Ronald S. Baron
From Wikipedia, the free encyclopedia
Ronald S. Baron (born 1943[1]) (also known as Ron Baron) is a stock investor who founded Baron Capital Group Inc. in New York City which markets the Baron Funds which in 2006 were used by 700,000 investors and had market value of $16 billion.
Baron grew up in Asbury Park, New Jersey, where he was to convert $1,000 from shoveling snow, waiting tables, serving as a life guard, and selling ice-cream to $4,000 by investing in stocks prompting cohorts to call him "Count" - a nickname which still sticks.[2]
He studied chemistry at Bucknell University and was a teaching fellow at Georgetown University attended George Washington University Law School at night on scholarship. His first job out of school was with the United States Patent Office.
He worked for several brokerage firms from 1970 to 1982 and developed a reputation as a short seller in during a bear market of 1973-74.
He founded Baron Capital Management in 1982.
His funds in 2006 were valued at $16 billion and Baron is famed for a lavish lifestyle and shareholder meetings which feature rock acts such as Elton John, the Beach Boys and Lionel Richie.[3]
In 2007 he paid $103 million for a house in East Hampton (village), New York -- the most ever paid for a residential property at that time from Adelaide de Menil, heiress to the Schlumberger fortune.[4] 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.[5]
His stocks have had some notable stumbles including in 2003 when he and his company paid $2.7 million to settle a Securities and Exchange Commission complaint that they had attempted to improve the stock price of Southern Union Company by buying shares of the stock just before the bell in the 10 days prior to its merger with Pennsylvania Enterprises (a practice referred to as "making the close").[6]
The company, which owned 59% of Sotheby's Class A stock, lost nearly $267 million when Sotheby's was accused of collusion with Christie's in 2000.[7]
[edit] References
- ^ Based on With Ron Baron of Capital Group Inc. - investmentnews.com - December 19, 2005
- ^ An Old-Fashion Success Story - New York Sun - March 10, 2006
- ^ With Ron Baron of Capital Group Inc. - investmentnews.com - December 19, 2005
- ^ Hamptons, ocean view: Sold for a record $103 million - USA Today - May 24, 2007
- ^ Performance Art - Dan's Papers - June 1, 2007
- ^ SEC Release No. 47751 / April 29, 2003
- ^ Managing Money by Sizing Up Corporate Chiefs - New York Times - October 30, 2004
