giofranchi Posted July 9, 2014 Share Posted July 9, 2014 I am reading [amazonsearch]A Money Mind At Ninety[/amazonsearch] Philip L. Carret (November 29, 1896 – May 28, 1998) was an investor and founder (in 1928) of Pioneer Fund (then: Fidelity Mutual Trust), one of the first Mutual Funds in the United States (now 3rd which exists still). A former Barron's reporter and WWI aviator Philip Carret launched the Mutual Trust in 1928 after managing money for his friends and family. The initial effort evolved into Pioneer Investments. He ran the fund (in the meantime name was changed to Pioneer Fund) for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett said of him that he had "the best long term investment record of anyone I know". He is most famous for the long successful track record he achieved investing in Common Stocks and for being one of Warren Buffett's role models. He was an avid chaser of eclipses and had traveled around the world to view them. --Wikipedia 1) "the best long term investment record of anyone I know" said by Warren Buffett 2) He lived to be 102 3) The marriage with his wife lasted for 63 years (until she passed away) I guess we all could learn a thing or two reading the story of his life! ;) Cheers, Gio Link to comment Share on other sites More sharing options...
cobafdek Posted July 9, 2014 Share Posted July 9, 2014 Thanks for this! I had never known of this book. Years back, I read Carret's The Art of Speculation. Have you read The Art of Speculation? If so, how does A Money Mind at 90 compare? Link to comment Share on other sites More sharing options...
giofranchi Posted July 9, 2014 Author Share Posted July 9, 2014 Have you read The Art of Speculation? No, sorry! I have not. But I have read “The Art of Speculation” is a collection of financial articles he wrote. Instead “A Money Mind At 90” is an autobiography. Gio Link to comment Share on other sites More sharing options...
giofranchi Posted July 10, 2014 Author Share Posted July 10, 2014 $10,000 turned into $8 million after 55 years equate to a CAGR of 13%. Great! ;) Having started almost at the top of the 1920s bull market, and having invested through the whole Great Depression… make such a track record truly an outlier! If we also think that track record ends in 1983… practically at the beginning of the most spectacular stock bull market in history… I guess we all should look at Mr. Carret’s achievements almost in disbelief… Gio Link to comment Share on other sites More sharing options...
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