stock at $3.25 a share. Mates got into trouble over this practice which was routine in the 1960s and not uncommon even today, of accounting for letter stocks at a price different from what was paid for it. As a result, when confidence was lost in Mates' mutual fund and investors wanted to cash out, redemptions had to be suspended for a while, which the U.S. Securities and Exchange Commission condoned. Mates was born in Brooklyn and graduated from Brooklyn College in 1954. According to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Fund
A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital'), and the open-ended investment company (OEIC) in the UK. Mutual funds are often classified by their principal investments: money market funds, bond fund, bond or fixed income funds, stock fund, stock or equity funds, or hybrid funds. Funds may also be categorized as index funds, which are passively managed funds that track the performance of an index, such as a stock market index or bond market index, or actively managed funds, which seek to outperform stock market indices but generally charge higher fees. The primary structures of mutual funds are open-end funds, closed-end funds, and unit investment trusts. Over long durations, passively managed funds consistently outperform actively m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973–1974 Stock Market Crash
The 1973–1974 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, it was one of the worst stock market downturns since the Great Depression, the other being the 2008 financial crisis. The crash came after the collapse of the Bretton Woods system over the previous two years, with the associated ' Nixon Shock' and United States dollar devaluation under the Smithsonian Agreement. It was compounded by the outbreak of the 1973 oil crisis. It was a major event of the 1970s recession. History In the 694 days between 11 January 1973 and 6 December 1974, the New York Stock Exchange's Dow Jones Industrial Average benchmark suffered the seventh-worst bear market in its history, losing over 45% of its value. The year 1972 had been a good year for the DJIA, with gains of 15% in the twelve months, and 1973 had been expected to be even better, with Time magazine reporting jus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Letter Stock
Tracking stock, also known as letter stock and targeted stock, is a specialized equity offering issued by a company that is based on the operations of a defined business within the larger organization (such as, for instance, a wholly owned subsidiary of a diversified firm). Therefore, the tracking stock will be traded at a price related to the operations of the specific division of the company being "tracked". Tracking stock is typically limited, or has no voting rights. Often, tracking stock is issued to separate a high-growth (but initially, unprofitable) division from its parent company, while the parent company and its shareholders remain in control of the subsidiary's operations. Overview A tracking stock is issued from a corporation’s voting common stock as a special class of stock specifically tied to the financial performance of any type of definable business division, including a subsidiary, product line, or geographical territory. Stockholder benefits are confined to t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brooklyn College
Brooklyn College is a public university in Brooklyn in New York City, United States. It is part of the City University of New York system and enrolls nearly 14,000 students on a campus in the Midwood and Flatbush sections of Brooklyn as of fall 2023. New York City's first public coeducational liberal arts college, the college was formed in 1930 by the merger of the Brooklyn branches of Hunter College (centered in Manhattan), then a women's college, and of the City College of New York (also Manhattan), then a men's college. Once tuition-free, the city's 1975 fiscal crisis ended the free tuition policy. The college also consolidated to its main campus. Prominent alumni of Brooklyn College include US senators, federal judges, US financial chairmen, Olympians, CEOs, and recipients of Academy Awards, Emmy Awards, Pulitzer Prizes, and Nobel Prizes. College history Early decades Brooklyn College was founded in 1930. That year, as directed by the New York City Board of Higher Educati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gerald Tsai
Gerald Tsai Jr. (; March 10, 1929 – July 9, 2008) was an investor and philanthropist who helped build Fidelity Investments into a mutual fund powerhouse. After starting Fidelity Investments' first publicly sold aggressive growth fund in 1958, the Fidelity Capital Fund, he later founded the Manhattan Fund, an aggressive growth fund, in 1965. Tsai sold his interest in the fund complex in 1968 but continued to manage the funds. By 1969 the funds collapsed, losing 90% of their value. An early proponent of momentum investing, Tsai's specialty was concentrating his portfolios on narrow batches of glamour stocks, including Xerox and Polaroid Corporation, at a time when broad diversification was the prevailing wisdom. Tsai later became CEO of a can company, American Can Company. He was the first Chinese-American CEO of a Dow Jones Industrials company. Early life Tsai was born to Gerald Tsai Sr. and Ruth Tsai in Shanghai, where he lived as a child. His mother was a stockbroker ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cortes Wesley Randell
