Short Takes: Pioneer Fund Founder Marks 100th Birthday

Philip L. Carret, founder of the Pioneer mutual funds, celebrated his 100th birthday on Nov. 29. Mr. Carret, who launched the Pioneer Fund in 1928, remains a trustee emeritus of that fund and of several other Pioneer mutual funds.

On his birthday, Mr. Carret retired as a director of The Pioneer Group, Boston, and was named director emeritus. He continues to work at Carret & Co., an investment firm he established in 1963.

"The markets today are more investment-oriented and far less speculative than they were 70 years ago," Mr. Carret said in a statement. "It's easy now to forget that back in the 1920s many investors were borrowing heavily to invest, and that was a major factor behind the crash of 1929 ... I have always made it a golden rule never to borrow."

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