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T. Rowe Price, the Sage of Baltimore


In 1937, Thomas Rowe Price, Jr. founded an investment company in Baltimore that would become one of the most successful in the world. Today, The T. Rowe Price Group manages over one trillion dollars and services clients around the world. It is among the largest investment firms focused on managing mutual funds and pension accounts. Uniquely trusted and respected, the firm is considered the "gold standard" by many investment advisors.


In this book, Cornelius Bond tells the full story, for the first time, of how Price, a modest and ethical man, built the company bearing his name. From the private, unpublished personal and corporate records, you will get direct access to the creative process behind Price's highly successful approach to investing.





Personal insights based on Price's own writings and the personal experience of the author who worked with him for many years.

The Growth Stock philosophy as described in the words of the creator and master of this approach.

Two fund managers who worked closely with Mr. Price reunite to consider the investment environment of the next five to ten years as Price himself might have viewed it.



This book will give you an insider's access to the true story of Thomas Rowe Price, Jr.

T. Rowe Price: The Man, The Company, and The Investment Philosophy

Foreword ix





Acknowledgments xiii





Part One The Beginning 1





One The House on Dover Road, 1898-1919 3





Two Lessons Learned, 1919-1925 19





Three Mackubin, Goodrich & Co., 1925-1927 29





Four The Great Bull Market and the Crash, 1927-1929 43





Five After the Crash, 1930-1937 53





Part Two His Own Boss 65





Six Birth of T. Rowe Price and Associates, 1937 67





Seven "Change: The Investor's Only Certainty" 79





Eight The Firm's Adolescence and World War II, 1938-1942 87





Nine The Growth Stock Philosophy 97





Ten Postwar Era, 1945-1950 109





Part Three The Sage of Baltimore 121





Eleven New Opportunities: Mutual Funds, Pension Plans, and the Launch of the Growth Stock Fund, 1950-1960 123





Twelve Transitions, 1960-1968 139





Thirteen The United States Enters a New Era, 1965-1971 151





Fourteen Dark New Era, 1971-1982 163





Fifteen The Grin Disappears, 1972-1983 175





Part Four Market Analyses 195





Sixteen Investing for the Decade, 2017-2027 197





Seventeen Weak Performance of the Growth Stock Fund, 1970s 207





Epilogue: The T. Rowe Price Today 213





Sources 233





Index 241