Early life and education[edit]
Greenblatt was born in Great Neck, New York. His family was Jewish.[2] Greenblatt is a graduate of The Wharton School at the University of Pennsylvania, receiving his B.S. in 1979 and M.B.A. in 1980.[3]
แสดงบทความที่มีป้ายกำกับ Charlie Munger แสดงบทความทั้งหมด
แสดงบทความที่มีป้ายกำกับ Charlie Munger แสดงบทความทั้งหมด
วันพฤหัสบดีที่ 14 มิถุนายน พ.ศ. 2561
John C. Bogle: Personal life
Personal life[edit]
Bogle and his wife Eve have six children and are grandparents. They reside in Bryn Mawr, Pennsylvania.
At age 31, Bogle suffered from his first of several heart attacks, and at age 38, he was diagnosed with the rare heart disease arrhythmogenic right ventricular dysplasia. He received a heart transplant in 1996 at age 65.[12][13]
Bogle is a member of the board of trustees at Blair Academy. He is also an advisory board member of the Millstein Center for Corporate Governance and Performance at the Yale School of Management. Bogle received honorary doctorates from Princeton University in 2005 and Villanova University in 2011. Bogle also serves on the board of trustees of the National Constitution Center in Philadelphia, a museum dedicated to the U.S. Constitution. He had previously served as chairman of the board from 1999 through 2007. He was named chairman emeritus in January 2007, when former president George H. W. Bush was named chairman.
John C. Bogle: Investment career
Investment career[edit]
After graduating from Princeton in 1951, Jack Bogle narrowed his career options to banking and investments. He managed to land a position at Wellington Fund where he showed great talent that made the manager of the fund, Walter L. Morgan to say that "Bogle knows more about the fund business than we do". Bogle was promoted to an assistant manager position in 1955 where he obtained a broader access to analyze the company and the investment department. Bogle demonstrated initiative and creativity by challenging the Wellington management to change its strategy of concentration on a single fund, and did his best to make his point in creating a new fund. Eventually he succeeded, and the new fund became a turning point in his career. After successfully climbing through the ranks, in 1970 he replaced Walter L. Morgan as chairman of Wellington,[5] but was later fired for an "extremely unwise" merger that he approved. It was a poor decision that he considers his biggest mistake, stating, "The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot."[6]
In 1974, Bogle founded the Vanguard Company which is now one of the most respected and successful companies in the investment world. In 1999, Fortune magazine named Bogle as "one of the four investment giants of the twentieth century".[7]
In 1976, influenced by the works of Paul Samuelson, Bogle founded First Index Investment Trust (a precursor to the Vanguard 500 Index Fund) as the first index mutual fund available to the general public. In a 2005 speech, Samuelson ranked "this Bogle invention along with the invention of the wheel, the alphabet, Gutenberg printing".[8]
Bogle had heart problems in the 1990s and, in 1996, he relinquished his role as Vanguard CEO to John J. Brennan, his handpicked successor and second-in-command whom he had hired in 1982. Bogle had a successful heart transplant in 1996. His subsequent return to Vanguard with the title of senior chairman led to conflict between Bogle and Brennan. Bogle left the company in 1999 and moved to Bogle Financial Markets Research Center, a small research institute not directly connected to Vanguard but on the Vanguard campus.[9]
Seth Klarman: Publications and works
Publications and works[edit]
Klarman has written many annual letters to shareholders but has kept a limited role in writing articles, opinion editorials or books. In an interview with Charlie Rose, he discussed the popularity of his shareholder's letters and a request on behalf of HarperCollins to write and publish a book on investing.[42] He followed up on this request by publishing his first and as of February 2017, his only book, Margin of Safety, Risk Averse Investing Strategies for the Thoughtful Investor, a reflection of value investing found in his hedge fund. In the book he outlines the various issues with retail investing, and critiques small time investors getting into the market purely using metrics such as price momentum and losing money in the long run. He issues that this is speculation and at times gambling, and should be discouraged in the market place. The book asserts that more people should become value investors or people who invest in stocks that trade below their underlying value so as to purchase them at a discount.[43]
The book had amassed a cult following among retail investors, professional and institutional investors as well as Wall Street as a whole.[44][40][45] Due to "only 5,000 copies [being sold],"[42] the book has gone out of print and has become a relic in the finance community. Originally the book was priced at $25 a copy, however, due to it being out of print it has a market price of $700 for used versions with newer copies going for $2,500 to $4,000.[43][1] University libraries report the book as "one of their most wait-listed titles as well as one most claimed as lost."[43] He has stated that he would be interested in holding a charity event where he bids his book to Wall Street executives.[42]
Klarman's published books and substantial writings are listed below:
- Klarman, Seth. Margin of Safety, Risk Averse Investing Strategies for the Thoughtful Investor. HarperCollins.
