Bruce Sherman

Last updated

Bruce Sherman
Born1948 (age 7576)
NationalityAmerican
EducationB.A. University of Rhode Island
M.B.A. Baruch College
OccupationBusinessman
Known forCo-founder of Private Capital Management
Owner of the Miami Marlins
Spouses
  • Marlene Bluestein (divorced)
Cynthia Kahn
(m. 1999)
Children2
Parent(s)Sylvia and Michael Sherman

Bruce S. Sherman (born May 1948) is an American businessman and co-founder of the wealth-management firm Private Capital Management [1] and the chairman and majority owner of the Miami Marlins of Major League Baseball.

Contents

Early life

Sherman was raised in a middle-class neighborhood in Queens, New York, the son of Sylvia and Michael Sherman. [1] [2] His mother was a school teacher in New York public schools. [3] He has two brothers, Peter and Joel. [3] He graduated with a B.A. from the University of Rhode Island and received a M.B.A. from Baruch College. [1] After college, he worked for the accounting firm Arthur Young. At the age of 29, Sherman was recruited by an executive search firm to be chief financial officer for a company owned by the Collier family. [4]

Career

In 1985, he co-founded the wealth-management firm Private Capital Management (PCM) whose initial client was the Collier family. [1] PCM expanded its customer base to include government agencies, colleges and universities. [1] The firm grew to $4.4 billion in assets under management in 1999. [1] In 1997, PCM sold International Dairy Queen (1997) to investor Warren Buffett for $585 million. [5] [6] In 2001, he sold PCM to Legg Mason for $1.4 billion. [7] Sherman remained at the firm's helm and sold two additional companies to Buffett: Shaw Industries in 2001 for $2.1 billion and Garan (the maker of Garanimals) in 2002 for $270 million. [5] [8] [9] [10] Over the years, some of his successes include investments in Qualcomm Inc, Apple Computer, International Game Technology, Banknorth and Charter One Financial. [1] [11] By 2005, PCM had $31 billion in assets. [1] By 2009, PCM's assets had reduced to $2.4 billion after several bad investments in newspaper companies (Knight Ridder, The New York Times Company, and Gannett), combined with a $478.6 million loss in their investment in Bear Stearns (which collapsed in 2008). [1] [12] Sherman retired in 2009 stating "I am very proud of my investment career over 23 years, especially the first 22 years." [1] In August 2017, Sherman led a business group, which included former professional sports players Michael Jordan and Derek Jeter, that made a $1.2 billion bid to purchase the Miami Marlins from Jeffrey Loria. [1]

Philanthropy

Sherman and his wife support various charities including the Naples Winter Wine Festival which benefits the Naples Children and Education Fund. [1] In 2016, the couple founded the Sherman Prize which awards prizes to those who have made advances in the fight against inflammatory bowel diseases including ulcerative colitis and Crohn's disease (of which both his daughters are afflicted). [13] [1] The Shermans endowed the Bruce and Cynthia Sherman Professorship of Urology Research and Innovation at New York University. [14] His wife is a founder of the Holocaust Museum of Southwest Florida in Naples. [4]

Personal life

In 1999, he married Cynthia Kahn in Manhattan. [2] He has two daughters from a previous marriage to Marlene Bluestein. [1] [15]

Related Research Articles

<span class="mw-page-title-main">Warren Buffett</span> American investor and philanthropist (born 1930)

Warren Edward Buffett is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of June 2024, he had a net worth of $135 billion, making him the tenth-richest person in the world.

Li Lu is a Chinese-born American value investor, businessman and philanthropist. He is the founder and chairman of Himalaya Capital Management. Prior to immigrating to America, he was one of the student leaders of the 1989 Tiananmen Square student protests. In 2021, he also co-founded The Asian American Foundation and serves as its chairman.

<span class="mw-page-title-main">Berkshire Hathaway</span> American multinational conglomerate holding company

Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Founded in 1839 as a textile manufacturer, it transitioned into a major conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger.

<span class="mw-page-title-main">D. E. Shaw & Co.</span> U.S.-based investment management firm

D. E. Shaw & Co., L.P. is a multinational investment management firm founded in 1988 by David E. Shaw and based in New York City. The company is known for developing complicated mathematical models and computer programs to exploit anomalies in financial markets. As of December 1, 2023, D. E. Shaw has $60 billion in AUM, including alternative investments and long strategies.

<span class="mw-page-title-main">Bear Stearns</span> American investment bank

The Bear Stearns Companies, Inc. was an American investment bank, securities trading, and brokerage firm that failed in 2008 during the 2007–2008 financial crisis and the Great Recession. After its closure it was subsequently sold to JPMorgan Chase. The company's main business areas before its failure were capital markets, investment banking, wealth management, and global clearing services, and it was heavily involved in the subprime mortgage crisis.

<span class="mw-page-title-main">Value investing</span> Investment paradigm

Value investing is an investment paradigm that involves buying securities that appear underpriced by some form of fundamental analysis. All forms of value investing derive from the investment philosophy taught by Benjamin Graham and David Dodd at Columbia Business School in 1928 and subsequently developed in their 1934 text Security Analysis.

