Guess it’s time for a new wrinkle on Wall Street…
Roy Neuberger, a founder of money management firm Neuberger Berman, died over the long holiday weekend at age 107.
Liquidity moves markets!Follow the money. Find the profits!
That was not a typo.
Neuberger was remarkable both for his longevity, and for his status as a pioneer of mutual funds and value investing.
A New York City kid, Neuberger started his career on Wall Street just before the 1929 stock market crash, and survived to found his own firm in 1939 that managed investments for wealthy people.
In 1950, his firm started offering more middle-of the-road investors the option of mutual funds with a nearly brand-new concept: low fees. The no-load mutual fund now is an investing staple.