As former hedge fund manager and current managing director at Lone Pine Capital, Stephen Mandel, Jr. has accomplished much. Not only is he well-respected in his field, he is also one of the richest men in the United States. While most of us have a specific mental image of what a ‘billionaire’ looks like, we simply have no idea about these individuals as people, and Stephen Mendel is no exception to that rule. In reality, there is much that can be learned from this man, both personally and professionally. The college educated Mandel has not only succeeded in business, but he is also a husband, father, and friend. He has made several Forbes’ Lists (which is quite an accomplishment in itself), and recently he stepped down from his hedge fund manager position to become a managing director for his firm. This busy individual has many facets to both his life and character that we haven’t even considered. Well, in an effort to give our faithful readers a grasp that is a bit better on this man, we have attempted to break down his life and career for you.
Below is a list of twenty things you didn’t know about Stephen Mandel the hedge fund broker. Listed in no particular order, these facts should give you a much better idea of who the man behind the dollar signs really is. So, whether you are into hedge funds or investing, or even if you aren’t, you are bound to learn something today. Continue on to learn…
1. Early Life With the Family
Born Stephen Frank Mandel, Jr., he was named for his father. His mother, Ann (Stafford) was an active part in his life, and he had a brother, Edward (though it isn’t mentioned whether Edward is older or younger. His father, Stephen, Sr., passed away from pneumonia in Darien, Connecticut in 2009. He was born in the United States, and therefore considers his nationality to be American.
2. Birthday & Zodiac Sign
Born on March 12 of 1956, Mandel is a Pisces. According to Compatible Astrology, Pisces men are sensitive, yet they are intuitive, emotionally powerful, caring, and very creative. They are also humble and romantic, and are often to be the most trusted of friends. We would likely agree, from our perspective, that Mandel has a creative streak, considering his ability to start a business and successfully maintain it on the level that he has. He is 63 years of age this year.
Mandel is a graduate of Phillips Exeter Academy in New Hampshire, which indicates that his place of birth was likely someplace close by. After graduation, Stephen attended Dartmouth College, where he earned his Bachelor of Arts, majoring in Government, and he was also a member of the Psi Upsilon fraternity there. After that, he moved on to Harvard, where he earned his Master’s degree in Business.
4. His Early Career
After completing his college education, Mandel obtained employment with Mars & Co., where he worked as a senior consultant from 1982 to 1984. After that he took a position at Goldman, Sachs, & Co. as a Consumer Retail Analyst, then took the same title on at Tiger Management, a hedge fund that was founded by Julian Robertson. It was upon leaving Tiger that he founded his own hedge fund, Lone Pine Capital, LLC.
5. Named For A Tree?
Lone Pine Capital, LLC. actually got its name from a tree located at Dartmouth College. The tree, which happened to be a pine, survived a lightning strike that took place at the college in 1887. Obviously, he wanted something of strength and endurance to represent the company he was building up.
6. Net Worth
As of October of 2018, Mandel’s net worth was estimated to be approximately $2.5 billion, which dodges the ‘slouch’ department by leaps and bounds, according to Celebrity Net Worth. This wealth was accumulated as a direct result of his hedge fund, Lone Pine Capital, LLC., though we’re sure that his prior positions have made a contribution on some level.
7. Personal Life
Mandel is married and has three children. He and his wife, Susan Joy (Zadek), have three children. They have been married since 1982, and the pair met while attending Harvard. Though his children are likely grown, with one son being named Benjamin (approximately 30-years old this year), the names and ages of the other two are not given by readily available resources. We can tell you that his wife, Susan, is from Baltimore, and she is a trustee of both Vassar College and the Environmental Defense Fund.
8. Being a Cub
Having worked for Julian Robertson’s hedge fund, Tiger Management, Mandel is one of the individuals whose hedge fund Robertson, now retired, invests in. There is a small number of former employees that the legendary Robertson is willing to invest in, which makes, and because of both their statuses as hedge funders and as former employees, these individuals are famously referred to as ‘Tiger Cubs’. They just happen to manage, or have managed, approximately fifty of the world’s most lucrative hedge funds, a number that Lone Pine LLC happens to be part of.
9. Mandel’s Personal Talents in the Business
While he has proven himself in his field, Stephen is not a man who is adept at every single aspect of his business. Rather, he is skilled in specific aspects, just like everyone else. For him, the areas of ‘bottom-up’ stock picking, which focuses on the actual analysis of different stocks, as well as fundamental analysis. Fundamental analysis is to proceed to look at a business from the most fundamental level, financially speaking. This would include taking a close look at the business’s key ratios, which in turn breaks down its health from a financial perspective.
