The Return/Volatility . This project is sponsored by the Transatlantic Program of the Government of the Federal Republic of Germany through funds of the European Recovery Program (ERP) of the Federal Ministry of Economics and Technology. Celebrating its 100th birthday in the year 2000, Stern launched a $100 million centennial campaign, the school's most ambitious fundraising effort to date. His funds return for 2001 decreased to 28.5 percent, outperforming the major stock indexes. He died on 7 June 2011 in Los Angeles, California, USA. [40] Felicity Barringer, Ending Era of Stability, The Voice is Put Up for Sale, New York Times, September 23, 1999. At the same time, Hartz Mountain branched into publishing and the carpet cleaning business. [6][7] Current and former CEOs of Fortune 500 companies including American Express, Berggruen Institute, Griffon Corporation, Wynn Resorts, the New York Stock Exchange, Lehman Brothers, Lord Abbett, Barnes & Noble, W. R. Berkley Corporation, McKinsey & Company, Chase Manhattan Bank, and CBS are also Stern alumni. Prominent investment banker and Home Depot investor Kenneth Langone (MBA 1960) donated $10 million to Stern in 1999. Do you have a job opening that you would like to promote on SSRN? He is the chairman and CEO of the privately owned Hartz Group based in New York City Xiao Liu. What did Jewish immigrants like Max Stern do differently than the many Americans who never achieved economic success? Andrea married Adam Pelzman, an attorney, in a traditional Jewish ceremony on September 7, 1997 (Andrea Stern and Adam Pelzman, New York Times, September 7, 1997 (accessed July 19, 2012)). Stern had become the largest livestock importer in the U.S. by 1934, manufacturing packaged bird foods under the Hartz Mountain brand. [41] See her website at http://www.andreasternphotography.com (accessed July 19, 2012). Full-time graduates employed at graduation. [6] Pet Industry Has More Customers Than It Can Satisfy; Dogs Cost More Than Twice Pre-War Price; Food, Equipment Hard to Buy, Wall Street Journal, April 10, 1944. [21] Hartz Group History (accessed July 19, 2012). While there was a lot of pressure on firms, particularly public companies, to focus more on core competencies and divest themselves of unrelated businesses, Stern swam against this tide, which is a reflection of his personality and the fact the Hartz empire was a family business and hence not subject to the pressure of outside investors. As part of creating new lives and futures, these entrepreneurial immigrants also invested heavily in steering their children onto the same path. Early sailors believed that aquamarine talismans, etched with the likeness of the sea god Neptune, protected them against ocean dangers. By 1998, the circulation had risen from 118,361 three years earlier to 250,961, including 23,232 paid copies mailed outside the city. Photo by Daniela Araya, via Unsplash. Soon his birds were sold at R.H. Macy, F.W. It drew hundreds of offices from Manhattan during the 1980s and raised the value of undeveloped Meadowlands property to more than $500,000 an acre. In 1926 he went to the United States and founded Hartz Mountain Corporation, which was the largest manufacturer of pet products and real estate development. Find out about entrepreneur Leonard N. Stern: Age, siblings, What he did before fame, his family life. In the 1950s, a still-vital Max gave all the Hartz Company stock to his three children. Edward is the founder of one the family business groups of Hartz Capital Inc. Before finding the new business he was the CEO and President of Hartz Mountain Corporation. [15] The product was never banned and to this day there are complaints that animals have had adverse reactions to the neurotoxin in Hartzs flea and tick prevention shampoos and drops. Its assets grew to $30 million the following year, and that year, Canary had to give 15 percent, minus fees, to investors. Leonard N. Stern's birthstone is Aquamarine. Leonard Norman Stern is born in New York to Max and Hilda Stern. Leonards gift was the largest donation in the history of the then 157-year-old NYU, the largest private school in the nation. Henry was the beloved son of Ghity Lindenbaum. The birds appeared on popular radio shows and sang their hearts out with the help of organ music. His first wife was Judith Stern Peck who is a consultant for Hartz Group and family Therapist. His hedge fund was alleged to have taken advantage of special trading opportunities with prominent mutual fund families by promising to invest heavily in funds managed by several companies such as Bank of America Corps Nations Funds, Bank One Corp, Strong