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Ralph wager was president of the Chicago-based Acorn Fund, run by investment firm Harris Associates. Wanger received his bachelor's and master's degrees from the Massachusetts Institute of Technology, graduating in 1955 He started out in the insurance business and then began his investing career with Harris Associates in Chicago in 1960. He worked as a securities analyst and portfolio manager until the formation of the Acorn Fund in 1977, at which time he became its portfolio manager and president, a position he held until his retirement in 2003
Wanger's investing style at Acorn was simple: be a long-term holder of smaller companies with financial strength, entrepreneurial managers and understandable businesses that will benefit from a macroeconomic trend. He's quoted as saying, "If you're looking for a home run - a great investment for five years or ten years or more then the only way to beat this enormous fog that covers the future is to identify a long-term trend that will give a particular business some sort of edge."
Biggest success
Wanger has made big money from many unglamorous small companies. One is International Game Technology, the world's leading maker of slot machines. He paid $1 a share for it in 1988, when new management had just taken over and were planning a new range of electronic slot machines. In 1993, the stock hit a high of $40. The Acorn Fund returned 17.2% annually between 1970 and 1998, against a return from the S&P500 index of 14.4%.