A Founder's Story:
Thomas Rowe Price, Jr.
Mr. Price held a number of jobs—each helping to form his investment philosophy—before he started his own investment counsel business in 1937.
For an investor who had never taken an economics course, Price had uncommon financial wisdom. After his graduation with a chemistry degree from Swarthmore College in 1919, each position he held had some bearing on his business philosophy. Of investing, Price said: "One does not have to go to college to be able to select fertile fields. All one needs is what my grandfather called gumption, my grandmother called horse sense, and what most people call common sense."
Thomas Rowe Price, Jr., had a simple and powerful philosophy. Selections from his writings reveal his belief in investing for the long term for the benefit of his clients.
"Admitting that stocks may sell considerably lower in the future, I believe I would never forgive myself if I sold now, as I would not have a chance to recover a portion of my losses when the turn eventually comes."
—September 24, 1931
"The longer I am in business, the more convinced I am that our point of view should be entirely the investor's–for long-term appreciation."
—March 22, 1939
"I realized that most of the big fortunes in the country had resulted from investing in a growing business and staying with it through thick and thin."
—September 7, 1951