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T. Rowe Price, the Sage of Baltimore
In 1937, Thomas Rowe Price, Jr. founded an investment company in Baltimore that would become one of the most successful in the world. Today, The T. Rowe Price Group manages over one trillion dollars and services clients around the world. It is among the largest investment firms focused on managing mutual funds and pension accounts. Uniquely trusted and respected, the firm is considered the "gold standard" by many investment advisors.
In this book, Cornelius Bond tells the full story, for the first time, of how Price, a modest and ethical man, built the company bearing his name. From the private, unpublished personal and corporate records, you will get direct access to the creative process behind Price's highly successful approach to investing.
* Personal insights based on Price's own writings and the personal experience of the author who worked with him for many years.
* The Growth Stock philosophy as described in the words of the creator and master of this approach.
* Two fund managers who worked closely with Mr. Price reunite to consider the investment environment of the next five to ten years as Price himself might have viewed it.
This book will give you an insider's access to the true story of Thomas Rowe Price, Jr.
List of contents
Foreword ix
Acknowledgments xiii
Part One The Beginning 1
One The House on Dover Road, 1898-1919 3
Two Lessons Learned, 1919-1925 19
Three Mackubin, Goodrich & Co., 1925-1927 29
Four The Great Bull Market and the Crash, 1927-1929 43
Five After the Crash, 1930-1937 53
Part Two His Own Boss 65
Six Birth of T. Rowe Price and Associates, 1937 67
Seven "Change: The Investor's Only Certainty" 79
Eight The Firm's Adolescence and World War II, 1938-1942 87
Nine The Growth Stock Philosophy 97
Ten Postwar Era, 1945-1950 109
Part Three The Sage of Baltimore 121
Eleven New Opportunities: Mutual Funds, Pension Plans, and the Launch of the Growth Stock Fund, 1950-1960 123
Twelve Transitions, 1960-1968 139
Thirteen The United States Enters a New Era, 1965-1971 151
Fourteen Dark New Era, 1971-1982 163
Fifteen The Grin Disappears, 1972-1983 175
Part Four Market Analyses 195
Sixteen Investing for the Decade, 2017-2027 197
Seventeen Weak Performance of the Growth Stock Fund, 1970s 207
Epilogue: The T. Rowe Price Today 213
Sources 233
Index 241
About the author
CORNELIUS C. BOND joined T. Rowe Price as a technology analyst, rising quickly to become a member of the Investment Committee and an officer of the New Horizons Fund, which became the best performing mutual fund in the country. He spent almost ten years working directly with Thomas Rowe Price, Jr., and later became president of the T. Rowe Price Growth Stock Fund. He left to become the fourth general partner of New Enterprise Associates, which today is one of the largest venture capital firms in the country. Bond lives with his wife, Ann, and his standard poodle, Price, in San Francisco.
Summary
T. Rowe Price, the Sage of Baltimore
In 1937, Thomas Rowe Price, Jr. founded an investment company in Baltimore that would become one of the most successful in the world. Today, The T. Rowe Price Group manages over one trillion dollars and services clients around the world. It is among the largest investment firms focused on managing mutual funds and pension accounts. Uniquely trusted and respected, the firm is considered the "gold standard" by many investment advisors.
In this book, Cornelius Bond tells the full story, for the first time, of how Price, a modest and ethical man, built the company bearing his name. From the private, unpublished personal and corporate records, you will get direct access to the creative process behind Price's highly successful approach to investing.
* Personal insights based on Price's own writings and the personal experience of the author who worked with him for many years.
* The Growth Stock philosophy as described in the words of the creator and master of this approach.
* Two fund managers who worked closely with Mr. Price reunite to consider the investment environment of the next five to ten years as Price himself might have viewed it.
This book will give you an insider's access to the true story of Thomas Rowe Price, Jr.