<span class="mw-page-title-main">Franklin Templeton Investments</span> Global investment firm founded in New York City in 1947

Franklin Resources, Inc. is an American multinational holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York City in 1947 as Franklin Distributors, Inc. It is listed on the New York Stock Exchange under the ticker symbol BEN, in honor of Benjamin Franklin, for whom the company is named, and who was admired by founder Rupert Johnson Sr. In 1973, the company's headquarters moved from New York to San Mateo, California.

<span class="mw-page-title-main">Legg Mason</span> Former American investment management company

Legg Mason was an American investment management and asset management firm headquartered in Baltimore, founded in 1899 and acquired by Franklin Templeton Investments as of July 2020. As of December 31, 2019, the company had $730.8 billion in assets under management, including $161.2 billion in equity assets, $420.2 billion in fixed income assets, $74.3 billion in alternative assets, and $75.1 billion in liquidity assets.

Jefferies Group LLC is an American multinational independent investment bank and financial services company that is headquartered in New York City. The firm provides clients with capital markets and financial advisory services, institutional brokerage, securities research, and asset management. This includes mergers and acquisitions, restructuring, and other financial advisory services. The Capital Markets segment also includes its securities trading and investment banking activities.

<span class="mw-page-title-main">Cerberus Capital Management</span> U.S. investment management company

Cerberus Capital Management, L.P. is an American global alternative investment firm with assets across credit, private equity, and real estate strategies. The firm is based in New York City, and run by Steve Feinberg, who co-founded Cerberus in 1992, with William L. Richter, who serves as a senior managing director. The firm has affiliate and advisory offices in the United States, Europe and Asia.

David Sanford "Sandy" Gottesman was an American businessman, billionaire, and philanthropist. He founded First Manhattan Co. (FMC), and was noted for his friendship with Warren Buffett.

Berkshire Hathaway Assurance is a bond insurance company created by Berkshire Hathaway, Inc. in December 2007.

<span class="mw-page-title-main">History of private equity and venture capital</span>

The history of private equity, venture capital, and the development of these asset classes has occurred through a series of boom-and-bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.

<span class="mw-page-title-main">Hathaway Mills</span>

The Hathaway Manufacturing Company was a producer of cotton textiles founded in New Bedford, Massachusetts in 1888 by Horatio Hathaway, a China trader and whaler in the Pacific.

<span class="mw-page-title-main">Early history of private equity</span>

The early history of private equity relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.

Tweedy, Browne Company LLC is an American investment advisory and fund management firm founded in 1920 and headquartered in Stamford, CT. As of December 2012, it managed approximately 13 billion dollars in separate accounts and four mutual funds. The firm specialized in value investing influenced by Benjamin Graham, and is also known for their association with Warren Buffett during the early phase of his career.

Uptake is an industrial artificial intelligence (AI) software company. Built around a foundation of data science and machine learning, Uptake’s core products include an Asset Performance Management application and a fully managed platform.

Ted Weschler is an American hedge fund manager who is the current investment manager at Berkshire Hathaway. Alongside Todd Combs, he is frequently cited as a potential future Chief Investment Officer of Berkshire.

ClearBridge Investments (ClearBridge) is an equities focused asset management firm headquartered in New York City. It was previously the asset management unit of Citigroup until 2005 when it was rebranded as ClearBridge Investments. Currently it is a subsidiary of Franklin Templeton Investments.

References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Rodriguez, Rene (August 11, 2017). "Here's how the new Marlins money man made his fortune". The Miami Herald .
  2. 1 2 "Weddings – Cynthia Kahn, Bruce Sherman". The New York Times . July 11, 1999. Cynthia Leigh Kahn and Bruce Stephen Sherman were married last evening by Cantor Robert Abelson at the Pierre in New York.
  3. 1 2 The New York Times: "Sylvia Sherman - Obituary" December 30, 2012
  4. 1 2 The New York Times: "In a Big Bet on Newspapers, a Shy Investor Makes News" by Gearldine Fabrikant" December 8, 2005
  5. 1 2 Jon D. Markman (November 29, 2002). "Lessons From the Man Who Sells to Buffett". TheStreet.com.
  6. Los Angeles Times: "Buffett to Acquire Dairy Queen Chain for $585 Million" October 22, 1997
  7. Financial Planning Magazine: "Legg Mason Acquires Private Capital Management" Lori Pizzani May 30, 2001
  8. Crain's New York: "Buffett’s Berkshire Hathaway to buy Garan - Deal values maker of Garanimals at $270 million" July 2, 2002
  9. CNN Money: "Berkshire Hathaway offers $19 a share, or about $2.1B, for Shaw Industries" September 6, 2000
  10. CNN Money: "Berkshire buys all of Shaw - Buffett's holding company acquires remaining stake in the carpet maker" January 21, 2002
  11. The New York Times: "What-Ifs of a Media Eclipse" by Katharine Q. Seely August 27, 2006
  12. "Bear Stearns investors: Who lost big: Bruce Sherman". Fortune . Retrieved August 13, 2017.
  13. The Sherman Prize retrieved August 13, 2017
  14. "Urology FUNRaiser Benefit Raises More Than $1 Million". NYU Langone Medical Center . September 28, 2016.
  15. Sun Sentinel: "Children honor mothers at Book of Hope" by Marci Shatzman March 11, 2015