In the United States , the term Nifty Fifty was an informal designation for a group of roughly fifty large-cap stocks on the New York Stock Exchange in the 1960s and 1970s that were widely regarded as solid buy and hold growth stocks, or " Blue-chip " stocks. These fifty stocks are credited by historians with propelling the bull market of the early 1970s, while their subsequent crash and underperformance through the early 1980s are an example of what may occur following a period during which many investors ignore fundamental stock valuation metrics, to instead make decisions on popular sentiment. Roughly half of the Nifty Fifty have since recovered and are solid performers, although a few are now defunct or otherwise worthless.
55-561: Investor Howard Marks reports that about half of the Nifty Fifty "compiled respectable returns for 25 years, even when measured from their pre-crash highs, suggesting that very high valuations can be fundamentally justified." On the other hand, Professor Jeremy Siegel analyzed the Nifty Fifty era in his book Stocks for the Long Run , and determined companies that routinely sold for P/E ratios above 50 consistently performed worse than
110-597: A Master of Business Administration in Accounting and Marketing from the University of Chicago Booth School of Business where he won the George Hay Brown Prize. In 1975 he became a CFA charterholder . From 1969 until 1978, Marks worked at Citicorp , first as an equity research analyst and then as the company's Director of Research. From 1978 to 1985, he served as a Vice President, as well as
165-595: A bull market , while minimizing losses during bear markets due to his belief that losses do more harm than any benefit investors obtain from gains. Marks does favor using market timing strategies to have cash available to be invested during a downturn. Marks notes that it is important for investors to admit what they don't know instead of believing something is certain. He aims for a "high batting average" over "home runs". Funds led by Marks have produced long term returns net of fees of 19% per year. Investors are primarily pension funds and sovereign wealth funds . Marks
220-750: A bonus difficult question at the oral examination. In Italy, 110 e lode (at institutions using a 110-point system) is the highest rank that can be achieved during the academic studies, and corresponds usually to a final score greater than 110/110 (the specific threshold varies from university to university). Up to 3 bonus points can be awarded for merits, e.g. having an average exams score greater than 28.5/30 (95% equivalent), excellent final project or for graduating on time. More notations include: bacio e abbraccio accademico ("academic kiss and embrace"), menzione d'onore ("honor mention"), and dignità di stampa ("dignity of printing"), and were given based on various university-specific requirements, but without
275-638: A duplex unit at 740 Park Avenue for $ 52.5 million. In 2013, Marks sold his mansion in Malibu, California for $ 75 million. In 2015, he purchased a house in Beverly Hills for $ 23.7 million. In 2017, he purchased the house next door to his house in Beverly Hills for $ 9.7 million. In 2019, he purchased parcels in Amagansett, New York , near his East Hampton property, for $ 35 million. Marks
330-617: A faculty chair held by the Vice Chair of Women’s Health Research in the department of obstetrics and gynecology at the David Geffen School of Medicine at UCLA . The gift will provide resources to help ensure that women’s health research efforts at UCLA Health are led by an eminent physician-scientist. In 2010, Marks bought an oceanfront property in East Hampton for $ 30 million. In May 2012, he and his wife purchased
385-715: A final exam. A silver medal is awarded to high school students who have one or two grades of 4 ( Russian : хорошо horosho , "good", being second highest grade) on their final exams or other subjects as listed in the high school diploma ( аттестат о (полном) среднем образовании attestat o (polnom) srednem obrazovanii ). In Singapore , the Latin honors, cum laude , magna cum laude and summa cum laude are used by Singapore Management University . Graduates from Singapore Management University have to achieve GPAs of 3.4, 3.6 and 3.8 out of 4.3 (SMU awards 4.3 for A+ grades) respectively and without any exceptions to qualify for
440-549: A healthy incentive to the best work without exciting an excessive spirit of emulation. The new system of administration, of which the above is a part, is so original and peculiar that it is known as the Amherst System. In the UK , the Latin cum laude is used in commemorative Latin versions of degree certificates sold by a few universities (e.g. the University of Edinburgh ) to denote a bachelor's degree with honours , but
495-447: A high minimum grade point average. Sometimes it is lost, despite a high average mark, when the student gets a mark of 6 or lower for one of the many exams (on a scale of 1–10, where 10 is the highest). It may also be awarded based on the weighted average of first achieved grades for each subject only. Generally, less than 2% receive the cum laude distinction. It is also possible to receive a PhD degree cum laude , although this honor
