Peter L.
Bernstein
Gary P. Brinson
Don Phillips
Julian H. Robertson Jr.
Last update 1/17/2000. Copyright © 2000 Investor Home. All
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Bernstein is the author of six books including Against The Gods and Capital Ideas: The
Improbable Origins of Modern Wall Street, and also edited Streetwise:
The Best of the Journal of Portfolio Management, The
Portable MBA in Investment, and Investment
Management. He was the Founding Editor of The Journal of Portfolio
Management and is President of Peter L. Bernstein, Inc.,
economic consultants to institutional investors. Here are some articles by
Bernstein in Worth Magazine titled Channeling Pascal (June
97) and Long Run or
Also-Ran? (July/August 1997) as well as an interview
with Bernstein and an article titled What
is wealth? from PBS. Bernstein is also
profiled in Beyond
Wall Street.
Products that define a new standard and become known by name
(i.e., Xerox) are rare, but Michael Bloomberg created one for the financial
industry. Founded in 1981, Bloomberg Financial Markets (A Brief History) has
over 90,000 users of the terminal that is considered to be the premier
information and analysis system on Wall Street. It is known simply as the
"Bloomberg." Bloomberg also maintains an excellent web site and publishes the relatively new
Bloomberg Personal magazine. Michael Bloomberg tells his story in Bloomberg by Bloomberg
(at
Amazon.com) .
Gary Brinson (Bio)
along with George F.
Russell, Jr., Warren
Buffett, and William
Gross, was named in 1993 as one of the four most influential people in the
institutional investing world. In 1974, the firm known as Brinson Partners
(then a unit of First Chicago) was one of the first to invest overseas. Gary
Brinson led a management buyout of the unit in 1989 and the firm was later
acquired by Swiss Bank Corp. Swiss Bank has since merged with Union Bank of
Switzerland and as a result, Brinson directs over $400 Billion in
institutional assets for UBS Brinson
making it one of the world's largest money managers. Brinson is also a
coauthor of Global
Investing. You can read more about Brinson in The Changing Face of Asset
Management RR from Dow Jones Asset Management
(5-6/99), and Unrealistic
expectations from Forbes (7/6/98).
Brinson is also profiled in Beyond
Wall Street.
Warren Buffett is Chairman and Chief Executive Officer of
Berkshire Hathaway. Here are some web pages with information about Buffett and
Berskshire.
Abby Joseph Cohen is a Partner of Goldman, Sachs & Co. and is arguably the
most closely watched market commentator having been extremely accurate in many
of her predictions over the past few years. She has been and continues to be
the top performing market "Guru" in Smart
Money's Pundit Watch.
You can read about Cohen on her page at
Smart Money, and in Step aside, Elaine.
Now, the big name is Abby in Business Week (11/4/96).
James
Cramer is Co-Chairman of The
Street and is a successful hedge fund manager. The Street is a relatively
new financial web service which includes a daily email that features James
Cramer's daily column and other market news and commentary. The Street offers
a free two week trial but subscriptions are typically $9.95 a month (depending
on what level of service you want). The site has over 50,000 customers and
contributes to the ABCnews.com web site.
Previously Cramer had written for SmartMoney, Worth, New York, The New
Republic, had worked for Goldman, Sachs & Co. and at one time officed with
Steinhardt Partners. See also an interview
with Cramer from PBS.
David Dreman is Chairman of Dreman Value Advisors and is the
author of Contrarian
Investment Strategies, the Next Generation: Beat the Market Going Against
the Crowd (1998), The
New Contrarian Investment Strategy (1982) and Contrarian
Investment Strategy (1979). He also writes columns for Forbes (see Articles by Dreman).
You can read about his funds' outstanding performance in the following
articles in Worth Magazine - Cascading Expectations
and Contrarian Pick.
See also Anomalies and
Analysts.
John Doerr
is a partner of Kleiner Perkins Caufield &
Byers. KPCB is a premier early-stage Venture Capital firm and is well
known for financing Netscape, Compaq, Intuit, Lotus and Sun Microsystems, Amazon.com and many others. See also Venture Capital.
