YouSaid · the spoken record

Ron Baron

lines on the record: 87
first: 2021-01-29
most recent: 2021-01-29
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Who was one of the people who was the first really mentor when I started? And he told me, and I was an investor in Hyatt. And he told me once, they say, Ron, you know more about Hyatt than I know about Hyatt. He says, Idea was about trying to understand the businesses in which we're investing so well that you can just ride through it and he would tell me, he says, I don't ever think about the price of a stock during the day, during the year. The only time I ever think about stock prices is when I'm either going to buy or whether”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then, and the stock doubles, and then it goes back down. And now we've made about twenty times our money. And he said, I often ask myself, How is it some other guys at Barron Capital sold? But you always bought more and you hung in there the whole time and other people were criticizing for this acquisition or that. But you understand the strategy of what we were trying to accomplish. And while that's not, you know, you're not competing against an index. You beat the indexes all the time, but not every single year. But over the long term, you kill them. And all the things I describe to everyone else about volatility and standard deviation, just everything I describe to everyone else, that's important that they need have. You're an investor. You find these businesses, and whether it goes up or down, you don't think about it,”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And do I like this? And I talk to the board. But he says, you know, most of the things that we do, I mean, that's not what you do. You're an investor. I mean, you find companies that you think are going to become dramatic. And MSCI, so Henry says, you know, Ron, I would not have a public company were not for you. In 2009, when I'm going public or 2008 when I'm going public, I couldn't go public without you doing it. He is an immigrant, his parents. Dad was a general in Venezuela, and there was a change, a coup, and they had to flee from the country, and he goes to Morgan Stanley. That's what Morgan Stanley, MSCI. And he starts the business, and then ultimately let the Morgan say let's bring it public. But when he goes public, the market isn't receptive, but we invest in the company.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but then all of a sudden everyone has gee, I can't write my shareholder letters without talking to Claudia. And so Claudia is this young woman who went to MIT and math and has all this risk metrics and everything that she looks at and explains things to me. And to make sure things don't get too out of whack. But for the most part, Henry Fernandez from MSCI. So he invites me to speak to his board of directors. And he says, he wants me to talk about capital allocation and about investment that he should be making and should he be buying back stock or should he be paying out dividends or should he be making acquisitions or what should he be doing?”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“All these different titles, and chief operating officer, and she's the one who hires all these other people that we need. And initially other guys there would say, why are we hiring? What is that all about? What is this attribution? What are those people do? And always saying thinking, gee, if we're hiring all these other people, then that means that I'm going to make less money. And so because some of that money is going to them instead of to me. That's the mindset that people have when a business grows and everyone thinks that it's growing because they're great. Of course they are great, but everyone thinks everything is because of them. Until they go home at night and think about it and say, ow. Now maybe it's not all because of me. But then all of a sudden,”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not all of them a long time. We hire one or two people a year, three sometimes, and we hire 10 or 15 people a year in total. And they could be in risk management or they can be legal accounting compliance sales. All these IT Of course I wouldn't have any clue as far as what we need to hire because I know what I need to hire for the research but all these other people so I'm in charge of 40 people and Linda Martinson who is the third employee Susan Robinson and I and Linda she's the president of the firm and chairman of the mutual funds”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Living in Maplewood, when I was living in his basement trying to get a job on Wall Street, he's now a director of barren funds, and he has been for 25, 30 years. And he calls me up and he says, you know, I'm 77 now. And I've been investing with you since the very beginning. And thank you for all this. I don't have to think about stuff anymore. And for a while, I was trying to pick stocks and read a lot and said, I can't pick stocks. I come to your meetings, to the board meetings every three months, and I see what you're doing. And I listen to the analyst working for you. There's 172 people now at Barron Capital and 41 or 42 are analysts in portfolio managers. They've been there really a long time.