Capital Management Inc., and Janus Capital Group. Being a stepson of Max Stern he still holds a very important position in the family. The late 1980s saw further media ventures. Translate; Trending; Random; Home Entrepreneur Leonard N. Stern. Given its importance, it . His competitors complained that he engaged in monopolistic practicesoffering bribes and kickbacks to distributorsthat allowed Hartz Mountain to corner 70 percent of the pet supplies market. Download This Paper. It was during this time that Hartz also acquired the Pet Products Rawhide Company, which made dog treats, and the L&M Pet Company, which manufactured foods for small animals. In 1996 it constructed the ultra-luxurious SoHo Grand Hotel, the areas first hotel built in more than one hundred years, with 367 rooms in downtown New York. [38] Senior Executive Profile: Edward Stern (accessed July 19, 2012). Stern is chairman of Hartz Mountain Industries, a closely held New Jersey real estate developer. On this Wikipedia the language links are at the top of the page across from the article title. He is a well-known Investor, Businessman, and a Philanthropist. Leonard N. Stern Entrepreneur #134971. Young Leonard attended yeshiva (a Jewish school), and dreamt of going into business, though not necessarily with his father. New York University Stern School of Business, Graduate School of Business Administration, Commerce/College of Business and Public Administration, "In 1916, the School of Commerce's Wall Street branch became the home of New York University's Graduate School of Business Administration (GBA). [10] Sally Beatty, Gift of the Week: Pet Project, Wall Street Journal, October 26, 2007. Class Size. About. The Village Voice was Leonards second stab at the newspaper business. Occupancy rates, rent per square foot and cap rates for Stern's real estate were aggregated using data from Bloomberg, Real Capital Analytics and REIS. The annual expenditures rose 20 percent faster than the pet population, which had been gaining about 3 percent a year during that decade. [7] Max Stern, Fund Raiser, Active in Jewish Affairs, Boston Globe, May 21, 1982. [citation needed], In 1988, a $30 million gift from the school's alumnus Leonard N. Stern (B.S., 1957; M.B.A., 1959) allowed the school to consolidate its graduate and undergraduate facilities at NYU's Washington Square campus. New York University - Leonard N. Stern School of Business View profile View profile badges . Home. Hartz Mountain was already a long-established pet company when his father turned over the reigns to him. Maxs realization that the economic conditions in his native Germany were not conducive to the life he wanted demonstrates the economic awareness and business savvy inherited by his son, Leonard, and Leonards sons, Emanuel and Edward. Its circulation had fallen from 151,109 in 1984 to 118,361 in 1995. Pet supplies manufacturers like Hartz were able to get their customers to buy products through an advertising technique called anthropomorphism, which meant attributing human qualities of taste to their pets. [15] This project was fully funded by donors, alumni and corporate partners. Ancient Greek artefacts reportedly from the collection of the American businessman and philanthropist Leonard N. Stern could be returned to Greece. Following in his fathers entrepreneurial footsteps, Leonard took over the family business, Hartz Mountain, in 1959 at age twenty-one. Most Popular Boost Birthday . He diversified into alternative newspaper publishing, including The Village Voice, the grizzled dean of New York Citys alternative newspapers; real estate magazines through the Harmon Publishing Company; carpet cleaning machines via the Carpet Magic Company; and general merchandise service distribution through S.M. The equity risk premium is the price of risk in equity markets, and it is a key input in estimating costs of equity and capital in both corporate finance and valuation. He served on the Yeshiva board of trustees in several positions, including vice chair for thirty-five years, in addition to serving as honorary chairman of Yeshiva University. [61], While a hard-driving businessman, Leonard is described as projecting a cultivated image, with a personal style [that] is warm and sometimes witty. His hobbies include art collecting, riding horses, wine-tasting, and skiing.