Philip Carret was an investor and founder of Pioneer Fund, one of the first mutual funds in the United States. Carret ran the mutual fund for 55 years, during which time an investment of $10,000 became $8 million. That suggests he achieved a compound annual return of nearly 13% for his investors.
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Carret founded the mutual fund in 1928, and he passed away in 1998. He was widely respected in the financial community, and even Warren Buffett has stated that he learned a lot from this legendary investor.
His investment strategy was to buy and hold high-quality businesses for as...
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