550-758: A legal value. In Malta , for Bachelor Honours degrees summa cum laude refers to first class honours, magna cum laude refers to second class honours (upper division), cum laude refers to second class honours (lower division), whilst bene probatus refers to third class honours. Professional degrees lasting longer than the standard three years such as the five year Bachelor of Pharmacy are awarded egregia cum laude . Postgraduate diplomas and master's degrees may be awarded as pass with distinction ( summa cum laude ), pass with merit ( magna cum laude ), or pass ( bene probatus ). In Mexico , cum laude (also known as mención honorífica in Spanish)
605-425: A perfect grade on all final examinations. Usually less than 2% of all graduating students accomplish this (depending on the university and year). In military schools, a "red diploma" may be accompanied by a gold medal ( summa cum laude ) for outstanding performance. Russian high schools also award a gold medal to the student who achieves a perfect score in all final examinations and in all other subjects not requiring
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#1732779641007660-508: A period not exceeding the standard period of study by more than one year. Other distinctions such as magna cum laude or cum laude are not used. Alternatively, the phrase s vyznamenáním , which means "with honours", is substituted for the usual summa cum laude . The Czech universities usually do not award any Latin honours to its graduates in rigorosum and doctoral study programmes. In Estonia , up until 2010 both summa cum laude and cum laude were used. Summa cum laude
715-496: A senior portfolio manager overseeing convertible and high-yield debt . Citibank allowed him to move to Los Angeles in 1980 to manage a high-yield fund. He had met Michael Milken in 1979 at Century City and thought Milken's operation would make a good case study for Harvard Business School. In 1985, Marks joined TCW Group where he led the groups that were responsible for investments in high-yield debt and convertible securities, and in 1988 he and Bruce Karsh organized one of
770-634: A series of plain English grading honors based on class standing. Some colleges and universities, notably including the Massachusetts Institute of Technology (MIT) , Reed College , and Yale Law School , do not use honors at all. These honors, when they are used, are almost always awarded to undergraduate students earning their bachelor's degree, and, with the exception of law school graduates, much more rarely to graduate students receiving their master's or doctorate degree. The honor
825-587: A system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States . It is also used in some Southeastern Asian countries with European colonial history, such as Indonesia and the Philippines , and African countries such as Zambia and South Africa , although sometimes translations of these phrases are used instead of
880-527: A total of 2,500 doctoral graduates per year (i.e. 0.8%) achieve a sub auspiciis degree. In Belgium , the university degree awarded is limited to: In Brazil , most universities do not provide honors to their students. Among the few universities that do so, the Instituto Tecnológico de Aeronáutica (ITA—Technological Institute of Aeronautics) awards the cum laude honor for graduates with every individual grade above 8.5 (out of 10.0),
935-635: Is a member of the Democratic Party and has been critical of the economic policy of Donald Trump . In 2016, he contributed over $ 200,000 to the Hillary Victory Fund and similar organizations. However, he has criticised the tax plan proposed by Representative Alexandria Ocasio-Cortez (a Democrat representing part of New York), saying "a great deal of America’s economic progress has resulted from people’s aspiration to make more and live better". Cum laude Latin honors are
990-461: Is an American investor and writer. He is the co-founder and co-chairman of Oaktree Capital Management , the largest investor in distressed securities worldwide. In 2022, with a net worth of $ 2.2 billion, Marks was ranked No. 1365 on the Forbes list of billionaires. Marks's essays, called "memos", are widely admired in the investment community. They detail his investment strategies and insight into
1045-543: Is awarded after a secret vote of the jury members, using envelopes that must be opened in a session separate from the defense session. Obtaining the qualification of doctorate cum laude requires the unanimity of the members of the examining board (between 3 and 5 experts, depending on the university). In Spain, the cum laude mention is regulated by RD 534/2013. In Switzerland , the degrees rite , cum laude , magna cum laude , insigni cum laude ("distinguished with praise"), and summa cum laude are used, but
