Larry rose to First Vice President of Drexel Burnham Lambert and a General Partner of its predecessor partnership, Burnham and Company from 1959 through 1982. A securities analyst and director of the firm's Investment Research Department. During his tenure, Larry was an industry analyst specializing in business service companies, railroad car leasing, brewing, finance, banking, and special situations. Larry was the Founder and Manager of The Burnham Fund and a member of the Drexel Burnham Lambert Profit Sharing and Pension Fund Investment Committees.
As a Securities Analyst, Larry demonstrated unique expertise in seeking out, researching, and managing investments offering profit potential. Throughout his career, Larry authored numerous research reports and studies that were utilized throughout the industry. Among his major works were: a 97 page study entitled, The Brewing Industry in the United States, a 76 page study, Railroad Car Leasing in the United States - The Private Car Lines, and a 397 page analysis, The Coal Industry. Other studies covered Advertising, Cleaning and Maintenance, Temporary Services and Manufacturing companies.
On February 1, 1982, Larry founded Santa Monica Partners, a private investment partnership focused on tax efficient, long-term investing by identifying stocks he described as being "overlooked or ignored by otherwise intelligent investors" — an investment strategy offering asymmetrical returns. From its inception through December 31, 2022, Santa Monica Partners has achieved a tax efficient, Gross Compound Annual Growth Rate exceeding that of the Dow Jones Industrial Average, S&P 500 Index and Russell 2000 Index.
In 1989, Larry was chosen by the University of Michigan Business School as a manager of its Michigan Business School Growth Fund. The purpose of the Fund was to seek out opportunities for growth of capital using the most innovative investment strategies available, making it unlike any of the University's other endowments. The objective was not so much to achieve near-term gains as it was to build a dynamic portfolio resulting in substantial, long-term growth of capital. All proceeds of the fund went exclusively for the benefit of the Business School and new curriculum initiatives. Larry's invested funds achieved a Gross Compound Annual Growth Rate of 21.3% from January 1990 through September 1999 when the fund was liquidated to support various business school resources.
With significant experience in both securities analysis and asset management, Larry is one of the most respected investment managers in the industry today. Larry is a Chartered Financial Analyst (CFA) and holds a MBA from the University of Michigan and a Bachelor of Science from New York University’s School of Commerce, Accounts and Finance.
