Gerald M. Loeb

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Gerald Martin Loeb (July 24, 1899 – April 13, 1974) was a founding partner of E.F. Hutton & Co., a renowned Wall Street trading and brokerage firm. He was the author of the books The Battle For Investment Survival[1] and The Battle For Stock Market Profits. Loeb promoted a view of the market as too risky to hold stocks for the long term, in contrast to well-known value investors. He also created the Gerald Loeb Award, given annually for excellence in various categories of financial journalism.[2]

Early life

Loeb was born to Dahlia H. Levy and Solomon E. Loeb on July 24, 1899, in San Francisco, California.[3][4][5] His brother, Sydney, was born on December 14, 1903.[6][7] Solomon was a wealthy wine merchant from New Orleans.[4][8] Dahlia was the daughter of Herman M. Levy, a wealthy merchant who made his fortune selling goods to miners during the California gold rush and the Comstock Lode silver rush in Nevada.[9][10][11]

Two family tragedies struck Loeb when he was eight years old. First, his maternal grandfather died on June 25, 1908.[11] Then, a week later on the 4th of July, his father was killed in a train collision in downtown Oakland while returning from a day trip to Santa Cruz to make arrangements for an upcoming family vacation there.[10] A local train struck the smoking car of a Southern Pacific Railroad (SPR) train after the SPR train's engineer ignored the stop signal at the intersection of two tracks, killing several people in the car.[10][12] SPR paid Dahlia and her children an $8,000 settlement (Expression error: Unrecognized punctuation character "[".) split evenly among the three.[13] The deaths of Loeb's father and grandfather made his mother very wealthy.[14]

Loeb was afflicted with polio around the time of his father's death.[15] The disease interfered with his schooling and derailed his ambitions to become an architect.[15][16]

Loeb graduated from Lowell High School in San Francisco.[17]

Career and writing

Loeb began his career in 1921, working in the bond department of a securities firm in San Francisco.[18] He moved to New York in 1924 after joining E. F. Hutton & Co., and became vice-chairman of the board when the company incorporated in 1962.[18]

Although he had largely avoided personal losses, the Wall Street crash of 1929 greatly affected Loeb's investing style, making him skeptical of holding stocks for the long term. Loeb offered a contrarian investing viewpoint, in books and columns in Barron's, The Wall Street Journal, and Investor Magazine.[2][18] Forbes magazine called Loeb "the most quoted man on Wall Street."[19]

Loeb's first book, The Battle for Investment Survival (1935), sold over 200,000 copies during the Great Depression.[1][2] Loeb updated the book in 1957 and 1965, as it attained the status of a classic financial text. In 1971, Loeb published The Battle for Stock Market Profits as a follow-up to his original book where he depicted the market as a battlefield.[18] Loeb's books are still widely read today and hailed by many as a staple for investment professionals.

Personal life

Loeb married Rose Lobree Benjamin on April 11, 1947, in San Francisco.[20][21] Rose, the widow of Shanghai real estate developer Maurice Benjamin, was born in 1900 or 1901 in Brentwood, California, to Mr. and Mrs. A. E. Lobree.[22][21][23]

See also

References

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Further reading

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