[62] One thing is clear: Leonard N. Sterns sense of priorities and family values. Per course refunds do not apply to full-time students who pay the flat-rate tuition and fees. The multi-generational success of the Stern family is rooted in the classic tale of a European immigrant who came to America with nothing more than a dollar and a dream (and, in Maxs case, five thousand singing birds), and who, through grit, ingenuity, and unstoppable chutzpah, created a successful business enterprise. He sold his canaries to the John Wanamaker Department Store in Manhattan and then returned to Germany for more, creating a new trend in American pet ownership. Leonard N. Stern School of Business - NYU Stern School of . [6][7] Current and former CEOs of Fortune 500 companies including American Express, Berggruen Institute, Griffon Corporation, Wynn Resorts, the New York Stock Exchange, Lehman Brothers, Lord Abbett, Barnes & Noble, W. R. Berkley Corporation, McKinsey & Company, Chase Manhattan Bank, and CBS are also Stern alumni. By the end of the 1980s, Hartz had grown into a truly international company with enough products to ensure its position in the daily lives of millions and millions of consumers.[21]. Hartz found that flea collars were big business, leading them to develop several flea and tick prevention products for dogs and cats, which grew into pet shampoos and other personal care products. The paper began to lose its near monopoly on weekly cultural news and entertainment listings in the mid-1980s, with the arrival of The Observer, New York Press, and Time Out. Leonard saw beyond pets to property when he learned that a soggy, garbage-strewn piece of real estate in the Meadowlands area of New Jersey was for sale at a bargain rate of $13,000 an acre. A bon vivant in Manhattans East Side society, Leonard has spent much of his life pursuing an eclectic assortment of business interests while balancing an active social life. At the dawn of the 1970s, the Pet Food Institute forecasted that consumers would buy over one billion dollars worth of canine and cat food, nearly more than twice the amount spent on baby food in the U.S. Pet fish accounted for about 20 to 25 percent of the industrys annual volume. In 1913, Jeanette Hamill, J.D., M.A., joined the school's Economics department, becoming its first female faculty member. [7] The Max Stern Academic College of Emek Yezreel, in Jezreel Valley, Israel, is named in Sterns honor. All were reared in the Jewish tradition and encouraged to follow their fathers footsteps by going into the family business, as well as to follow the Stern tradition of philanthropy. We think this could be an example of something that could be really scalable.[56], Yet, some saw his charity as window dressing. They knewand taught their children and childrens childrenthat working for others was not the road to a strong, secure future. He is a well-known Investor, Businessman, and a Philanthropist. With baby boomers trading in empty suburban nests for more urban downsizing, rents in Manhattan driving many to the fringes of the city, and Wall Street businesses looking to grow, the area was primed for a major growth spurt. But while food accounted for the majority of sales in the cat and dog sectors of the pet industry, it was non-food items such as tanks, pumps, lights, colored gravel, filters, heaters, and decorative plants that generated the most sales for fish.[14]. Site. He made the passage accompanied by 5,000 singing canaries that he'd received from a friend who couldn't pay back a loan. At the same time, many baby boomers who formed the Voices core audiences moved to the suburbs, leaving the paper behind. Back home, he wrote for Spy magazine, then worked as business manager for TheVillage Voice, which Leonard had purchased in 1985. Christopher Cannon, Dean Halford, Brittany Harris and Julian Burgess, of the total wealth of the 500 richest people in the world, of the top 200 U.S. executives total awarded compensation. The company's real estate portfolio was owned and operated under its Hartz Mountain Industries subsidiary company, of which he also serves as Chairman and CEO. He was a writer and producer, known for Get Smart (1965), He & She (1967) and I'm Dickens, He's Fenster (1962). [8] Walter H. Waggoner, Max Stern, Hartz Mountain Founder and Patron of Education, Dies, New York Times, May 21, 1982. By the start of 2001, Edward was managing $184 million, and by the end of that year, the sum had multiplied to $400 million. I have my vision and I take my risks, Leonard told the Wall Street Journal. The collection of 161 objects, formed by Leonard N. Stern, will go on view at The Met for 25 years starting in January 2024 A selection of 15 of the most significant works from the collection will first be displayed in early November in Athens before traveling to The Met Some were flamboyant, luxury-loving spendthrifts; others were private, quiet-living penny-pinchers. CITY & STATE. - Choose course (s) and up to 3 alternative choices. and each individual billionaire profile contains a detailed analysis of how that person's fortune is tallied. Sales of cat and dog food in 1968 amounted to $918 million, a gain of nearly 14 percent over the 1967 level. Often characterized by his business and social acquaintances as a dapper, tough, cutthroat, arrogant workaholic, Stern has described himself as a self-made man determined to be the youngest of the rich and then the richest of the rich.