Business Leader – Philip L Carret


We can learn from the success of others. We can be motivated and inspired by leaders to deliver success even in tough times.

We try and analyze what made leaders successful. Who inspired them. Whose strategies do they admire.

Today we celebrate Philip L Carret.

Carret was founder of the Pioneer Fund, who focused on companies with strong business fundamentals, manageable debt, solid cash flow, consistent earnings growth, and dedicated management teams.

1| Full Name:

Phillip L Carret

2| Title:

Investor and founder of The Pioneer Fund (1928-1983).

3| Position and Company Name:

Philip L. Carret started The Pioneer Fund (previously Fidelity Mutual Trust), one of the world’s first mutual funds. He died in May 1998 aged 101.

4| Town and Country of Birth:

Lynn, MA, USA

5| Main activity of the Company:

Management of investment portfolios for wealthy individuals and institutions.

6| The initiatives you are working on:

Philip L Carret sold his share of Pioneer Funds in 1963, then established Carret & Company (now Carret Asset Management). Pioneer Inc is now part of Amundi and Carret Asset Management continues.

7| Education:

Bachelor of Arts (Chemistry), Harvard, 1917; Harvard Graduate School Business Administration, 1916-1917.

8| Career Path:

Carret enlisted in the Army Signal Corps, then after WWI worked at a small securities firm, and then left to roam America, working in mining camps and the like, eventually landing a job selling bonds in Seattle. Then he became a financial reporter at the Boston News Bureau. In 1928 started the Fidelity Mutual Trust (later rebranded to the Pioneer Fund). Carret sold control of management company of the Pioneer fund in 1963 (he remained a manager until 1983). Thereafter, Carret established Carret & Company (later rebranded to Carret Asset Management), which oversaw investment portfolios for wealthy individuals and institutions.

9| Personal Best Achievement:

One of the longest track records of successful investing in USA-listed shares in contemporary history.

10| Who Inspired You?

Not Known

11| Person who has had the Biggest Influence on Your Career:

Sherman Adams (founder of a financial company that became Massachusetts Investors Trust)

12| Person You would most Like to Meet:

Not Known

13| Business Person who has Impressed You Most:

Not Known

14| Company that Impress You Most:

Not Known

15| Philosophy of Business:

It is very simple; buy good companies and sit on them… Why sell anything unless something goes wrong? I venture into buying securities, but never with borrowed money. If you don’t borrow money, you can’t go broke.

16| Biggest Personal Success Factor:

Stamina and Patience.

17| Biggest Current Challenge:

Not Known

18| Biggest Future Challenge:

Not Known

19| Key Indicators You Track for Business Success:

We stuck with what we call ”basic values,” which means buying companies with healthy balance sheets, reasonable earnings records, clever market strategies, and committed managers with hefty investments in their own companies… and little leverage, preferably with none.

20| What Resources You Suggest for New Leaders:


Philip L Carret (1930). The Art of Investing.
Philip L Carret (1996). Buying a Bond.
Philip L Carret (2012). The Art of Speculation.
Philip L Carret; Richard Hanley (1991). A Money Mind at Ninety.

21| Contact Email of Your Firm (for interested Investors):

Not Known

22| Your Social Media Channels:

Not Known

23| Your Most Used App:

Not Known

24| Your Secret Talent:

Carret read voraciously – not just corporate reports and newspapers but also books on philosophy, history, economics and biographies.

25| The Craziest Thing You Have Done:

Chasing solar eclipses around the globe.

26| Favourite Reading:

Value Walk investment summaries.

27| Favourite Food:

Not Known

28| Favourite Sports:

Mountain Climbing

29| Favourite Holiday Destination:

Anywhere there might be a solar eclipse around the globe.

30| Hobbies:

Value Investing

31| Pets:

Not Known

32| Married:

Florence Elisabeth Osgood (1922-1986 when she passed away)

33| Children:

Two sons, Gerard and Donald, and a daughter, Diane


Philip L Carret is celebrated for his early adoption of a value-based investment strategy, targeting good quality companies and investing for the long term (he treated all investing along the lines of speculation). Carret was a pioneer in the field of collective investment schemes.



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