Saturday, May 04, 2013

The Fiduciary Way to Win the Derby

Good cheer should fill the offices of Bessemer Trust Monday morning. Orb, owned by Bessemer chairman Stuart Janney III and his cousin, former chairman Ogden Mills "Dinny" Phipps, won the Kentucky Derby.

For decades, the Phipps family and their Hall of Fame trainer, Shug McGaughey, have been a force in racing. But this is their first Derby win.

Moral: Invest for the long term. Patience is a fiduciary virtue.

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