So Far, So Good: The First 94 Years - Hardcover

Neuberger, Roy R.

Hardcover

ISBN 10: 0471171867 ISBN 13: 9780471171867

Publisher: Wiley, 1997

Synopsis

Notorious as one of Wall Street's oldest living legends, Roy Neuberger delivers a truthful and interesting account of his extraordinary life. Focusing on his start in the market from seven months before the 1929 crash, up to the 1987 crash, till today, he shares his 93 years of experience as a market sage. Neuberger also paints a wonderful picture of his love of contemporary art and his role in the art world, his donations to museums throughout the country of hundreds of pieces worth tens of millions.

About this title

About the Author

ROY R. NEUBERGER founded the $50 billion money management firm of Neuberger&Berman in 1939. In 1950, he established the Guardian Mutual Fund, one of the first no-load mutual funds. In his 68 years on the Street, he has never had a losing year.

From the Back Cover

Mention the name Roy Neuberger and several awe-inspiring images come to mind. There's the stock market neophyte who arrived on Wall Street just months before the Panic of 1929―and protected his capital by shorting RCA stock. There's the savvy businessman who founded Neuberger&Berman, a lucrative brokerage firm that today manages about $50 billion. Then, there is the esteemed philanthropist and patron of the arts who has graciously donated most of his private art collection to museums and institutions around the country.

Now, there is the vibrant nonagenarian who, as first-time author, shares his extraordinary life story in So Far, So Good―The First 94 Years. As inspirational as it is compelling, this stirring memoir recounts Neuberger's remarkable journey and enduring reign as one of the most prominent and fascinating figures of finance.

Roy R. Neuberger was born at the turn of the century to a businessman father and a musician mother, both of whom passed on to him qualities and interests that would profoundly influence his life. He spent his earliest years in Bridgeport, Connecticut, then moved with his family to New York City, a place he's called home for more than eight decades. Though he had a happy, comfortable childhood, it was tempered with tragedy when, in 1912, his mother died, and his father passed away just four years later.

After his freshman term at New York University, Neuberger left to begin working at the B. Altman & Company department store. It was there that he learned about business and trading, and was introduced to the world of art. Following three "extremely valuable" years at Altman's, in 1925 Neuberger set out for Paris, where he remained for almost four years. It was an unforgettable time during which he travelled, studied art, and befriended Thornton Wilder, the art historian Meyer Schapiro, and other notable Americans in Paris.

Returning to New York City in 1929, Neuberger landed a job on Wall Street at Halle & Stieglitz ― just seven months before the infamous Crash. In a pulsating, you-are-there account, Neuberger recounts the tumultuous events leading up to ―and following ―the Panic, and reveals how he managed to emerge unscathed at a time when others were doing anything but. He also offers an intriguing behind-the-scenes look at his remarkable career since, with details on the launching of Neuberger&Berman; the creation of Guardian, one of the first no-load mutual funds; his success with closed-end investment trusts; and his extraordinary winning run during the market crash of 1987. Generously sharing a wealth of professional wisdom, Neuberger offers his "ten principles of successful investing," as well as penetrating and provocative ruminations on topics ranging from the economy and the federal budget to Social Security and the future of the market.

Neuberger speaks eloquently about his lifelong appreciation of art. He describes the formation of his valuable and eclectic collection (most of which he's now donated), his firm commitment to supporting the careers of artists, his role as trustee of both The Metropolitan Museum of Art and the Whitney Museum, and his involvement with the creation and sustenance of the Neuberger Museum of Art in Purchase, New York.

At the age of 94, Roy Neuberger is still going strong, trading every day, and enjoying life to the fullest. His dramatic story, told here with humor, insight, and complete candor, is part social history, part investment lesson, part personal reminiscence. So Far, So Good ―The First 94 Years is a landmark work not to be missed.

Praise for So Far, so Good―the first 94 years

"The wisdom of Roy Neuberger is a beacon. There is nothing like experience, and here it is . . . in spades! We can all learn from the master." ―Dr. William F. Baker, President, Thirteen/WNET, N.Y.

"Roy Neuberger has celebrated life for almost a century. He roared in Paris in the 1920s, assembled one of the great contemporary art collections of the world, and built a great investment firm. He has shared the journey with us through this book, and it is one helluva ride." ―Byron Wein, Managing Director, Morgan Stanley & Co.

"What a life! Roy Neuberger's affecting memoir chronicles the passion and generosity that helped him overcome early adversity to fill his charmed, long life with meaning and accomplishment. Readers will benefit from his great advice about making money, and will take pleasure in learning how he used his fortune to acquire and share wonderful works of art." ―Agnes Gund, President, Museum of Modern Art

"Roy never fails to amuse and enlighten. Over the years, he's taught me many things I didn't know I didn't know." ―Jim Rogers, author of The Investment Biker.

"Roy's memoirs read as if he'd chatted them to you on his regular matinal walks ―sprinkled with engaging personal insights, and no end of advice for which the most compelling argument is Roy's own success. A most rewarding read." ―Philippe de Montebello, Director, The Metropolitan Museum of Art.