Seth Klarman: Wealth and donations
Wealth and donations[edit]
In February 2017, Forbes Magazine listed his personal fortune at US$1.55 billion. In 2015, he was listed as the 15th highest earning hedge fund manager in the world.[1]
Klarman started The Klarman Family Foundation ($255 million in assets as of 2010) which donates to medical causes, Jewish organizations (such as the American Jewish Committee, Boston’s Combined Jewish Philanthropies and Gann Academy), and Israeli causes. Klarman is the chairman of Facing History and Ourselves which develops classroom programs to combat anti-Semitism and bigotry.[24] Klarman also is active with the Israel Project, a pro-Israel advocacy group that collects and provides information on Israel for journalists. He donated $4 million to the organization between 2008 and 2010.[24] He is the key U.S. investor behind The Times of Israel, an online English-language newspaper which reports on Israel, the region and the Jewish world.[34][35]
In 2013, Klarman donated the lead capital to fund the $61 million building at Cornell University named the Seth ’79 and Beth Klarman Humanities Building, more simply known as Klarman Hall.[36] A year later, he donated money to Harvard Business School to construct a "conference center/auditorium and performance space," named Klarman Hall. In an official statement he recalled his time at the school as "an important and ongoing role in my life," later noting it an honor "to able to give back to a school that has given us so much."[37]
Awards[edit]
Klarman has been called a "hedge fund Titan,"[7] and "quiet giant of investing,"[38] for his slow accumulation of fund capital over his career (in 2008, his hedge fund was the 6th largest in the world) and low profile.[7] It was reported by Andrew Ross Sorkin, of The New York Times, that "[Klarman] is the most successful and influential investor you have probably never heard of."[38] His Investopedia entry has him listed as "an enigma in the investing world."[39]
He is sometimes called "the Warren Buffett of his generation,"[3] and the "Oracle of Boston."[5] It has even been speculated that his investment philosophy is so similar to Buffett's that he is considered a dark horse option to assume Berkshire Hathaway in the event of Buffett's death.[40][41] According to an article by The New York Times,Buffett has publicly praised Klarman's investing,[38] and it has been reported that Buffett keeps a copy of his book on his bookshelf.[13]
In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame along with David Swensen, Louis Bacon, Steven Cohen, Kenneth Griffin, Paul Tudor Jones, George Soros, Michael Steinhardt, Jack Nash, James Simons, Alfred Jones, Leon Levy, Julian Robertson, and Bruce Kovner.[4]
Publications and works
Seth Klarman: Early life and education
Early life and education[edit]
Seth Andrew Klarman was born on May 21, 1957 in New York City.[6][2] When he was six he moved to the Mt. Washington area of Baltimore, Maryland near the Pimlico Race Track,[7] and grew up in a traditional Jewish family.[8][9][10] His father was a public health economist at Johns Hopkins University and his mother taught high school English.[11][12] His parents divorced shortly after their moving to Baltimore.[7]
When he was four years old he redecorated his room to match a retail store putting price tags on all of his belongings and gave an oral presentation to his fifth grade class about the logistics of buying a stock. As he grew older had a variety of small time business ventures including a paper route, a snow cone stand, a snow shoveling business, and sold stamp-coin collections on the weekends.[6] When he was 10 years old he purchased his first stock, one share of Johnson & Johnson (the stock splitthree-for-one and over time tripled his initial investment). At age 12 he was regularly calling his broker to get stock quotes, his reasoning behind buying a share of Johnson & Johnson was the fact that he has used a lot of band-aids (a product of the company) during his earlier years.[6]
Klarman attended Cornell University in Ithaca, New York, and was interested in majoring in mathematics but instead chose to pursue economics.[7] He graduated magna cum laude in economics with a minor in history in 1979.[13] In the summer of his junior year he interned at the Mutual Shares fund and was introduced to Max Heine and Michael Price. After graduating from college he went back to the company to work for 18 months before deciding to go to business school.[7] He went on to attend Harvard Business School where he was a Baker Scholar and was classmates with Jeffrey Immelt, Steve Burke, Stephen Mandel, James Long and Jamie Dimon.