Cortes Wesley Randell (September 28, 1935 – December 29, 2020) was an American businessman. Randell worked on the Ballistic Missile Early Warning System. He also founded the National Student Marketing Corporation, and was president of Federal News Service. Life and career Randell was born in Washington, D.C. on September 28, 1935. His parents were Cortes Gilbert Randell (1896-1996) and Carolina Edna (née Schmidt) Randell (1905-1946). Randell had one sibling, Marguerite. Randell graduated from the University of Virginia with an engineering degree in 1959. He was a member of the Jefferson Society. Randell worked for General Electric where he worked in the first nuclear submarine, the ''Sea Wolf''. While at General Electric, he also worked on the Ballistic Missile Early Warning System which replaced the Dew Line radars in Canada. After leaving General Electric, Randell worked for the ITT Corporation in Chicago, the electronics company for the worldwide warning system at Offu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roger Lowenstein
Roger Lowenstein (born 1954) is an American financial journalist and writer. He graduated from Cornell University and reported for ''The Wall Street Journal'' for more than a decade, including two years writing its '' Heard on the Street'' column, 1989 to 1991. Born in 1954, he is the son of Helen and Louis Lowenstein of Larchmont, New York. Lowenstein is married to Judith Slovin. He is also a director of Sequoia Fund. In 2016, he joined the board of trustees of Lesley University. His father, the late Louis Lowenstein, was an attorney and Columbia University law professor who wrote books and articles critical of the American financial industry. Roger Lowenstein's latest book, ''Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War'', was released on March 8, 2022, and won the 2022 Harold Holzer Lincoln Forum Book Prize. Journalism Lowenstein has published seven books, three of them ''New York Times'' bestsellers. In addition, he has written for many public ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1982 Deaths
Events January * January 1 – In Malaysia and Singapore, clocks are adjusted to the same time zone, UTC+8 (GMT+8.00). * January 13 – Air Florida Flight 90 crashes shortly after takeoff into the 14th Street bridges, 14th Street Bridge in Washington, D.C., United States, then falls into the Potomac River, killing 78 people. * January 14–17, 2022 North American winter storm, January 14 – An Ethiopian Air Force Antonov An-26 with an unknown registration crashed near Addis Ababa, Ethiopia, killing all 73 occupants on board. * January 18 – 1982 Thunderbirds Indian Springs Diamond Crash: Four Northrop T-38 aircraft of the United States Air Force crash at Indian Springs Air Force Auxiliary Field, Nevada, killing all 4 pilots. * January 26 – Mauno Koivisto is elected President of Finland. * January 27 – The government of Garret FitzGerald in Republic of Ireland, Ireland is defeated 82–81 on its budget; the 22nd Dáil is dissolved. * January 30 – The first computer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Financial Businesspeople
American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, people who self-identify their ancestry as "American" ** American English, the set of varieties of the English language native to the United States ** Native Americans in the United States, indigenous peoples of the United States * American, something of, from, or related to the Americas, also known as "America" ** Indigenous peoples of the Americas * American (word), for analysis and history of the meanings in various contexts Organizations * American Airlines, U.S.-based airline headquartered in Fort Worth, Texas * American Athletic Conference, an American college athletic conference * American Recordings (record label), a record label that was previously known as Def American * American University, in Washington, D.C. Sports teams S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Year Of Birth Missing
A year is a unit of time based on how long it takes the Earth to orbit the Sun. In scientific use, the tropical year (approximately 365 solar days, 5 hours, 48 minutes, 45 seconds) and the sidereal year (about 20 minutes longer) are more exact. The modern calendar year, as reckoned according to the Gregorian calendar, approximates the tropical year by using a system of leap years. The term 'year' is also used to indicate other periods of roughly similar duration, such as the lunar year (a roughly 354-day cycle of twelve of the Moon's phasessee lunar calendar), as well as periods loosely associated with the calendar or astronomical year, such as the seasonal year, the fiscal year, the academic year, etc. Due to the Earth's axial tilt, the course of a year sees the passing of the seasons, marked by changes in weather, the hours of daylight, and, consequently, vegetation and soil fertility. In temperate and subpolar regions around the planet, four seasons are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
