Phil Goldstein Net Worth - The Strategic Golden Investor
Phil Goldstein has never been afraid to put his head above the parapets. Phillip Goldstein is an American investor who used to work as a civil engineer. He now runs the Bulldog Investors hedge fund. Find out everything you need to know about Phil Goldstein net worth.
James K.Sep 17, 2022225 Shares3003 Views
Phillip Goldstein is an American investor, a former civil engineer, and the manager of the hedge fund Bulldog Investors. Bulldog Investors is well-known for its value-driven investment strategy, its activist investment campaigns, and its focus on closed-end mutual funds.
You can find out how much money Phil Goldstein net worthhas here. Goldstein is also an investor. After completing his formal schooling in his early life, Phillip "Phil" Goldstein pursued a profession in the financial industry as a manager of hedge funds.
Phil Goldstein: The Bulldog's passion for value investing
Mr. Goldstein is not just one of the firm's Principals but also its primary investment strategist. He was one of the co-founders of Bulldog Investors in 1993. He has been featured on and interviewed by a wide variety of business shows and publications, such as CNBC, Forbes, and Fortune Magazine.
He is widely regarded as one of the most knowledgeable experts in the field of closed-end fund investing and in the application of activist strategies to increase investment returns.
In his capacity as a key player in the implementation of the company's activist strategies, Mr. Goldstein has served as a director of a number of closed-end funds in which a Bulldog-managed fund maintains a strategic position.
In addition, Mr. Goldstein is a key player in the implementation of the company's activist strategies.
At the moment, he serves as a director for a number of companies, including Mexico Equity and Income Fund Inc., MVC Capital, Inc., Special Opportunities Fund, Inc., Crossroads Liquidating Trust, and Brookfield DTLA Fund Office Trust Investor Inc.
Mr. Goldstein received a Bachelor of Engineering degree from the University of Southern California in 1966 and a Master of Engineering degree from City Collegein New York in 1968. Both degrees are in the field of engineering.
Goldstein was born in the year 1945 in the city of Brooklyn, New York. When he was a boy, his patriotism was motivated by the launch of Sputnik, and as a result, he made the decision that he wanted to become an engineer.
He received his Bachelor of Science in Engineering degree from the University of Southern California in 1966 after attending that institution.
After that, he traveled back to the East Coast to complete his master's degree in engineering at City College of New York, which he did so in the year 1968.
Phil Goldstein Part 2: Proxy fights and hedge fund rights
Goldstein began his career as a civil engineer for the City of New York, where he worked for the first 25 years of his professional life. During that time, he worked on projects such as the upkeep and upgrading of the pavement on the Brooklyn Bridge.
In the 1970s, he also used his skill with mathematics in the game of blackjack, and he even pondered making a living as a professional gambler until he came across a book titled "How the Experts Beat the Market" by Thomas C. Noddings.
This book changed his life forever. In the book, Noddings, who was also a former engineer, illustrates how a statistically inclined investor might find various market inefficiencies and profit from them.
As time went on, this strategy prompted Goldstein to use the principle of value investing in his own personal investments, with a special emphasis on closed-end funds.
At a symposium on closed-end funds in 1989, he made the acquaintance of a former associate at Dean Witter named Steven Samuels.
Samuels helped Goldstein make connections with prospective clients for investment opportunities, and the two of them established Bulldog Investors in 1992 with a capitalization of 700,000.
After some time, Andrew Dakos and Rajeev Das became partners in the business.
By 1996, Goldstein and his partners had reached the conclusion that some of the fund's investments might benefit from a more active strategy, with a particular emphasis on liquidity events such as asset sales.
In 2009, Goldstein and Bulldog Investors sponsored a proxy contest to elect a new board of directorsfor Insured Municipal Income Fund, which was eventually renamed Special Opportunities Fund once the new board took office.
Together with a number of other private funds, the Special Opportunities Fund is one of those now managed by Bulldog Investors. Goldstein and Bulldog Investors continue to prioritize value in their investment decisions.
They use a wide range of value-oriented investing strategies and make regular investments in closed-end mutual funds when there is a sizeable disparity between the fund's market value and its net asset value (NAV), also known as its liquidation value.
The next step in the plan often involves either transitioning the closed-end fund into an open-ended one or simply liquidating the assets of the fund and returning the money to the owners.
It's estimated that Phillip Goldstein has a net worth of between $3 million and $5 million. The money that he made from his job was real enough to place him among the celebritieswho made the most money in the history of celebrity cashouts.
His primary source of income comes primarily from his accomplishments as a successful Hedge Fund manager. Also, Phillip Goldstein is a financial advisor who has worked in the financial field for the past three decades and whose office is located in Pleasantville, New York.
Goldstein is an advisor for Bulldog Investors, Llp. Goldstein has worked both at Bulldog Investors, LLC and Bulldog Investors, where he earned experience.
Goldstein is licensed to provide consulting services to customers in the states of New Jersey, New York, and Texas.
According to Form 4 that was submitted to the SEC, Phillip has engaged in more than 142 transactions involving the stock of Mexico Equity And Income Fund Inc. since the year 2005. On February 7, 2022, he made his most recent purchase, which was 2,000 shares of MXE stock and cost $29,520.
The sale of 449,476 shares of Mexico Equity And Income Fund Inc stock on October 10, 2018, for a total value of nearly $4,229,569 was the single largest transaction he has ever executed.
Since 2005, Phillip has been trading approximately 22,820 units every 33 days on average. As of the 7th of February in the year 2022, he owned at least 21,350 shares of stock in Mexico Equity and Income Fund Inc.
On January 20, 2018, Phillip Goldstein placed his highest buy order, which consisted of 260,243 units and was valued at approximately $2.37 million. On March 27, 2019, Phillip Goldstein received an order for 220,000 units, which had a total value of over $2.04 million.
Over the course of their four years working at High Income Securities Fund, Phillip Goldstein has completed around 54 such transactions. October is often Phillip Goldstein's busiest trading month, and 2017 was his busiest trading year overall.
On August 19, 2021, a sell order for 28,000 units was placed, and the total value of the transaction was greater than $279,55K.
The American investor Phillip Goldstein, who also has a background as a civil engineer, currently serves as the manager of the hedge fund known as Bulldog Investors.
Bulldog Investors is well-known for its value-driven investment strategy, its activist investment campaigns, and its concentration on closed-end mutual funds. In addition, the firm has received numerous industry awards.
Phil Goldstein is the Chairman of the Board of Mexico Equity and Income Fund and is not paid by the company. He was a member of Bulldog Investors, LLC, which is the investment adviser of Special Opportunities Fund, Inc. and the Bulldog Investors group of funds.
Since 2012, he has also been a part of Kimball & Winthrop, LLC, which is the managing general partner of Bulldog Investors General Partnership.