Bill
Gates founded Microsoft and is the
author of The Road
Ahead. He is the world's wealthiest man (See Gates
#1 on the Forbes 400). See also an interview
with Bill Gates and Gordon Moore from PC
Magazine, Time Magazine's feature on Gates, Gates at ZD Net, the Bill Gates Wealth Clock, and the
very humorous "Make Me
Richer Than Bill Gates."
The Gardner brothers are
founders of the popular Motley Fool on-line forum (AOL Keyword FOOL and internet site) and authors of The Motley Fool
Investment Guide which has sold over 100,000 copies and You
Have More Than You Think. The Motley Fool began as a newsletter but became
successful as a content provider for America Online. The Gardners are by far
the youngest and least proven of all the individuals listed here. However,
they are arguably the most popular and generate the most publicity in the
on-line world. See also Evaluating The Motley Fool
Portfolios as well as Dow
Dogs & the Foolish Four.
Alan
Greenspan is Chairman of the Board of Governors of the Federal Reserve System which is
responsibility for monetary policy. His comments are closely watched
("irrational exuberance" and "rational expectations") and can move the market
significantly. See Alan Greenspan's Brave
New World in BusinessWeek
(7/14/97) and Speeches of Federal
Reserve Board Members.
Bill Gross is arguably the world's leading bond fund manager.
Pacific Investment Management (PIMCO)
manages over $100 billion. You can read about Gross in A Master of His
Disciplines in Worth (11/96). You can
read some of his recent comments in A Bond Guru Peers Into
the Future from Business Week
(8/4/97). The July/August 1997 issue of Bloomberg Personal includes an article
by Gross titled "The Case For Bonds." Gross is the author of the recently
released book Everything You've
Heard About Investing is Wrong! Gross is also profiled in Beyond
Wall Street.
Robert Haugen is a professor at the University of
California, Irvine. Haugen has authored numerous books (including The New Finance) and
articles in professional journals and is involved in advising in some way on
more than $150 Billion in investment funds. His Haugen Custom Financial Systems web site
includes recent
articles. See "Super Stocks" in
Business Week (12/16/96).
Roger
Ibbotson is a Professor at Yale and founded Ibbotson Associates (bio). See "I am a bull"
by Robert Lenzner in Forbes (6/16/97).
See also Historical Data
and Mutual Funds.
Ibbotson has authored numerous books and articles about investing (coauthor of
Global
Investing).
Henry Kravis of Kohlberg Kravis & Roberts at the Academy of
Achievement and in
the Forbes 400 (former partner Jerome
Spiegel Kohlberg Jr.)
Peter Lynch writes articles exclusively in Worth Magazine. Lynch is a former manager of
the Fidelity Magellan Fund and author of the best sellers Beating
the Street and One Up
on Wall Street as well as the more recent Learn
to Earn. You can also read an
interview with Lynch from PBS. An
interview with Lynch is also included in Peter J. Tanous' Investment Gurus.
Markowitz is considered the grandfather of portfolio theory. Here is his
autobiography. In 1952 Markowitz published a formal model of portfolio
selection embodying diversification principles, thereby earning the 1990 Nobel
Prize for economics. The story of Markowitz's contribution to Modern Wall
Street is nicely told by Peter Bernstein in Capital Ideas. Travels Along The Efficient
Frontier RR is a great article and
interview with Markowitz in Asset
Management (May 97). Markowitz continues to consult within the investment
industry (in recent years for Daiwa Securities, Palladyne Asset Management, and First Quadrant.
1985 Nobel Prize press
release, Franco
Modigliani links, and Autobiography.
MIT. The
story of Modigliani's contribution to Modern Wall Street is nicely told by Peter Bernstein in Capital Ideas. Can You Eat
Risk-Adjusted Returns After All? RR is
an article in Asset Management (May 97)
about Franco Modigliani and his granddaughter, Leah Modigliani (of Morgan
Stanley & Co.) and their new performance measure.
