CORNELIUS C. BOND joined T. Rowe Price as a technology analyst, rising quickly to become a member of the Investment Committee and an officer of the New Horizons Fund, which became the best performing mutual fund in the country. He spent almost ten years working directly with Thomas Rowe Price, Jr., and later became president of the T. Rowe Price Growth Stock Fund. He left to become the fourth general partner of New Enterprise Associates, which today is one of the largest venture capital firms in the country. Bond lives with his wife, Ann, and his standard poodle, Price, in San Francisco.

Foreword ix

Acknowledgments xiii

Part One The Beginning 1

One The House on Dover Road, 1898-1919 3

Two Lessons Learned, 1919-1925 19

Three Mackubin, Goodrich & Co., 1925-1927 29

Four The Great Bull Market and the Crash, 1927-1929 43

Five After the Crash, 1930-1937 53

Part Two His Own Boss 65

Six Birth of T. Rowe Price and Associates, 1937 67

Seven "Change: The Investor's Only Certainty" 79

Eight The Firm's Adolescence and World War II, 1938-1942 87

Nine The Growth Stock Philosophy 97

Ten Postwar Era, 1945-1950 109

Part Three The Sage of Baltimore 121

Eleven New Opportunities: Mutual Funds, Pension Plans, and the Launch of the Growth Stock Fund, 1950-1960 123

Twelve Transitions, 1960-1968 139

Thirteen The United States Enters a New Era, 1965-1971 151

Fourteen Dark New Era, 1971-1982 163

Fifteen The Grin Disappears, 1972-1983 175

Part Four Market Analyses 195

Sixteen Investing for the Decade, 2017-2027 197

Seventeen Weak Performance of the Growth Stock Fund, 1970s 207

Epilogue: The T. Rowe Price Today 213

Sources 233

Index 241