Seth Klarman
Seth Andrew Klarman (born May 21, 1957)[2][3] is an American investor and hedge fund manager. He is known as a value investor and is currently the chief executive and portfolio manager of the Baupost Group, a Boston-based private investment partnership he founded in 1982.
He closely follows the investment philosophy of Benjamin Graham and is known for buying unpopular assets while they are undervalued, seeking a margin of safety and profiting off of their rise in price. Since his fund's $27 million-dollar inception to 2008 he has realized a 20 percent compound return-on-investment and as of 2016 manages $31 billion in assets.
In February 2018, Forbes Magazine listed his personal fortune at US$1.50 billion. In 2015, Klarman was listed as the 15th highest earning hedge fund manager in the world.[1] In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame.[4] He has drawn numerous comparisons to fellow value investor Warren Buffett, and akin to Buffett's notation as the "Oracle of Omaha," he is known as the "Oracle of Boston."[5
Charlie Munger: Wealth and philanthropy
Wealth and philanthropy[edit]
As of February 2018, Munger has an estimated net worth of $1.74 billion according to Forbes Magazine.[25]
Munger is a major benefactor of the University of Michigan. In 2007, Munger made a $3 million gift to the University of Michigan Law School for lighting improvements in Hutchins Hall and the William W. Cook Legal Research Building, including the noted Reading Room. In 2011, Munger made another gift to the Law School, contributing $20 million for renovations to the Lawyers Club housing complex, which will cover the majority of the $39 million cost. The renovated portion of the Lawyers Club will be renamed the Charles T. Munger Residences in the Lawyers Club in his honor.[26][27][28][29]
On December 28, 2011, Munger donated 10 shares of Berkshire Hathaway Class A stock (currently valued at $288,200 per share, or $2.88 million total) to the University of Michigan.[30]
On April 18, 2013, the University of Michigan announced the single largest gift in its history: a US$110 million gift from Munger to fund a new "state of the art" residence designed to foster a community of scholars, where graduate students from multiple disciplines can live and exchange ideas.[31] The gift includes US$10 million for graduate student fellowships.[32]
In addition to the University of Michigan, Munger and his late wife Nancy B. Munger have been major benefactors of Stanford University. Nancy Munger was an alumna of Stanford, and Wendy Munger, Charlie Munger's daughter from a previous marriage, was also an alumna (A.B. 1972). Both Nancy and Wendy Munger served as members of the Stanford board of trustees. In 2004, the Mungers donated 500 shares of Berkshire Hathaway Class A stock, then valued at $43.5 million, to Stanford to build a graduate student housing complex.[33][34]
The Munger Graduate Residence opened in late 2009 and now houses 600 law and graduate students.[35] The Mungers gave a major gift to Stanford's Green Libraryto fund the restoration of the Bing Wing as well as the construction of a rotunda on the library's second floor, and endowed the Munger Chair in Nancy and Charles Munger Professorship of Business at Stanford Law School.[3][36]
In 1997, the Mungers donated $1.8 million to the Marlborough School in Los Angeles, of which Nancy Munger was an alumna.[3] The couple also donated to the Polytechnic School in Pasadena and the Los Angeles YMCA.[37]
Munger has been a trustee of the Harvard-Westlake School in Los Angeles for more than 40 years, and previously served as chair of the board of trustees. His five sons and stepsons as well as at least one grandson graduated from the prep school. In 2009, Munger donated eight shares of Berkshire Hathaway Class A stock, worth nearly $800,000, to Harvard-Westlake.[3][38] In 2006, Munger donated 100 shares of Berkshire Hathaway Class A stock, then valued at $9.2 million, to the school toward a building campaign at Harvard-Westlake's middle school campus. The Mungers had previously made a gift to build the $13 million Munger Science Center at the high school campus, a two-story classroom and laboratory building which opened in 1995 and has been described as "a science teacher's dream".[39][40] The design of the Science Center was substantially influenced by Munger.[3]
In October 2014, Munger announced that he would donate $65 million to the Kavli Institute for Theoretical Physics at the University of California, Santa Barbara. This is the largest gift in the history of the school. The donation will go toward the construction of a residence building for visitors of the Kavli Institute in an effort to bring together physicists to exchange ideas as Munger stated,"to talk to one another, create new stuff, cross-fertilize ideas".[41]
In March 2016, Munger announced a further $200 million gift to UC Santa Barbara for state of the art student housing, tripling the record gift he gave for the Kavli Institute for Theoretical Physics.[42][43]
Munger has not signed The Giving Pledge that was started by his partner Warren Buffett and Co-Director, Bill Gates.
