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Philip L. Carret
Born in 1896 ,the year the Dow Jones Industrial index was launched, in 1928 he founded the Pioneer Fund and ran it 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".
Carret's success was down to his recognition of the value of certain small companies before other experts were aware of them - dull stocks like waterworks or bridge companies - and he did not mind sitting dead in the water for long periods.He was friends with Warren Buffett, and they exchanged ideas regularly over the years.
He wrote a series of articles for Barron's which were published in book form asThe Art of Speculation, which remains a classic on investing.
He died at the ripe old age of 101, in 1998.
Profile of Philip L. Carret
Biography
Born in 1896 ,the year the Dow Jones Industrial index was launched, in 1928 he founded the Pioneer Fund and ran it 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".Carret's success was down to his recognition of the value of certain small companies before other experts were aware of them - dull stocks like waterworks or bridge companies - and he did not mind sitting dead in the water for long periods.He was friends with Warren Buffett, and they exchanged ideas regularly over the years.
He wrote a series of articles for Barron's which were published in book form as
He died at the ripe old age of 101, in 1998.
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