1100-589: Is awarded to students who have achieved an average grade of 75% or higher throughout the degree. Cum laude in South Africa can be considered broadly equivalent to a first class degree in the United Kingdom or a GPA of 3.7–4.0 in the United States . In Spain , the Latin honors cum laude is used for PhD degrees only and is the highest possible qualification. It is only applicable to doctoral degrees that achieve an outstanding mark (10/10) and it
1155-530: Is even rarer than for master's graduates. In view of the difficulty and subjectivity of determining this, some universities and fields of study very seldom award doctorates cum laude . At Dutch university colleges cum laude , magna cum laude and, exceptionally, summa cum laude may be awarded. In the Philippines , junior high school and senior high school students under the new K–12 curriculum use an honor system using Filipino translations of
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#17327796410071210-460: Is typically indicated on the diploma . Latin honors are often conferred upon law school students graduating as a Juris Doctor or J.D., in which case they are generally based upon class rank or grade point average . Most American colleges and universities use Latin honors for bachelor's degrees and for the Juris Doctor law degree, but not for other degrees such as master's degrees or
1265-694: Is used, by the major universities, to recognize an outstanding dissertation for bachelor's, master's and PhD degrees. Also different awards on public and private universities are given to the student with the highest final grade average (i.e. Presea Lázaro Cárdenas [ es ] or Gabino Barreda Medal) and a diploma is given as a form of cum laude . In the Netherlands , two classes of honors may be used for bachelor's, master's and PhD degree programs: cum laude (with honor) and summa cum laude (with highest honor). Typically these distinctions are reserved to mark exceptional achievement above
1320-410: The magna cum laude honor for graduates with average grade above 8.5 and more than 50% of individual grades above 9.5, and the summa cum laude honor for graduates with average grade above 9.5. As of 2009, only 22 graduates have received the summa cum laude honor at ITA. The Federal University of Rio de Janeiro awards the cum laude honor for graduates with average grade from 8.0 to 8.9,
1375-430: The magna cum laude honor for graduates with average grade from 9.0 to 9.4, and the summa cum laude honor for graduates with average grade from 9.5 to 10.0. The Federal University of Ceará awards the magna cum laude honor for undergraduates who have never failed a course, achieved an average grade from 8.5 (out of 10.0) and have received a fellowship of both Academic Extension and Teaching Initiation . In
1430-541: The British undergraduate degree classification (usually used in Commonwealth countries) which is more widely used with varying criteria and nomenclature depending on country, including Australia , Bangladesh , Barbados , Brazil , Colombia , Georgia , Hong Kong , India , Ireland , Jamaica , Kenya , New Zealand , Nigeria , Pakistan , Singapore , Sri Lanka , South Africa , Trinidad and Tobago , Uganda ,
1485-547: The Czech Republic , universities usually award the summa cum laude distinction to its best graduates in bachelors and masters study programmes. The criteria required by Czech universities are usually the following: a) an overall study results average up to 1.5 out of 4.0 (while "1" is the best, "excellent" grade and "4" is the failing grade), b) completion of the final state exam with the overall classification of 1 ("excellent") and also c) proper completion of studies in
1540-657: The Institut d'études politiques de Paris , HEC Paris , use the Latin and English titles "summa cum laude" / "graduated with highest honors" for the top 2% and "cum laude" / "graduated with honors" for the next 5% of a year. From 2016, honorifics ceased to be used for the completion of a PhD . Before this date, the French PhD diploma could be awarded with increasing honors: mention bien , mention très honorable , mention très honorable avec félicitations du jury . While these honors grades have been revoked for
1595-696: The Ph.D. and M.D. degrees. There are three standard levels of Latin honors: In 1869, Harvard College became the first college in the United States to award final honors to its graduates. From 1872 to 1879, cum laude and summa cum laude were the two Latin honors awarded to graduates. Beginning in 1880, magna cum laude was also awarded. In his 1895 history of Amherst College , college historian William Seymour Tyler traced Amherst's system of Latin honors to 1881, and attributed it to Amherst College president Julius Hawley Seelye : Instead of attempting to fix
1650-529: The United Kingdom , Zimbabwe and many other countries. Malta shows the Latin honors on the degree certificates, but the UK model is shown on the transcript. In Austria , the only Latin honor in use is sub auspiciis Praesidentis rei publicae ("under the auspices of the president of the republic") for doctoral degrees. Candidates must have consistently excellent grades throughout high school and university, making it very difficult to attain: only about 20 out of
