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John (Jack) Bogle
John (Jack) Bogle
Born:Montclair, New Jersey in 1929Employer:Founder and Chairman of
Most Famous For:Often referred to as the father of
investing, he's the creator of the first S&P 500 index fund.
Less Celebrated For:Admits that
"haven't been up front
with investors - top fund performance has always been followed by
mediocre returns". Quote:"If you have trouble imagining a 20% loss in
the stock market, you shouldn't be in stocks."
Background:
Bogle is considered a pioneer in the mutual fund industry. He introduced
the first
index fund ever - the Vanguard 500 Index - which
debuted in 1976. On countless occasions, he has stated that investors
shouldn't be so worried about trying to beat the markets and should join
the markets instead. His index funds were characterized as low cost and
low maintenance and allowed several millions of investors to participate
in the greatest bull market ever.
He rejects "today's emphasis on witchcraft and mystery" in investing,
and supports a "back to basics" strategy. In his opinion, these are the
investment principles which have proven to be successful for over 75
years.
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Warren Buffett
Warren Buffett
Born:Omaha, Nebraska in 1930Employer:
$10,000 investment into Berkshire Hathaway when Buffett took control in 1965 would be worth over
$50 million today. By comparison, $10,000 in the
would have grown to only $500,000.Less
Celebrated For:Buffett is considered by many to be a real Scrooge. This is mainly because he has not
been particularly charitable, despite his $36 billion net worth.Quote:"If past history was all there was to
the game, the richest people would be librarians."
Background:
Also known as "The Oracle of Omaha," many people consider Buffett the greatest investor ever. Even
with all the success and accolades, he still lives in the house he bought for $31,500 over 40 years ago.
What's most intriguing about Buffett is that he is one of the few extremely rich people who has
amassed wealth solely through investing in stocks. His investment strategy of discipline, patience and
consistently outperforms the market and his moves are followed by thousands of investors
worldwide.
He is also famous for not joining the infamous tech/Internet stock rally in the late 1990s, stating that he
refuses to invest in companies that he can't visualize 10 years down the road.
Great Buffet Quotes
"Rule No.1: Never lose money. Rule No.2: Never forget rule No.1."
"Someone's sitting in the shade today because someone planted a tree a long time ago."
"Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the
subway."
"Risk comes from not knowing what you're doing."
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Peter Lynch
Peter Lynch
Born:United States in 1944Employer:Former
today he is vice-chairman of FidelityMost Famous For:When he started
managing the Fidelity Magellan Fund in 1978, it had assets of $20 million.
When he retired in 1990, it had assets of $14 billion. Less Celebrated
For:Some people were none too pleased when Lynch, one of the greatest,
retired at the tender age of 46. Quote:"Go for a business that any idiot can
run - because sooner or later, any idiot probably is going to run it."
Background:
Lynch is arguably the world's most famous mutual fund manager. Often
described as a chameleon, he adapted to whatever investment style
worked at the time (
). He was one of the first to uncover
hidden gems such as Dunkin' Donuts, Pier 1 Imports and Taco Bell. People
began to criticize Lynch once his fund surpassed $1 billion in assets in the
early 1980s, but the fund rose to $13 billion less than seven years later. He
admits to taking plenty of risks while managing the Magellan Fund, but he
never suffered a losing year.
According to Valueline, "a $10,000 investment into Magellan in 1978 and
then adding $100 per month, would add up to over $1 million, in 20 years!"
While at the helm of Magellan, Lynch achieved an average annual return of
29% a year.
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Julian Robertson
Julian Robertson
Born:Salisbury, NC in 1933Employer:Founder/Chairman, Tiger Management
Corp.Most Famous For:A titan of hedge fund investing, his funds today require
a minimum investment of $5 million per person. He turned $8 million in 1980
into over $8 billion in the late 1990s.Less Celebrated For:Remembered for
losing $200 million in 1996 when a "bet" on U.S. Treasuries went wrong.
Quote:"[O]ur mandate is to find the 200 best companies in the world and invest
in them, and find the 200 worst companies in the world and go
the 200 best don't do better than the 200 worst, you probably should get in
another business."