[1] His drive helped him carry the sluggish Hartz Mountain pet company he inherited from his father to unimagined heights by the early 1980s. [30] He started them off with limited responsibilities, not wanting them to be spoiled by a sense of familial entitlement. He sold the pet-care products business to private equity mogul John Childs in 2000. He had his troubles in the publishing business as well. Birthdays. Additional initiatives provide literacy training, tutoring, and a program to build employee readiness. The book contains 66 pictures of her family and contains 160 pages. 1966). Additionally, brand name affiliation and new methods of packing eased owners handling of pet food. Leonard N. Stern School of Business, New York University, New York, NY 10012, USA. Max spent the sunset of his life dedicated to philanthropic causes. Father, Max Stern, immigrates to the U.S. from Germany. Seven years later he expanded into real estate, acquiring a New Jersey warehouse. Then mayor Edward Koch posed for advertisements in which he was shown boarding up the Holland Tunnel to stop companies from fleeing to New Jersey. He believed that whoever could play early in the game would profit immensely from a great economic miracle. Maxs famed love of animals reportedly did not extend to personal pets. As a philanthropist, he had been helping the homeless and aiding in promoting education. Share with your friends. [27] In January 2000, Leonard sold The Village Voice to a group of investors, including The Village Voices publisher, in a deal that included six additional alternative weekly newspapers for a rumored $150 million.[28]. The graduate school's[12] first dean was appointed in 1921. [9] One area where Leonard and his parents agreed was giving back. New York University - Stern School of Business; New York University (NYU) - Leonard N. Stern School of Business Date Written: July 23, 2019 Abstract As companies and investors globalize, we are increasingly faced with estimation questions about the risk associated with this globalization. Symptoms included loss of coordination, seizures, excessive salivation, and vomiting. Stern offers a broad spectrum of academic programs at the graduate and undergraduate levels. Methodology: The Bloomberg Billionaires Index is a daily ranking of the world's richest In 1984, Hartz pleaded guilty to federal charges including obstruction of justice, perjury and suborning perjury, and was fined $20,000.[44]. #536 Billionaires (2022) Personal Stats Age 65 Source of Wealth finance Residence Taipei, Taiwan Citizenship Taiwan Marital Status Married Children 2 Education Master of Business Administration,. [26], In 1999, Stern put TheVillage Voice up for sale. Therefore, they created their own opportunities, fueled by a sense that America was truly a land of unlimited opportunity for them and their families, and the knowledge that entrepreneurship was where their fortunes would lie. In 2012, Professor James B. Rosenwald and his wife, Laura made a contribution to Stern for the Rosenwald Global Value Student Investment Fund. Edwards philanthropic service includes serving on the board of directors of The Jewish Community Center in Manhattan, the board of Trustees of Columbia Grammar School and The Gateway School, and on the investment committee of UJA Federation. Building upon whatever education, experience, and skills these newcomers brought across the ocean, they never restricted their vision of what was possible in America. Reports surfaced from all over the country that the product had poisoned hundreds of cats and dogs, and six humans. Leonards mother, Hilda Loewenthal Stern, was born October 22, 1922, in Eschwege, Germany, and emigrated to New York in 1935. He is the Chairman and CEO of the privately owned Hartz Group based in New York City. "[19], Stern offers its own study abroad program, IBEX (International Business Exchange Program). [49][50] The Stern School announced it will join the growing list of programs now accepting the Graduate Record Examinations (GRE) from MBA candidates applying beginning in 2010. Leonard said that because the company