From the Inside Flap

Mention the name Roy Neuberger and several awe-inspiring images come to mind. There's the stock market neophyte who arrived on Wall Street just months before the Panic of 1929-and protected his capital by shorting RCA stock. There's the savvy businessman who founded Neuberger&Berman, a lucrative brokerage firm that today manages about $50 billion. Then, there is the esteemed philanthropist and patron of the arts who has graciously donated most of his private art collection to museums and institutions around the country. Now, there is the vibrant nonagenarian who, as first-time author, shares his extraordinary life story in So Far, So Good-The First 94 Years. As inspirational as it is compelling, this stirring memoir recounts Neuberger's remarkable journey and enduring reign as one of the most prominent and fascinating figures of finance. Roy R. Neuberger was born at the turn of the century to a businessman father and a musician mother, both of whom passed on to him qualities and interests that would profoundly influence his life. He spent his earliest years in Bridgeport, Connecticut, then moved with his family to New York City, a place he's called home for more than eight decades. Though he had a happy, comfortable childhood, it was tempered with tragedy when, in 1912, his mother died, and his father passed away just four years later. After his freshman term at New York University, Neuberger left to begin working at the B. Altman & Company department store. It was there that he learned about business and trading, and was introduced to the world of art. Following three "extremely valuable" years at Altman's, in 1925 Neuberger set out for Paris, where he remained for almost four years. It was an unforgettable time during which he travelled, studied art, and befriended Thornton Wilder, the art historian Meyer Schapiro, and other notable Americans in Paris. Returning to New York City in 1929, Neuberger landed a job on Wall Street at Halle & Stieglitz-just seven months before the infamous Crash. In a pulsating, you-are-there account, Neuberger recounts the tumultuous events leading up to-and following-the Panic, and reveals how he managed to emerge unscathed at a tune when others were doing anything but. He also offers an intriguing behind-the-scenes look at his remarkable career since, with details on the launching of Neuberger the creation of Guardian, one of the first no-load mutual funds; his success with closed-end investment trusts; and his extraordinary winning run during the market crash of 1987. Generously sharing a wealth of professional wisdom, Neuberger offers his "ten principles of successful investing," as well as penetrating and provocative ruminations on topics ranging from the economy and the federal budget to Social Security and the future of the market. Neuberger speaks eloquently about his lifelong appreciation of art. He describes the formation of his valuable and eclectic collection (most of which he's now donated), his firm commitment to supporting the careers of artists, his role as trustee of both The Metropolitan Museum of Art and the Whitney Museum, and his involvement with the creation and sustenance of the Neuberger Museum of Art in Purchase, New York. At the age of 94, Roy Neuberger is still going strong, trading every day, and enjoying life to the fullest. His dramatic story, told here with humor, insight, and complete candor, is part social history, part investment lesson, part personal reminiscence. So Far, So Good-The First 94 Years is a landmark work not to be missed.

Reviews

An engaging if cursory memoir from Neuberger, who at age 94 is still going strong in the challenging worlds of finance and philanthropy. Following a comfortable childhood in New York City, Neuberger (who was orphaned at 13) dropped out of college to work as a fabrics buyer at B. Altman, a carriage-trade retailer. A young man of independent means, he subsequently settled in Paris, where his tennis skills and interest in the fine arts ensured him an active social life. He returned to Manhattan in 1929, just months before the stock market crash, and joined a brokerage house called Halle & Stieglitz. Despite hard times on Wall Street and Main Street, Neuberger prospered in his chosen career and managed to preserve the capital that had been left to him. By now married with children, Neuberger (in partnership with Robert B. Berman) opened his own firm in 1940. Nearly six decades later, the firm occupies a secure niche in the ultracompetitive securities business, largely on the strength of its co-founder's skills at value investing, and can claim credit for creating one of the industry's first no-load mutual funds (Guardian). During the late 1940s, Neuberger began to buy the works of contemporary painters (Milton Avery, Stuart Davis, Peter Hurd, et al.). The quality and quantity of his acquisitions led Nelson Rockefeller (then governor of New York) to build him an eponymous museum on the state university's new campus in Purchase in return for his collection. Complete with tips on achieving longevity, financial security, and emotional satisfaction, an elder statesman's look back in obvious pleasure, albeit no great depth, on a fulfilling life. -- Copyright ©1997, Kirkus Associates, LP. All rights reserved.

Founder of the investment firm of Neuberger and Berman, an originator of no-load mutual funds and active on Wall Street since 1929, Neuberger, at age 94, has written both a memoir and an investment guide. Much of his book revolves around his love of art collecting, the reason he says he went to work on The Street. He assisted contemporary artists by buying their works and, in later years, aided many museums, notably the Metropolitan Museum of Art and the Neuberger Museum of Art in Purchase, New York. On investing, he lays down ten basic principles and says most of his success has come from doing the opposite of other investors. He also reflects on charity, politics, and aging. Unfortunately, he fails to provide enough background for the reader to understand him or his work thoroughly; the investment advice is useful but too brief. Though written for a general audience, his book is recommended only for collections comprehensive in business or art collecting.?Lawrence Maxted, Gannon Univ., Erie, Pa.
Copyright 1997 Reed Business Information, Inc.

Edition details

• Publisher: Wiley
• Publication date: 1997
• Language: English
• ISBN 10: 0471171867
• ISBN 13: 9780471171867
• Binding: Hardcover
• Edition number: 1
• Number of pages: 256