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And when they came to our office and we're walking home from our office in the General Motors building to our apartment, as we're walking up Madison Avenue, two people dumped out of doorways to say, thank you, Ron. Thank you, Ron. And Jenna's mother, who I'm walking with, Judy's walking with her dad, she says, does this always happen to you? I said, it's unbelievable all over the place. People are always saying thank you when we have our annual meeting. They come out of our conference afterwards. It's the same thing where they say, gee, you know, thank you for my life. Thank you for doing this. Thank you for, it's amazing. One of my, this guy who was telling me about Ray Novak, actually, who's my high school friend who was”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Wouldn't believe in. And I walk down the street. My youngest son got married last September, a year and a half ago. And they're from Virginia Beach. And his parents came up, of course, for the wedding and everything. We had wedding in our house.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Some of the employees to invest in some of the people who I was friends with. And then some of it I was doing myself. And so he says, and then that $100,000 left in Barron Partners Fund, that is now over 40,000 shares of Barron Partners Fund that's worth over $7 million. So the $100,000 became worth over $7 million. And then the $100,000 I took out, that became worth $1,000. And it says, and basically I want you to know that you've paid for my son to go to medical school. He just graduated from medical school. You've paid for him to go to medical school. In addition to that, I have another child who's disabled, and I never really understood how going to take care of him for the rest of my life. You're taking care of him or the rest of my life. So there isn't anything that you could do that I would.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Were my clients, I piggybacked on some of your ideas. But I said, if I have a chance to invest with you, I am going to invest with you. And so you started your first fund in 87. I invested in it. And then in 1992, when you started Baron Partner's fund, sounded like a very cool idea. So I did something that I never do, and I advise my clients they should never do. I borrowed $200,000 to invest in Barron Parkers Fund. I had to invest with you. And so he put in the $200,000 and then he said, and then after it doubled or tripled, I sold half of it, and I left the other $100,000 in. And the other $100,000 that I took out, I put that into this little fund of funds called Castle, which I wanted to first.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“From he tells me who it's from. And I said, oh, wow, Bob, he worked with me when I was at Hertzfeld and Stern from 73 to 82. It was a retail stockbroker. And he sends me four bottles of non-perma and he said, man, that's a lot of money. I got to call him to thank him. I can't understand why he would send me champagne. I called him up and he says, Ron. And then ultimately you and Susan, who was my assistant, left, Susan is now vice president of Baron Capital, and she's our healthcare analyst and left. And I said, I have to, and you were selling your research to hedge funds and institutions, and I saw what you were doing. And I have retail broker, retail broker.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Out of the 10 things that you bought, two or three would be amazing successes, and then a few of them would be sort of ordinary. And the more you bought of them, the harder it was to sell them to get out at the other side. And then you're left over with things that, you know, how do you get out of them? And the answer was, you don't. So I was not that interested in that. And I wanted to have a business that was going to last for a long time. So again, going back to my parents, I wanted to have a business that people like my parents would be able to invest in the stock market. I always believed. And the idea behind the mutual funds was that here's a way that I would be able to give a service to people. Thank my parents so they could save for their retirement and their life events. I got a phone call about so”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Companies that were worth more than they were selling for in the stock market. And if you could buy a hotel room, for example, or if it costs you $100,000 to build and you made $10,000 a year after you built it and you could buy it in the stock market for $70,000 and then it would go to the value, that's how it started. And then I went out on my own, I figured that was the safe thing to do. It was like Warren Buffett's thing where you buy the cigarette butts on the street and Mario, Gabelli, it's about buying things, discounted cash flow. But that wasn't really what I loved doing. I loved finding these businesses that could grow tremendously from what they were now. And that's where, so it started off finding smaller companies and people ignored. But then what would happen is that, you know,”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Invested in things like this. You know, when I first joined you in the 1980s, you were talking about cellular telephones. You had just gotten back with Judy from vacation in Italy, a week vacation in Italy, and you just said, man, everywhere I go, people are talking on these real cell phones. This is going to be unbelievable. Whether you're rich or whether you're poor, in that time, we had bought when we started various capital, I bought a telephone in 1982. I bought one. It was $5,000. It was a briefcase, the size of a briefcase. And now it's late 80s, and they're down to smaller phones. They look like a brick or something, the size of a brick. And he said, and you were talking about it then. And that's all you wanted to invest in then and all these companies. So you always invested in those kind of things. And so the idea was initially to invest in”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Here's a quote. Ron, when I first met you thirty five years ago, you were investing in wireless telephones. Wow, that's a pretty far out idea, I thought. That's Chucks. He's thinking I'm in the nineteen eighties and I'm investing in US cellular and macaw cellular and lind broadcasting and George Lindemann's Metro Mobile. And he says, man, that's crazy. Wireless telephones, I was thinking about Maxwell Smart. Get smart on television. Take off your shoe and you're talking to your shoe. And of course, wireless phones, that's become everything. And then I was talking to David, our trader, about conversations. And he says, you know, I was talking about Tesla and Chuck just called to congratulate me about Tesla. And he says, Brian, you always...”