Frederick S. Mates

'''Frederick S. Mates''', aka '''Frederic Mates''', founded in August 1967 the Mates Investment Fund, a high-flying mutual fund during the 'Go-Go' 60s that later crashed in the bear market of the early 1970s.<ref name="Brooks1999">{{cite book|last=Brooks|first=John|title=The Go-Go Years: The Drama and Crashing Finale of Wall Street's Bullish 60s|url=https://books.google.com/books?id=cEDFRo4Kab0C&pg=PA267|date=21 September 1999|publisher=John Wiley & Sons|isbn=978-0-471-35755-1|page=267}}</ref> Mates ran his fund from an office he dubbed the "kibbutz" and with a young staff he called his "flower children".<ref name="Brooks1999" /> Mates put most of his fund into a letter stock known as Omega Equities. Mates in determining his funds assets assigned a value to the barely traded Omega of $16 a share, while having purchased the stock at $3.25 a share. Mates got into trouble over this practice{{Citation needed|date=October 2012}} which was routine in the 1960s{{Citation needed|date=October 2012}} and not uncommon even today{{Citation needed|date=October 2012}}, of accounting for letter stocks at a price different from what was paid for it. As a result, when confidence was lost in Mates' mutual fund and investors wanted to cash out{{Citation needed|date=October 2012}}, redemptions had to be suspended for a while, which the U.S. Securities and Exchange Commission condoned{{Citation needed|date=October 2012}}.

Mates was born in Brooklyn and graduated from Brooklyn College in 1954. According to a New York Times obituary, Mates died in Kansas City on December 25, 1982.<ref>{{cite web | url=https://www.nytimes.com/1982/12/30/obituaries/frederic-s-mates-50-mutual-fund-executive.html | title=Frederic S. Mates, 50, Mutual Fund Executive | work=The New York Times | date=December 30, 1982 | accessdate=14 August 2014}}</ref>

== See also == *Gerald Tsai *Cortes Wesley Randell

== Notes == {{Reflist}}

==References== * John Brooks Wiley. ''The Go-Go Years: The Drama and Crashing Finale of Wall Street's Bullish 60s''. New Ed edition (September 10, 1999) [https://books.google.com/books?id=cEDFRo4Kab0C&dq=Frederick+S.+Mates&pg=PA267 Excerpt] * Roger Lowenstein. ''Buffett: The Making of an American Capitalist''. Random House 1995. {{ISBN|0-679-41584-X}} * Returns for illiquid holdings in mutual funds are overstated [http://www.marketwatch.com/news/story/some-hedge-funds-may-misreport/story.aspx?guid=%7BD1251185%2D6A37%2D42F0%2D82BE%2D5E6411C73EE2%7D study by Nicolas Bollen and Veronika Pool] * [https://web.archive.org/web/20081214135603/http://www.time.com/time/magazine/article/0,9171,900527,00.html ''Time'' magazine Mates Checked Jan. 03, 1969] * [http://answers.google.com/answers/threadview?id=94357 Valerie Mates on Google Answers]

{{DEFAULTSORT:Mates, Frederick S.}} Category:1982 deaths Category:American businesspeople in finance Category:Year of birth missing Category:Brooklyn College alumni