Charlie Munger: Personal life
Personal life[edit]
From his first marriage to Nancy Huggins,[3] Munger had three children, Wendy (a former corporate lawyer and trustee of Stanford University[20]), Molly (a civil rights attorney and funder of a ballot initiative to raise California taxes for public education.[21]) and Teddy (deceased, leukemia, age 9).
From his marriage to Nancy Barry, Munger is a father of four children—physicist and Republican activist Charles T. Munger Jr., Emilie Munger Ogden, Barry A. Munger and Philip R. Munger—and two stepchildren: William Harold Borthwick and David Borthwick.[22] Nancy Barry Munger died in 2010.[23]
Munger enjoys architecture and has designed multiple buildings, including dormitories at Stanford University and University of Michigan as well as the house he currently inhabits.[24]
Charlie Munger: Investment career
Investment career[edit]
He moved with his family to California, where he joined the law firm Wright & Garrett (later Musick, Peeler & Garrett). In 1962 he founded and worked as a real estate attorney at Munger, Tolles & Olson LLP.[3] He then gave up the practice of law to concentrate on managing investments and later partnered with Otis Booth in real estate development. He then partnered with Jack Wheeler to form Wheeler, Munger, and Company, an investment firm with a seat on the Pacific Coast Stock Exchange. He wound up Wheeler, Munger, and Co. in 1976, after losses of 32% in 1973 and 31% in 1974.[3]
Although Munger is better known for his association with Buffett, he ran an investment partnership of his own from 1962 to 1975. According to Buffett's essay, "The Superinvestors of Graham-and-Doddsville", published in 1984, Munger's investment partnership generated compound annual returns of 19.8% during the 1962–75 period compared to a 5.0% annual appreciation rate for the Dow.[6]
Munger was previously the chairman of Wesco Financial Corporation, now a wholly owned subsidiary of Berkshire Hathaway. It began as a savings and loan association, but eventually grew to control Precision Steel Corp., CORT Furniture Leasing, Kansas Bankers Surety Company, and other ventures. Wesco Financial also held a concentrated equity portfolio of over US$1.5 billion in companies such as Coca-Cola, Wells Fargo, Procter & Gamble, Kraft Foods, US Bancorp, and Goldman Sachs. Munger believes that holding a concentrated number of stocks, that he knows extremely well, will in the long term produce superior returns.[7]
Wesco is based in Pasadena, California, Munger's adopted hometown. Pasadena was also the site of the company's annual shareholders' meeting, which were typically held on the Wednesday or Thursday after the more famous Berkshire Hathaway annual meeting. Munger's meetings were nearly as legendary in the investment community as those he co-hosts with Buffett in Omaha. Such meetings were often perfunctory, but Munger interacted with the other Wesco shareholders at considerable length, sometimes speculating about what Benjamin Franklin would do in a given situation.[8] Meeting notes have been posted on the Futile Finance? website, but no updates exist beyond 2011.[9]
Charlie Munger: Early life and education
Early life and education[edit]
Munger was born in Omaha, Nebraska. As a teenager he worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather.[2]
After enrolling in the University of Michigan, where he studied mathematics, he never returned to Omaha except to visit.[3]In early 1943, a few days after his 19th birthday, he dropped out of college to serve in the U.S. Army Air Corps, where he became Second Lieutenant. He continued his studies in meteorology[4] at Caltech in Pasadena, California, the town he was to make his home.[3]
Through the GI Bill he took a number of advanced courses through several universities; without an undergraduate degree, he entered Harvard Law School and graduated magna cum laude with a J.D. in 1948. At Harvard he was a member of the Harvard Legal Aid Bureau.[4][5]
In college and the Army he developed "an important skill": card playing. “What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don't get a big edge often. Opportunity comes, but it doesn't come often, so seize it when it does come.”
Charlie Munger
Charles Thomas Munger (born January 1, 1924) is an American investor, businessman and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation
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