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“He says, you know, I never thought this would work. And, you know, you were right and you hung in there and everyone was criticizing you and you believed and you were right. I was wrong and everyone else was wrong. You made congratulations on that. And then I'm talking to my trader who's been working at Barron Capital since 1987, I think he told me. And I'm talking to him about a conversation that Chuck had with me. Oh yeah, Chuck, the way he started the conversation is he says, you know, when I first met you in the 1980s, all you were talking about was investing in wireless telephones. And he says, and this is how I start off my next shareholder letter, the letter from Ron. It's Ron.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was in around 2000s, then the government, the FIFA in New York, wanted to have independent directors for independent chairmen for mutual funds. And Chuck became the chairman of our mutual fund company, our barren funds, for five years, and we wanted to have an independent director, independent executive chairman. And so he calls me up about, and now he's in his hobby 85, 90 years old, and he's retired. He's living in Reno. And last time I saw him was about a year ago, two years ago, I was visiting a Tesla plant in Reno, and he fights me over and spends an afternoon with him. It was so much fun. But he calls me up, and he's now chairman emeritus for Baron Funtz and Chairman Emeritus also for International Game. And it calls me up and says, Ron, congratulations on...”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I got a phone call from Chuck Matheson. The same thing happened with me with him, where I guess in the 80s, and he and I were both buying international game and the market cap was $100 million. He was buying it to take it over. I was buying it to make brokerage commissions. And he calls it up and he says, why don't we? And it was the same kind of split thing. I said, fine. So I make my doubles or triples or quadruples or something. And he stays with it. And it goes from $100 million of market cap to $10 billion. $10 billion, $100 million to $10 billion. He told me I was the only guy ever really understood what this megabucks was and how important it was and how it was just linking up all these slot machines and all these different casinos and ultimately”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I knew him. And he said, Look, you're buying this company Dalen, and I'm buying. It just could come out of bankruptcy. And it was run by a guy named Sanford Sigilov. And there were two guys who had a business inside of that that I thought was really cool. Marcus and what was the other guy's name? They both ran Handy Dan. Ultimately became Home Depot. And so I invest in this company for my clients, and Canada's investing in society is run. They're just killing me every time I see something, you fight me for the stock. Why don't we just do something where we split things? You take half and I'll take half. And I said, fine.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then after about five or six or seven or eight years, I looked back and I said, man, I am a disaster. I looked at all these companies I invested in and they had gone up so much. And I said, I could have been rich. All these things. What am I crazy looking at these things and selling them so quick? And I invested in Dalen with Ken Langone. And he calls me up one day and he says, hi, I'm Ken Langone. We went to college together. He's about 10 years older than I am, or eight years older than I am. Went to Bucknell, and he said, you know, people like us, we got to stay together. I said, people like us, what are you talking about? And he says, why don't we go to lunch? So we go to lunch at, I guess it was lunch at the Waldorf, and it was the bull and bear restaurant, which he was in.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Billion dollars. And my idea was that I was getting about 1% in commissions for every idea that I had. And so I would go around, and if I get someone to spend $600 or $700 or $800,000 on a stock, I would make $600 or $7,000 or $8,000 in commissions. And then it didn't take me long to figure out, okay, well, if I got them to buy a stock for six or seven or eight thousand dollar commission, then if I got him to sell a stock, then I would make another six or seven or eight thousand dollars in commission. That was how I paid the rent.