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Ronald Stephen Baron (born 1943)[1] is an American mutual fund manager, and the founder of Baron Capital, a New York City investment management firm that manages the Baron Funds,[2] and has c. US$45 billion in assets under management (AUM).
Ron Baron | |
|---|---|
| Born | 1943 (age 80–81) |
| Nationality | American |
| Education | Bucknell University George Washington University |
| Occupation | Founder & chairman of Baron Capital Management |
| Spouse | Judy Bernard |
| Children | 2 |
As of July 2024, Baron had an estimated net worth of US$5.2 billion.[3]
Early life
editBaron grew up in a Jewish family[4] in Asbury Park, New Jersey, one of two children of Morton Baron, an engineer, and his wife Marian.[5] Baron invested $1,000, saved from shoveling snow, waiting tables, working as a life guard, and selling ice cream, and turned it into $4,000 by investing in stocks, prompting cohorts to call him "Count", a nickname which still sticks.[5] He studied chemistry at Bucknell University and attended George Washington University Law School at night on scholarship.[citation needed] His first job out of school was with the United States Patent Office.
Career
editBaron worked for several brokerage firms from 1970 to 1982. During this time, he developed a reputation for investing in small companies.[6]
Baron Capital Management
editHe founded Baron Capital Management in 1982. Baron Capital is known for its long-term strategy in growth equity investments. The firm will typically hold a stock for 4–5 years, sometimes 10–15 years. The firm prefers to invest in mega-trends driven by broad societal and demographic trends, including baby boomer demands for healthcare - trends where demand is expected to remain steady for years, or even decades.[7] The firm seeks to invest in companies that have strong management teams, investing in people not assets. They look for companies that have strong growth opportunities, are appropriately financed, have competitive advantages, and are a leader in their field. Baron Capital places a unique focus on the strength of the management teams of the companies they invest in, looking for credible, dependable, trustworthy leadership.[8] In 2011, Baron Capital had approximately $19.5 billion in assets under management. In an effort to thank investors, Baron hosts an annual shareholder meeting which typically features rock acts such as Elton John, the Beach Boys, and Lionel Richie.[1] In 2012, Baron Capital purchased 24 percent of the stock of the Manchester United Football Club that was offered on the New York Stock Exchange by the Glazer family. Baron's investment amounts to a 5.8% ownership interest in the club as only 10% of the team's stock was floated.[9][10] In September 2014, Baron Capital raised its stake in the club to 9.2% of the entire club (equivalent to 37.8% of all shares available on the NYSE).[11]
In 2014, the fund invested $380 million in Tesla stock at an average cost per share of $14.3566 ($TSLA Split 3:1 on August 25, 2022, the company implemented a three-for-one split).[12]
Personal life
editIn 1978, Baron married Judy Bernard in a Jewish ceremony at the Harmonie Club.[13] In 2007, he paid $103 million for a house in East Hampton, New York, the most ever paid for a residential property at that time, from Adelaide de Menil, heiress to the Schlumberger fortune.[14] De Menil's house had been built by piecing together historic East Hampton buildings that she moved to the property to protect them from demolition. Prior to the close of the sale, de Menil broke up the structures and moved them to various locations in the town for protection, including six that were moved a mile north to where they will form the new campus of the East Hampton Town government.[15] Baron built a new 28,000-square-foot (2,600 m2) house, designed by Hart Howerton, a New York architectural firm with several other projects in the Hamptons, which specializes in large-scale land use. The house was included in a 2008 Vanity Fair article.[16]
See also
editReferences
edit- ^ a b Hoffman, David (2005-12-19). "With Ron Baron of Baron Capital Group Inc". Investmentnews.com. Retrieved 2015-12-03.[permanent dead link]
- ^ Why Are Mutual Fund Fees So High? This Billionaire Knows Landon Thomas Jr. Dec. 30, 2017
- ^ "Ron Baron". Forbes. Retrieved 14 July 2024.
- ^ "64. רון בארון - Ron Baron - פורבס ישראל". Forbes.co.il. 2013-04-14. Archived from the original on 2015-12-08. Retrieved 2015-12-03.
- ^ a b "An Old-Fashioned Success Story". Nysun.com. 2006-03-20. Archived from the original on 2015-12-08. Retrieved 2015-12-03.
- ^ Dyan Machan. "Can Billionaire Manager Ron Baron Regain His Touch?". MarketWatch. Archived from the original on 2012-07-04. Retrieved 2015-12-03.
- ^ [1] Archived March 10, 2012, at the Wayback Machine
- ^ Video on YouTube
- ^ "Manchester United shares bought by US investment firm - BBC News". BBC.com. 2014-03-11. Retrieved 2015-12-03.
- ^ "Baron Capital's stake in Manchester United - getting the numbers right". 13 March 2014.
- ^ "Baron Capital Management upped its stake to 38% of Manchester United's public float".[permanent dead link]
- ^ "Billionaire investor Ron Baron has seen his Tesla holdings balloon to over $6 billion since 2014 — and he says his fund will be a holder for at least another 10 years". Markets Insider). Retrieved 23 June 2023.
- ^ New York Times: "Judy Bernard Is Bride Of Ronald Baron, Broker" April 3, 1978
- ^ Knox, Noelle (2007-05-24). "Hamptons, ocean view: Sold for a record $103 million". Usatoday.com. Retrieved 2015-12-03.
- ^ [2][dead link]
- ^ Michael Shnayerson (7 July 2008). "Hamptons Overdrive". Vanity Fair. Retrieved 2015-12-03.