Philip L. Carret
Encyclopedia
Philip L. Carret was an investor
and founder (in 1928) of Pioneer Fund
(then: Fidelity Mutual Trust), one of the first Mutual Fund
s in the United States (now 3rd which exists still).
A former Barron's reporter1 and WWI aviator2 Philip Carret launched the Mutual Trust in 1928 after managing money for his friends and family. The initial effort evolved into Pioneer Investments
.
He ran the fund (in the meantime name was changed to Pioneer Fund) 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"
He is most famous for the long successful track record he achieved investing in Common Stock
s and for being one of Warren Buffett
's role models.
Investor
An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...
and founder (in 1928) of Pioneer Fund
Pioneer Investments
Pioneer Investments is an investment company based in Boston, MA specializing in mutual funds. In 1928, Philip L. Carret founded the Pioneer Fund , now the third oldest mutual fund in the United States. The Pioneer Fund is often cited as the first mutual fund based on ethical values...
(then: Fidelity Mutual Trust), one of the first Mutual Fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
s in the United States (now 3rd which exists still).
A former Barron's reporter1 and WWI aviator2 Philip Carret launched the Mutual Trust in 1928 after managing money for his friends and family. The initial effort evolved into Pioneer Investments
Pioneer Investments
Pioneer Investments is an investment company based in Boston, MA specializing in mutual funds. In 1928, Philip L. Carret founded the Pioneer Fund , now the third oldest mutual fund in the United States. The Pioneer Fund is often cited as the first mutual fund based on ethical values...
.
He ran the fund (in the meantime name was changed to Pioneer Fund) 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"
He is most famous for the long successful track record he achieved investing in Common Stock
Common stock
Common stock is a form of corporate equity ownership, a type of security. It is called "common" to distinguish it from preferred stock. In the event of bankruptcy, common stock investors receive their funds after preferred stock holders, bondholders, creditors, etc...
s and for being one of Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
's role models.