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Over and small cap fund happens to be managed by Cliff Greenberg, not by me, and he's done terrific. And Baron Growth Fund is managed by me with Neil Rosenberg and the Kager on that one since that inception in 1994 is 14.16 compared to 9.04 for the Russell 2000 10.5 for the S&P. So starting off, the idea that we had originally, when I was doing research in the 1970s and selling it for commissions, my ideas were smaller companies like McDonald's, Disney, Federal Express, Nike, Mattel, Hyatt. They were small companies, billion, two,”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I've gone from having a negative net worth to a million dollar net worth, and now Forbes says I'm one of the wealthiest people in the country, and I have 5.5% of 2,007 of the money that's invested in the mutual funds is me. My two”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“People who are his favorite stockbrokers in the nineteen seventies, 76 or 77, he gave each of us five million dollars after he had had a tough year. So they said quantum said, why don't you have some other people manage money for you instead of just you? And he picked his six favorite brokers. That was one of them. And my $5 million became worth $10 million. And everyone else would buy and sell and trade. And my little segment of that quantum fund was called Mandrake. Mandrake the Magician, Mandrake. And what I would do is I would just buy stuff and I'd hold it. And that's why the $5 million became 10. And then 1992, we were up to 100, and we started our first mutual fund in 1987, barren asset fund. And initially in 82, there were three people, Susan Robbins, Linda Martin.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it was very easy for me to get my next job, and Alan Abelson from Barron's. He was on my list for this letter that I wrote every week. And so I wrote a letter every week for Janet Montgomery Scott, gave it to their salesman about the companies that have been to visit, go to the 250 brokers in these five different offices or six offices. And that was what they sold to their clients. And hedge funds, mutual funds, anyone who is well known, I would do research and sell it to them for their commissions and I went from having a negative net worth of $15,000 in 1970 to making a million dollars in a year in 1980 and being worth a million dollars. And then 1982 started Barron Capital. At that time, we had $10 million under management, 10 million. That's with an M. It was all from one person. It was Soros, and he had given six people.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“1969 and I was the research department for January Montgomery Scott, a brokerage firm in Philadelphia. And I had 250 offices, 250 brokers and five offices, and Tony every week was in Princeton, which is where I lived with him at his firm, Delicate Harvard De Bell. And what I would do is I would go, he would every week pick stocks for me to go visit the companies. I'd go visit them and I'd write a letter. And then the letter went to all the salesmen. And then I left Washington making $11,000 a year. And here I am making $15,000 a year. He promised me $18,000 by the end of the year. I didn't get the raise. And then I got fired because I wrote a negative report about a company that ultimately went bankrupt, but I screwed up January Montgomery's Scott for being in the underwriting.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“School and in Maplewood, New Jersey, and I would go every day to New York to try to knock on doors, to interview for jobs as an analyst. It was just impossible to get a job. 1969, I was unemployed for three months. I was running out of money. Told my dad, you know, I'm never getting a job on Wall Street. I would apply for jobs as a chauffeur thinking that for a guy who's the head of a Wall Street firm thinking that, gee, if I can talk to him and if I can get a job for him, then maybe I can talk my way into some starter job there, like a mailroom guy or something. But no jobs. And ultimately, I convinced Tony Cabell from Della Fed Harvey Tibel, which is part of Janam Montgomery Scott, to give me a chance. And I wrote a, it hired me in the fall of”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“School, he says, you know, there was Ron, he didn't like being a patent examiner so much. He was okay at it, but it wasn't his thing. But, you know, he's always been interested in the stock market. And that's he's going to go to New York and find his polling. But there was another patent examiner. He had the same idea where he also didn't like being a patent examiner so much. That was a long time ago in 1930s and he lived in Switzerland or Germany. And that was Albert Einstein. And he did okay. And I expect Ron to do okay. So he was comparing me to Albert Einstein. And then I'd go to New York. And of course, I'm now in debt $15,000. I was actually in debt $14,400. So it's $15,000, but I had $600 in cash. I go to live again in a basement of one of my friends from college, from high school.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In the patent office, and they had a going away lunch for me at the holiday inn, which I was laid for across the street from Crystal City in Virginia. I'm late for the lunch. I had a date, girlfriend. And as I get there and I'm late and everybody understood where I was. And so I come in, my motorcycle, and everyone started joking around. And my boss was Mr. Liebman. Somehow he really liked me. And he sort of identified with this crazy guy who was young and long hair and boots that he wore. But he liked me. And so he was always promoting me. But I was never very good at the patent examiner. But he said, so his speech is going away speech to me at the patent office lunch to honor me for.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Skills job that I can fit for and starting salary was $7,729. I go from making $1,600 a year living in a basement to making $7,729 a year for the next three years and a draft exempt job. And I said, wow, that's great. So I took the boards, did real well, got into George Washington Law School, went to school at night, and patent examined in the daytime. And then when I got to be 26, I was always interested in stock market. I read about it, never had any courses on it, never had any courses economics except for Echo 101 in college. But I read all these books. And then I got to be 26, and I couldn't be drafted anymore. The day after my birthday, I quit my job.