Stevin Ray Hoover (born October 10, 1948) is an American businessman, writer, philosopher, and former
investment manager
Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutio ...
who wrote a Young Adult/Middle Grade novel entitled THE HANNAH CHRONICLES that was published in 2010. Prior to becoming a full-time writer, Hoover, in 1989, founded Hoover Capital Management, Inc., a well respected investment management firm where he was CEO from 1989 to 2002. He also founded and ran the Chestnut Fund LP, a hedge fund.
Hoover was a highly regarded Boston-based
investment manager
Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutio ...
whose reputation as a
registered investment advisor A registered investment adviser (RIA) is a firm that is an investment adviser in the United States, registered as such with the Securities and Exchange Commission (SEC) or a state's securities agency. The numerous references to RIAs within the Inves ...
was enhanced by the respect of other prominent investment advisors such as Peter Lynch.
Hoover had a very respected and successful 26-year history in the investment business.
Biography
Early years
Stevin Hoover was born in 1948 in
Franklin, Pennsylvania
Franklin is a city and the county seat of Venango County, Pennsylvania. The population was 6,097 in the 2020 census. Franklin is part of the Oil City, PA Micropolitan Statistical Area.
Franklin is known for its three-day autumn festival in O ...
, (population 7,300) located in Venango Count
in northwestern
Pennsylvania
Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...
. He lived in Franklin until 1966, when he left for the Millard School, a preparatory schoo
located in Bandon, Oregon. The Millard School was a preparatory school for the service academies, in particular the United States Air Force Academy.
Education
Hoover attende
Franklin Area High Schoolin Franklin, Pennsylvania, and the Millard School in
Bandon, Oregon
Bandon () is a city in Coos County, Oregon, United States, on the south side of the mouth of the Coquille River. It was named by George Bennet, an Irish peer, who settled nearby in 1873 and named the town after Bandon in Ireland, his hometown. ...
, which prepared him for entering the
United States Air Force Academy
The United States Air Force Academy (USAFA) is a United States service academy in El Paso County, Colorado, immediately north of Colorado Springs. It educates cadets for service in the officer corps of the United States Air Force and Uni ...
, where he was a
cadet
A cadet is an officer trainee or candidate. The term is frequently used to refer to those training to become an officer in the military, often a person who is a junior trainee. Its meaning may vary between countries which can include youths in ...
from 1967 to 1969. He graduated from the
University of Texas at Austin
The University of Texas at Austin (UT Austin, UT, or Texas) is a public research university in Austin, Texas. It was founded in 1883 and is the oldest institution in the University of Texas System. With 40,916 undergraduate students, 11,075 ...
, where he received his BA in 1972 with concentrations in
the classics
The Classics were an American vocal group formed in 1958 in Brooklyn.
The Classics first sang together in high school; two of them had previously sung in a group called The Del-Rays. In 1959, under the auspices of manager Jim Gribble, they record ...
and philosophy. Between 1973 and 1975, he studied German philosophy and language at the
Universitaet Hamburg. He attended
Boston University School of Management
The Questrom School of Business (formerly, the Boston University School of Management) is the business school at Boston University in Boston, Massachusetts, United States. Founded in 1913 as the College of Business Administration, the school offe ...
, where he received his
MBA
A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
in 1990.
Career and family
Hoover practiced an investment approach best described as "concentrated value."
In 1998, Hoover married a Mississippi native and they have one daughter, Hannah Kathleen HOOVER, who was born on December 2, 1999.
Before launching Hoover Capital Management in 1989, Hoover spent four years as a stockbroker in Germany, where he was a registered representative in the Hamburg, Germany, office of United States stock brokerage company
Bache & Co., known in Germany as Bache Halsey Stuart Shields Model & Roland GmbH. This was followed by 11 years as a registered representative in Bache's Boston office. Bache & Co was acquired by
Prudential Financial
Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers t ...
in 1981 and became known as Prudential Bache Securities, Inc., later renamed simply Prudential Securities, Inc.
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total asse ...
acquired Prudential Securities, Inc., in 2003.
Hoover hired John Christopher ("Chris") Wade in HCM's Kansas City, Missouri, office to provide support services, especially portfolio management software support. Wade had previously been employed by Advent Software Inc. of San Francisco, California, and claimed knowledge of the Advent Portfolio Management systems. As such, Wade was tasked with maintaining portfolio performance and related data at Hoover Capital.
In September 2001, Wade questioned whether Hoover might have been making transfers between entities controlled by Hoover and unrelated outside third parties that were possibly not authorized. Taking documents that might have supported his tenuous case, Wade resigned and became a self-styled whistleblower. Attorneys representing Hoover and HCM defended the case and vigorously denied any wrongdoing, and Wade was viewed as a disgruntled "snitch" who was hoping to help manufacture a case for a whistleblower reward.
The legal case against Hoover, HCM, and Chestnut Fund LP remains the subject of ongoing debate, with many believing the case never should have been brought, as there were no clear improprieties. One analysis of Hoover's activities was made in 2004 by the
U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
while attempting to enact certain regulatory changes to rules governing private investment vehicles.
Current activities
Between May 2008 and May 2010, Hoover divided his time between Ponte Vedra Beac
Florida, Mobile, Alabama, and Mississippi. Ponte Vedra Beach is best known as being the location of the Players Golf Championship at Sawgras
the annual U.S. golf tournament with the largest purse on the
Professional Golfers' Association of America, Professional Golfers Association tour. In October 2007 Hoover began regular postings to a blog in his nam
and the blog was active as of the summer of 2012. He practices Bikram Hot Yoga.
References
External links
Stevin Hoover blog Bikram Yoga main website
{{DEFAULTSORT:Hoover, Stevin
1948 births
Living people
American businesspeople