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Gerald Tsai
Gerald Tsai Jr. (Chinese: 蔡至勇; pinyin: Cài Zhìyǒng; March 10, 1929 – July 9, 2008) was an investor and philanthropist who helped build Fidelity Investments into a mutual fund powerhouse.
After starting Fidelity Investments' first publicly sold aggressive growth fund in 1958, the Fidelity Capital Fund, he later founded the Manhattan Fund, an aggressive growth fund, in 1965. Tsai sold his interest in the fund complex in 1968 but continued to manage the funds. By 1969 the funds collapsed, losing 90% of their value. An early proponent of momentum investing, Tsai's specialty was concentrating his portfolios on narrow batches of glamour stocks, including Xerox and Polaroid Corporation, at a time when broad diversification was the prevailing wisdom.
Tsai later became CEO of a can company, American Can Company. He was the first Chinese-American CEO of a Dow Jones Industrials company.
Tsai was born to Gerald Tsai Sr. and Ruth Tsai in Shanghai, where he lived as a child. His mother was a stockbroker.
His father attended the University of Michigan and was the Shanghai district manager for the Ford Motor Company.
Tsai attended St. John's University, Shanghai before moving to the United States in 1947. He attended Wesleyan University for one semester, and graduated from Boston University with a Bachelor's and Master's in Economics.
In 1951, Tsai began as a security analyst at Bache and Company. In 1952, he joined Boston's Fidelity Management and Research, and was named vice president in 1960. In 1958, he became fund manager of the newly formed Fidelity Capital mutual fund.
By 1965, Tsai had sold his Fidelity stock and started the Manhattan Fund which won him widespread attention. When the fund first offered shares, a modest offering of 2.5 million shares quickly ballooned to a total of 27 million, bringing the fund $247 million in capital and representing what was at the time the biggest offering of an investment company.
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Gerald Tsai
Gerald Tsai Jr. (Chinese: 蔡至勇; pinyin: Cài Zhìyǒng; March 10, 1929 – July 9, 2008) was an investor and philanthropist who helped build Fidelity Investments into a mutual fund powerhouse.
After starting Fidelity Investments' first publicly sold aggressive growth fund in 1958, the Fidelity Capital Fund, he later founded the Manhattan Fund, an aggressive growth fund, in 1965. Tsai sold his interest in the fund complex in 1968 but continued to manage the funds. By 1969 the funds collapsed, losing 90% of their value. An early proponent of momentum investing, Tsai's specialty was concentrating his portfolios on narrow batches of glamour stocks, including Xerox and Polaroid Corporation, at a time when broad diversification was the prevailing wisdom.
Tsai later became CEO of a can company, American Can Company. He was the first Chinese-American CEO of a Dow Jones Industrials company.
Tsai was born to Gerald Tsai Sr. and Ruth Tsai in Shanghai, where he lived as a child. His mother was a stockbroker.
His father attended the University of Michigan and was the Shanghai district manager for the Ford Motor Company.
Tsai attended St. John's University, Shanghai before moving to the United States in 1947. He attended Wesleyan University for one semester, and graduated from Boston University with a Bachelor's and Master's in Economics.
In 1951, Tsai began as a security analyst at Bache and Company. In 1952, he joined Boston's Fidelity Management and Research, and was named vice president in 1960. In 1958, he became fund manager of the newly formed Fidelity Capital mutual fund.
By 1965, Tsai had sold his Fidelity stock and started the Manhattan Fund which won him widespread attention. When the fund first offered shares, a modest offering of 2.5 million shares quickly ballooned to a total of 27 million, bringing the fund $247 million in capital and representing what was at the time the biggest offering of an investment company.