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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 t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Fund
A mutual fund is a professionally managed investment fund that pools money from many investors to purchase 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 open-ended investment company (OEIC) in the UK. Mutual funds are often classified by their principal investments: money market funds, bond or fixed income funds, 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. Primary structures of mutual funds are open-end funds, closed-end funds, unit investment trusts. Open-end funds are purchased from or sold to the issuer at the net asset value of each share as of the close ... [...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 financial crisis of 2007–2008. 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 in October of that year. 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. 1972 had been a good year for the DJIA, with gains of 15% in the twelve months. 1973 had been expected to be even better, with Time m ... [...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, Brooklyn, New York. It is part of the City University of New York system and enrolls about 15,000 undergraduate and 2,800 graduate students on a 35-acre campus. Being New York City's first public coeducational liberal arts college, it was formed in 1930 by the merger of the Brooklyn branches of Hunter College, then a women's college, and of the City College of New York, then a men's college, both established in 1926. Initially tuition-free, Brooklyn College suffered in New York City government's near bankruptcy in 1975, when the college closed its campus in downtown Brooklyn. During 1976, with its Midwood, Brooklyn, Midwood campus intact and newly its only campus, Brooklyn College charged tuition for the first time. City University of New York, The college's university system has been nicknamed "the poor man's Harvard". Prominent alumni of Brooklyn College include US senators, federal judges, US financial chairpersons, Olympians ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gerald Tsai
Gerald Tsai Jr. (; March 10, 1929 – July 9, 2008) was a billionaire 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 stockbr ... [...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. 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 Offutt Air F ... [...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. Journalism Lowenstein has published seven books, three of them ''New York Times'' bestsellers. In addition, he has written for many publications, including ''The Wall Street Journal'', '' Smart M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1982 Deaths
__NOTOC__ Year 198 (CXCVIII) was a common year starting on Sunday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Sergius and Gallus (or, less frequently, year 951 ''Ab urbe condita''). The denomination 198 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire *January 28 **Publius Septimius Geta, son of Septimius Severus, receives the title of Caesar. **Caracalla, son of Septimius Severus, is given the title of Augustus. China *Winter – Battle of Xiapi: The allied armies led by Cao Cao and Liu Bei defeat Lü Bu; afterward Cao Cao has him executed. By topic Religion * Marcus I succeeds Olympianus as Patriarch of Constantinople (until 211). Births * Lu Kai (or Jingfeng), Chinese official and general (d. 269) * Quan Cong, Chinese general and advisor (d ... [...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 previously known as Def American * American University, in Washington, D.C. Sports teams Soccer * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Year Of Birth Missing
A year or annus is the orbital period of a planetary body, for example, the Earth, moving in its orbit around the Sun. Due to the Earth's axial tilt, the course of a year sees the passing of the seasons, marked by change in weather, the hours of daylight, and, consequently, vegetation and soil fertility. In temperate and subpolar regions around the planet, four seasons are generally recognized: spring, summer, autumn and winter. In tropical and subtropical regions, several geographical sectors do not present defined seasons; but in the seasonal tropics, the annual wet and dry seasons are recognized and tracked. A calendar year is an approximation of the number of days of the Earth's orbital period, as counted in a given calendar. The Gregorian calendar, or modern calendar, presents its calendar year to be either a common year of 365 days or a leap year of 366 days, as do the Julian calendars. For the Gregorian calendar, the average length of the calendar year (the mea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
