Michel Pireu Columnist

Philip Carret was born in 1896, the same year the Dow Jones industrial average was launched. When he was 32 years old he started the Pioneer Fund, one of the first mutual funds in the US. He managed it with great success for 55 years. Warren Buffett has said of Carret that he should be studied by every investor and if there was ever a hall of fame for investment advisers, he would be among the first 10 in it. In an interview with John Train, author of The Money Masters, Carret revealed that his favourites were over-the-counter stocks. “And yet I’m more conservative than most people,” said Carret. “Most people think that ‘conservative’ means General Motors, IBM, etcetera. But I’ve always been in offbeat stuff. They’re less subject to manipulation than New York Stock Exchange companies, and are less affected by crowd psychology … I avoid fads like the plague. When I invest, I gamble with a certain amount of my capital, buying dogs.” While beginning investors or those without the time ...

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