pleaded guilty prior to the completion of grand jury deliberations, the case was never tried, and the Hartz company never got to have its say in court. While many were driven from the area in the late 1980s and early 1990s recession, those developers who were able to hang on had what it took to profit big-time. CEPR Discussion Paper No. [21], In 2005, Stern launched the Student Social Venture Fund,[22] the first student-run venture philanthropy fund of its kind at a U.S. business school. And, in keeping with the family tradition, Leonards sons and daughter would find their footing in the family business. Max, like many immigrants, mastered the process of reinvention. The school was renamed Leonard N. Stern School of Business. [39], The youngest of Mr. Sterns children, Andrea, earned a degree with honors from Brown University. Many were able to rise to economic security within little more than a single generation. In 1969, consumers were spending three billion dollars a year on the purchase of food, habitation, care, and grooming for their dogs, cats, goldfish, turtles, monkeys, and other animals. [8][9][10], The Stern School was founded by Charles Waldo Haskins (an alumnus of New York University Tandon School of Engineering) in 1900 as the Undergraduate School of Commerce, Accounts and Finance on the University's Washington Square campus. Hartz Mountain was buffeted in the late seventies and eighties by antitrust suits and the company ended up paying a $40 million lawsuit in 1984. [52] Julia Stears, NYCs Billionaire Milkman, Greatest Person of the Day, The Huffington Post, May 25, 2011 (accessed July 19, 2012). Father Max Stern immigrated to the U.S. from Fulda, Germany, in 1926. He had previously made a $3 million gift to NYU in 1986. He has invested millions in Homes for the Homeless, making the nonprofit the largest provider of transition housing, including shelters, for NYCs homeless families for over 20 years.[52], Carrying on his father Maxs devotion to education, Leonard donated $30 million to his alma mater, New York University, in 1988. This gift comes on the heels of another $50 million gift also directed towards undergraduate scholarships earlier . Leonard tried to assuage anxieties. 19,825. Hes particularly knowledgeable about Greco-Roman art and has a very extensive collection that includes the art of Van Gogh and Modigliani, among others, said his longtime friend Wilbur Ross. In 1992, Stern's new $68 million state-of-the-art facility, now known as Kaufman Management Center, was inaugurated. The initial 750-acre land in Secaucus became Harmon Cove, considered one of the nations leading distribution locations, just outside of the Big Apple. His real estate assets had grown to more than 35 million square feet by the late 1980s. #20 Leonard N. Stern School of Business New York University #20 Leonard N. Stern School of Business New York University. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, The school offers Bachelor of Science in Business at the undergraduate level and Master of Business Administration degrees at the postgraduate level. [43], That wasnt the first controversy to hit the Stern familys growing business empire. Top 100 Quotes. Average EV/EBITDA multiples in the consumer goods and FMCG sector worldwide from 2019 to 2022, by industry [Graph]. [11] Located in New York's downtown business district, the school's "Wall Street Division" served both full-time and currently employed students. Feedback to SSRN. Leonard Sterns story speaks to the persistence and importance of closely held family businesses and their ability to challenge prevailing wisdom. Seven years later, he took Hartz private again over objections from a minority of shareholders. [citation needed], Peter Blair Henry became dean of the school in January 2010. . Today, New York University's Stern School of Business received a $50 million gift from alumnus Leonard N. Stern (BS '57, MBA '59) for undergraduate scholarships in the Stern School, enabling a significant expansion of the School's Breakthrough Scholars Leadership Program. PaineWebber, Bankers Trust, and Peat Marwick were among the large firms that found it cheaper to locate back-of-office and computer operations to the other side of the river. Like millions of others who built new lives in the shadow of the Statue of Liberty, they came with dreams and a willingness to Americanize their thinking and take risks. By responding Why not? to an intriguing business opportunity, he wanted to expand his opportunities in new directions. Stern got the inheritance from his father in 1959. [33] Hartz had paid its company dues. Leonard Stern was born