Loading AI tools
From Wikipedia, the free encyclopedia
Frederick S. Mates, aka Frederic Mates, founded in August 1967 the Mates Investment Fund, a high-flying mutual fund during the 'Go-Go' 60s that later crashed in the bear market of the early 1970s.[1] Mates ran his fund from an office he dubbed the "kibbutz" and with a young staff he called his "flower children".[1] Mates put most of his fund into a letter stock known as Omega Equities. Mates in determining his funds assets assigned a value to the barely traded Omega of $16 a share, while having purchased the stock at $3.25 a share. Mates got into trouble over this practice[citation needed] which was routine in the 1960s[citation needed] and not uncommon even today[citation needed], of accounting for letter stocks at a price different from what was paid for it. As a result, when confidence was lost in Mates' mutual fund and investors wanted to cash out[citation needed], redemptions had to be suspended for a while, which the U.S. Securities and Exchange Commission condoned[citation needed].
Mates was born in Brooklyn and graduated from Brooklyn College in 1954. According to a New York Times obituary, Mates died in Kansas City on December 25, 1982.[2]
Seamless Wikipedia browsing. On steroids.
Every time you click a link to Wikipedia, Wiktionary or Wikiquote in your browser's search results, it will show the modern Wikiwand interface.
Wikiwand extension is a five stars, simple, with minimum permission required to keep your browsing private, safe and transparent.