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so we bang indoors and somewhere in the middle of the building, a guy answers a door and he's a few years older than I am and he's well dressed. He has an apartment and he has furniture and he has windows that look out in the sky instead of standing on a chair to look out at grass because you're in the basement. And he's dressed nicely and he's a wife. He's cooking dinner for him in the kitchen. How come you're not in Vietnam? He says, well, I'm working in the patent office. I'm a patent examiner. And I said, well, how do you do that? He's making $11,000 a year. I said, how do you do that? And he said, well, you take the law boards and if you get into law school, then you can get a job in the patent office as an examiner. And I said, okay, I want to invite me in, buys some fuller brushes, actually. But the big thing is, he tells me about here's this critical.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And that summer, one of my friends who actually did get into medical school, my best friend, he said, okay, why don't we see if we can sell fuller brushes. Maybe we can make money doing that. So we went into a neighborhood. We sold a record number of fuller brushes. It was a black neighborhood and sold record number of filler brushes out east Washington, I think it was. And then when we ultimately went back to deliver those brushes, there were no deposits and people wouldn't even answer the door. You'd hear a little voice inside saying, mommy, mommy, it's a fuller brushman. And they said, get away from the door. And said, not a single person took a brush that they bought. But it changed my life because we came to a building high-rise. And it said absolutely no soliciting. And so I said, okay, Bob, you start at the top and I'll start at the bottom. We'll meet in the middle somewhere. Just bang on doors.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Had my savings, and they were getting two and a half percent interest or two and a quarter percent interest, you bring in your past book and every quarter they print out your interest. So ultimately invested in that. And then I would go home. So I was interested in girls and sports. But every day I would look at the Osbury Park Press and they had 10 or 15 local stocks. And every day from the time I invested my hundred shares at $10 a share, every single day the stock either stayed the same or went up an eighth or a 16th or a quarter every single day. And then seven months later, eight months later, it was acquired for $17 when I paid $10 for it. And so all of a sudden, my $1,000 became worth $1,700. I said, oh my God, nothing to this. I want to do this. And I would read about a well-known investor's side with Manhattan Fund. And then I went to...”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I convinced my dad to allow me to invest in stocks. She was never able to invest in stocks. When I convinced them, I was able to take my thousands of dollars I had from my bar mitzvah and I ultimately invested it in Monmouth County National Bank. My dad said it's not the stock market, but tell me about a company you want to invest in. Explain to me why you want to invest in it. Research it and if it makes sense to me, you can do it. local bank was owned Mama County National Bank was principally owned by one of the wealthiest people, probably the wealthiest person in my neighborhood. And he owned that bank's three-story red brick building white pillars in front, Georgian style building, senator of Senator Stout from New Jersey had his office in the building. And ultimately, I looked at the company and I missed my dad to let me invest.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I actually had a job where I was working nine to five as a lifeguard and 11 to 7 I worked in the emergency room as in Waterley and people would come in on Saturday night, shot or stabbed and I'd have to hold them down, a skinny little kid, I would hold them down on a gurney until the next a kin came and gave permission to operate, but people died while I was holding them. So my job was I would have to clean bed pans. I'd have to hold people on the gurney until they got permission to operate. And then in the ICU, when people died, I would unplug them and I'd have to put the bodies, wrap them in sheets, and I'd have to put them in the freezer. That was my job. So I was always interested in being successful. I didn't know exactly what success was.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“My dad was an engineer for the Army, and my mother was a flying agent for the Army. And so professionals. And the people who were most successful were doctors and lawyers. And if you had a house on the lake, it was worth $50,000. Our house is worth $20,000. And the guy on the lake, he owned rides on the boardwalk and drove a Cadillac and probably made $100,000 a year. That to me was success. And so I wanted to be a doctor. I didn't get into medical school when you were talking about the first investment. I've been working since 70. Since I've been 14, that's when you got working papers, but first job was as a caddy. I had all these summer jobs, caddy, waiter, bus boy, lifeguard, water ski instructor, cabana boy.”
2021-01-29 · Masters in Business · Ron Baron on Investing in Tesla and SpaceX (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source