on 23 December 1922 in New York City, New York, USA. There is not much information about him except the factor that he is no more in this world. The Sterns paid $42.5 million to the A.H. Robins Company, who makes Sergeants pet supplies, settling a lawsuit that charged them with commercial bribery, perjury, and antitrust violations. While building and then selling those enterprises, Leonard grew the companys real estate holdings to include more than 210 buildings with over thirty-eight million square feet of industrial, office, retail, and hotel space in New York and New Jersey, including the fashionable New York Soho and Tribeca Grand Hotels, and the company headquarters at 667 Madison Avenue in New York City under the umbrella of The Hartz Group, Inc.[2] In recognition of his philanthropy, New York University named the Leonard N. Stern School of Business, where he earned his MBA at age nineteen, in his honor. Leonard structured the business around the core principal of retaining sufficient cash flow to finance its own ventures, remaining independent of bank financing. The thought that I might, at some time, have to at the very least correct their mistakes is very, very stressful. [16], NYU Stern Westchester offers its Langone MBA for Working Professionals in Purchase, New York, at SUNY Purchase.[17]. Stern, the opinionated political conservative, seemed an unlikely candidate to lead the fiercely progressive weekly. . [12] As Leonard told Fortune magazine in 1973, I took Hartz from canaries into pet supplies, from sixty products to twelve-hundred products, from eighteen people to four-hundred in the field, from packaging to integrated manufacturing, from being a debtor to being a lender.[13], By the late 1960s, growing affluence among Americans fueled growth in the pet industry. Gus Milano, president of Hartz Mountain Industries, didn't respond to requests for comment on the net worth calculation. Edward Stern also said he would not trade any mutual funds or manage public investment funds for a period of ten years. [34] Linda Sandler, Call This Business a Family AffairDeveloper Leonard Stern Loosens Purse Strings as Sons Rise in Firm, Wall Street Journal, November 18, 1998. He expanded into real estate development in the 1960s, acquiring two tracts of. [17] Hartz Group History (accessed July 19, 2012). In 1984 he invested in the East Side Express, a gossipy tabloid that folded after a few months. [53][54], Coordinates: .mw-parser-output .geo-default,.mw-parser-output .geo-dms,.mw-parser-output .geo-dec{display:inline}.mw-parser-output .geo-nondefault,.mw-parser-output .geo-multi-punct{display:none}.mw-parser-output .longitude,.mw-parser-output .latitude{white-space:nowrap}404347N 735945W / 40.729584N 73.995935W / 40.729584; -73.995935. Edward began at Spy magazine, and then graduated to running the pet-food division. Leonard Stern joined his father's pet food business after graduating with an MBA from New York University in 1959. The billionaire has three children from his first marriage. [57], After his divorce from Judith in the mid-1980s, Leonard dated widely, according to New York Magazine, even throwing singles' parties for friends to meet new potential mates. His second wife was Ghity Lindenbaum in 1950. [58], In 1987 Leonard married Allison Maher Stern, a former model (who appeared on the poster for the movie Jaws) and Emmy Award-winning television producer. When he asked a nearby police officer about it, the officer explained that the homeless were safer in the park under his watch than in the shelters. placed it on the market without adequately warning of the defect. As the plaintiffs sought damages and an injunction against further Blockade sales, Stern spent millions in advertising touting that the spray was not harmful to pets. . We want to do the same with Milk from the Heart, and I think other cities in the U.S. will adopt it. [citation needed], Admissions decisions are handled by the school's parent institution, New York University, and are made on a holistic basis that considers academic record, standardized test scores, accomplishments outside of the classroom, recommendations, essays, and diversity. Small business owners, city officials, and low income residents were displaced by his development projects and vision of gentrification in north Jersey, which ushered in a rise of homelessness, poor Hispanics being forced out of Hoboken, and historic buildings being razed. But publisher David Schneiderman, perhaps taking his cue from Stern, argued that the move went beyond a commitment to being free. Place Job Opening. 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