10. Charitable Causes
Mandel is also active in philanthropic efforts. The two he focuses upon most are The Lone Pine Foundation, which ‘fights poverty through education while cultivating a spirit of philanthropy’, and the Zoom Foundation. The Zoom Foundation directs its investments toward efforts for innovative change and have the most potention for lasting impact that can be measured easily. He is founder of both of these causes. Mandel is also the Chairman of the Board of Directors for Teach for America, as well as being on Dartmouth College’s Board of Trustees.
11. Forbes’ Lists History
He is no stranger the being on one or more of Forbes’ famous lists. In 2018 he was #15 on the Highest Earning Hedge Fund Managers list, though he did not continue on the list for this year. He also made #962 on the 2019 Billionaires list, as well as being named #306 on the Forbes 400 list for 2019. He also made #40 and #25 on the 2012 and 2013 Forbes’ List for the Highest Earning Hedge Fund Managers.
12. Changing Positions
Best known for being a hedge fund manager for Lone Pine LLC, Mandel actually left that position in January of this year. At the current time his position with the company carries the title ‘Directing Manager’. The difference between the two is that managers actually manage investments, while the managing director is in charge of the managers and the investments they make.
13. Current Place of Residence
Mandel and his wife, Susan, currently have their primary residence in Greenwich, Connecticut. While they have maintained both home and business there (Lone Pine Capital is headquarted there, as well), it is not clear whether or not he and wife, Susan, own any other homes in other locations.
14. A Quote from Stephen Mandel
Mandel is known for one particular quote, which shows his passion for education and reflects the focus of his philanthropic efforts: “If you can manage a classroom and inspire kids, it’s going to be a hard thing for you to do, but it’s just unbelievable preparation for anything you’re going to do in life.” – Stephen Mandel, Jr.
15. Wells-Fargo Recognition
Mandel actually made one other list, the 2004 Wells-Fargo Annual Report. This particular report is actually done annual and is focused strictly on the financials of those who have experienced extraordinary financial success. Stephen was part of the 2004 report given by Wells-Fargo.
16. Associations and Connections
Because of his history in investing and hedge funds, Mendel has association with some pretty important and prolific people. Included in his connections are billionaire founder of Renaissance Technologies, Jim Simons, Dartmouth College staff, students, and alumni, and hedge funder David Tepper. Other known associates include Michael Platt of hedge fund fame, fellow billionaire Ray Dalio, and Harvard University staff, students, and alumni.
17. Other Causes
While he has a passion for education and seeing to it that education is available for the disadvantaged, he also places his focus on causes that are social and health oriented. Mandel has donated millions to causes that provide for those who are less fortunate, and sees their needs as being of utmost importance, particularly to the future of the world, and has no problem whatsoever giving to those otherwise in need.
18. Funding a Dream
When Mendel left Tiger Managements in 1997, he left with the full intention of starting his own hedge fund. This takes money, however, but this was no problem for the man. He managed to raise upwards of $8 million he raised for the cause. Today, Lone Pine Capital LLC invests funds all over the world in both private and public equity markets. Today, it is a ‘Mega Fund’ that has blown the top off of many similar companies. Since opening their doors they have managed to make the S&P 500 index, and they have a net gain of nearly $30 billion, with the exception a $1.3 billion loss in 2018. Success obviously hasn’t spoiled him yet!
19. Political Stance
While most men of this particular financial standing (and notice, I said MOST) do not make their political stance public, Mandel has never hit his, but he hasn’t put it on the forefront, either. He is Democrat, and has a healthy interest in the activities of politics and politicians. Often, Stephen will support those who campaign, and/or represent the party through donations and the like. In the past, Frontier Fairness PAC received donations totaling a half-a-million dollars to their cause.
20. Personal Investment Strategy
Everyone who works in investing or hedge funds practices particular strategies, if they are to experience success. We know that those who are successful do. With that being said, Mandel implements his personal strategy, and it has proven itself highly successful for him, obviously. His strategy? To focus his energies and attentions on companies with valuations that are attractive; in other words, valuations that show him a payoff in the end. What does that mean exactly? As laypersons, we have no idea, but what we do know is that it works, and as we’ve said many times, if it works, don’t fix it.
When discussing our billionaire investors, we like to take them down from the pedestal the public has placed them on and make them more real to life. Because just like all of us, they are human beings. But they are human beings with a knowledge base that most of us don’t possess, and skills and talents that have been generated by that knowledge base which have served them very well indeed. Stephen Mandel is no exception. From the beginning the man has shown a talent that most only read about or see in movies. It has provided for him and his family to the point that they are all at want for nothing. His financial wisdom and good judgment have caused him to not only live a blessed life, but to assist others in achieving a life that is blessed. For these reasons, even above the fact that he is a billionaire, we have chosen to enlighten our readers regarding the life of hedge fund founder, former manager, and directing manager Stephen Mandel. May his choices be an inspiration and lesson to all of us seeking prosperity.