Background:
At his peak, no one could beat him for sheer stock-picking acumen. Robertson
was the "Wizard of Wall Street" and was paid well for it. In 1993, his
compensation and share of Tiger's mammoth gain reportedly exceeded $300
million. His current estimated net worth is over $400 million.
Robertson had the best hedge fund record throughout the 1980s and early '90s.
The compound rate of return to his investors was 32%.
Because of the "irrational" technology stock craze, Robertson suffered large
losses in the late 1990s. This ultimately led him to close his investment
company and liquidate its $6 billion in investments - investments which had
once reached a high of $26 billion.
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Michael Steinhardt
Michael Steinhardt
Born:1941Employer:Founder, Steinhardt PartnersMost Famous For:$1
invested with Steinhardt when he founded his firm in 1967 would be worth
$462 today. Less Celebrated For:Steinhardt didn't exactly go out with a
bang. He ended his illustrious hedge fund career in 1995, a year after
suffering big losses.Quote:"In the 1950s and 1960s, the heroes were the
long-term investors; today the heroes are the wise guys."
Background:
Like George Soros, Steinhardt made most of his fortune managing a
. Hedge funds tend to be risky propositions, especially because they
are usually limited to about 100 investors with minimum stakes of $1
million. This is unlike a mutual fund, which accepts any investor, large or
small. Hedge fund is synonymous with high risk and Steinhardt once
stated: "our fund's risk factor can, at least in theory, vary from plus 200%
to minus 200%." Steinhardt's fund produced an average annual return of
24%, netting him a personal fortune reportedly worth over $500 million.
Lately, Steinhardt has become a prominent philanthropist, giving away
millions of dollars each year to various charities. He is also founder of the
Jewish Life Network, which sponsors a number of major Jewish outreach
initiatives and organizations.
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George Soros
George Soros
Born:Budapest in 1930Employer:Founder of Soros Fund
Management Most Famous For:A highly respected currency
speculator, he once shorted the British Pound for a one day gain in
excess of $1 billion.Less Celebrated For:Although not entirely
responsible, Soros' comments on the Russian economy contributed
to its stocks plunging 12% in the first hour of trading. Five days later,
the currency had devalued 25%.Quote:"It's not whether you're right
or wrong that's important, but how much money you make when
you're right and how much you lose when you're wrong."
Background:
Known as a hedge fund guru, Soros' expertise is mainly in currency
speculation. He is principal investment advisor for the Quantum
Fund, which is recognized for having the best performance record of
any investment fund in the world over its 26-year history. If you
invested $100,000 in 1969 when Soros established the Quantum
Fund and reinvested all dividends, your investment would have been
worth over $150 million by the spring of 1994. At one point, analysts
estimated Soros was earning over $4000 a minute.
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John Templeton
John Templeton
Born:Winchester, Tennessee in 1912Employer:Founder of the Templeton GroupMost Famous
For:Created some of the world's largest and most successful global investment funds using his
independent investment strategy. Less Celebrated For:More recently, his funds have failed to
provide the astounding gains his followers were used to, partly due to the recent Asian
recession.Quote:"The time of maximum pessimism is the best time to buy and the time of
maximum optimism is the best time to sell."
Background:
Templeton is a true pioneer of the global mutual fund industry. He has led the charge for teaching
investors to explore the world for great investments. Investing overseas was virtually unheard of
until investors caught on to Templeton's strategy. Today, the Templeton Group's combined assets
exceed $25 billion.
Besides pioneering global investing, a great example of his independent investment strategy
occurred in 1939. With the outbreak of war looming, a twentysomething Templeton bought every
stock selling for under $1 per share on the major exchanges. Within four years, he had
quadrupled his money.
Templeton is one of the strongest proponents of diversification. He once stated that "the only
investors who shouldn't diversify are those who are right 100% of the time."
Another one of Templeton's success stories is a man by the name of Leroy Paslay. He was one of
Templeton's earliest investors, giving him $65,500 to invest in 1954. 40 years later, Paslay was
worth over $37 million.
After making billions through his innovative approach to investing, he has now become one of the
world's greatest philanthropists. In 1987, he founded the $1/4 billion John Templeton Foundation.