Morningstar has grown
into one of the mutual fund industries top sources of independent information
and hosts one the most information intensive investing web sites on the internet for
both stocks and mutual funds. The firm was founded in 1984 by Joe Mansueto and
in 1986 hired Phillips as its first analyst. Phillips soon became editor of
Morningstar Mutual funds and was involved in the development of Morningstar's
style box, category rankings, and other innovations that are well known in the
industry. Phillips currently holds the title of CEO and is Morningstar's most
public voice making frequent appearances in the press as well as at investment
conferences. Smart Money named
Phillips the fourth most influential person in the mutual fund industry and Worth listed him as one of the world's 50
most influential market movers.
BusinessWeek ran this
article "Fall of the
Wizard" on April 1, 1996 about Robertson
(in the Forbes
400). Barron's followed with an
article titled "Still a Winner: Predictions of Julian Robertson's demise prove
premature" on November 18, 1996.
Rubin was the Treasury Secretary
but retired from the position in 1999 and was succeeded by Lawrence
Summers. Rubin was Co-Chairman and Co-Senior Partner of Goldman, Sachs & Co. before accepting a
position with the Clinton administration. See Traitor to his Class?
in Worth (July/August 1997).
George
F. Russell, Jr. is Chairman of Frank
Russell Company. The creation of pension fund consulting by Frank Russell
Company in the late 1960s was cited as one of the 25 most significant events
in institutional investing in the past 25 years, and Russell, along with Warren Buffett, William Gross, and Gary P. Brinson was named
in 1993 as one of the four most influential people in the institutional
investing world. Russell was also honored with the 1996 World Citizen Award
along with Herbert Ellison.
Charles
Schwab (in the Forbes 400)
founded discount broker Charles Schwab &
Co., Inc., the biggest force in the discount brokerage, mutual fund "super
market," and on-line trading industries. See also Cyber-Schwab
(5/5/97) from Forbes.
Sharpe is a Nobel
Laureate, creator of the Capital Asset Pricing Model (CAPM), originator of the
Sharpe Ratio, Stanford Professor, and author.
He shared the 1990 Nobel Prize in Economics with Merton Miller and Harry
Markowitz. He posts chapters of his upcoming investment textbook
Macro-Investment Analysis on the internet as he writes them. Here is
his autobiography
and bio. The
underlying theory of CAPM is that the risk premium on individual assets will
be proportional to the risk premium of the market portfolio, and the beta
coefficient of the security, relative to the market portfolio. CAPM provided
for the first time a formal theory for measuring the risk of an individual
security identified by the "beta" coefficient which could be used to determine
the discount rate appropriate for any security. See also Revisiting the CAPM
(RR) in Asset Management (May 98). Financial Engines is an internet
site (expected to be open for business in the middle of the year) that Sharpe
founded that will cater to 401(k) investors and offer low cost investment
advisory services. The story of Sharpe's contribution to Modern Wall Street is
nicely told by Peter
Bernstein in Capital
Ideas and an interview with Sharpe is also included in Peter J. Tanous' Investment Gurus.
Sharpe is also profiled in Beyond
Wall Street.
Shaw founded investment firm D.E.
Shaw and the firm funding free Email service Junoas well as Farsight. An interview with Shaw is also
included in Peter J. Tanous' Investment Gurus.
George Soros is known for making over a $ billion on a single
currency trade and for his Quantum Fund's remarkable track record. Manages $
billions in the Quantum Funds (here is Soros
in the Forbes 400) and authored The Alchemy of
Finance and Soros
on Soros. The Soros Foundations Network
web site provides information about Soros and his philanthropic work, to
which he now devotes a majority of his time and half his income. "Beware of
billionaires bearing gifts" was an article in Forbes (4/7/97). This is an Unofficial Soros Site with
several speeches and quotes. See also Charity.
Andrew Tobias is the
author of the bestseller The Only Investment Guide
You'll Ever Need, My Vast
Fortune, and wrote the forward to Extraordinary
Popular Delusions & the Madness of Crowds. He posts his daily comments
on his web site (following three
years on the Ameritrade site) and
also contributes to Worth Magazine (articles).
Yardeni is Chief
Economist of Deutsche Bank Securities and maintains an outstanding web site with extensive
reports and charts on the economy and world markets. Yardeni was featured in
the August 4, 1997 issue of Barron's and
is a frequent guest on Louis Rukeyser's Wall Street Week. See also Bulls & Bears.
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