1705-557: The financial crisis of 2007–08 , Oaktree raised $ 10.9 billion, the largest distressed debt fund in history, to buy distressed assets, which "paid off richly for his investors". In April 2012, Oaktree became a public company via an initial public offering on the New York Stock Exchange , raising $ 380 million by selling 8.84 million shares for $ 43 each. In March 2019, Brookfield Asset Management acquired 62% of Oaktree. Marks and other members of Oaktree own 38% of
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1760-411: The Latin honors. It is also used by Yale-NUS College, with the top 5% of a graduating class receiving summa cum laude , the next 10% magna cum laude , and the next 20% cum laude . There are no credit (CAP) requirements to achieve the Latin honors at Yale-NUS College. In South Africa , the Latin honors cum laude is used for bachelor's degrees, honour's degrees and master's degrees, and
1815-457: The Latin original. Students who achieve a final grade average of 90-94 are awarded the title May Karangalan ( with honors ) and will receive a bronze medal with the DepEd seal. Those who have a final grade average of 95–97 receive the title of May Mataas na Karangalan ( with high honors ) and a silver medal with the same seal. Students with a final grade average of 98-100 shall be awarded
1870-421: The Latin originals. The honors distinction should not be confused with the honors degrees offered in some countries, or with honorary degrees . The system usually has three levels of honor (listed in order of increasing merit): cum laude , magna cum laude , and summa cum laude . Generally, a college or university's regulations set out definite criteria a student must meet to obtain a given honor. For example,
1925-617: The Marks family office, Freemark Partners, and one step-daughter from Nancy's prior marriage. In 1992, Marks created the Howard S. Marks Terms Scholarship to provide renewable scholarships to undergraduates at the University of Pennsylvania . In 2009 he endowed the Marks Family Writing Center at the university. In March 2023, Nancy and Howard Marks made a $ 5 million gift to University of California, Los Angeles to endow
1980-558: The PhD diploma, they are still in use for doctors of Medicine, Pharmacy, and Dental Medicine. In Germany , the range of degrees is: These degrees are mostly used when a doctorate is conferred, not for diplomas, bachelor's or master's degrees, for which numerical grades between 1.0 ("very good") and 4.0 ("pass"), and 5.0 ("fail"), are given. In Hungary , the range of degrees—similar to the German system—is: rite ("duly" conferred, that is,
2035-483: The broader market (as measured by the S&;P 500 ) in the next 25 years, with only a few exceptions. The stocks were often described as "one-decision", as they were viewed as extremely stable, even over long periods of time. The most common characteristic by the constituents were solid earnings growth for which these stocks were assigned extraordinary high price–earnings ratios . Trading at fifty times earnings or higher
2090-823: The company and have full control of Oaktree's day-to-day operations. From 2000 to 2010, he chaired the Trustees' Investment Board at The University of Pennsylvania. He is a member of the New York Society of Security Analysts and chairs the Investment Committees of the Metropolitan Museum of Art , where he is a trustee, and the Royal Drawing School (London). Marks' first marriage ended in divorce. He has one biological son with his second wife Nancy (née Freeman), who runs
2145-523: The economy and are posted publicly on the Oaktree website. He has also published 3 books on investing. According to Warren Buffett , "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book." Marks focuses on risk management and says that investors should set investment strategy according to their personal situations and ask themselves whether they worry more about
2200-466: The equivalent in Italian ) is used as an increasing level of the highest grade for both exams (30/30) and degrees (110/110), in all its levels; Passing an exam cum laude ( 30 e lode ) has usually only an honorific meaning, but sometimes it influences the average grade and can be useful to the student so honored (usually weighting 31/30). "30 e lode" is usually awarded after answering correctly
2255-474: The exact GPA corresponding to each varies by institution. In Ukraine , the university education honor system is based on by-law # 161 (2 June 1993) of the Ministry of Education of Ukraine (3.12.3.5). For a student to graduate from a university with a diploma with honors ( cum laude ), students have to receive mark 5 (excellent) at least on 75% of courses, receive mark 4 (good) at max 25% of courses, and pass
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2310-645: The final examination. The Finnish Matriculation Examinations at the end of lukio / gymnasium uses the grades of: improbatur (I, failing; "not accepted"), approbatur (A; "accepted"), lubenter approbatur (B; "willingly accepted"), cum laude approbatur (C; "accepted with praise"), magna cum laude approbatur (M; "accepted with great praise"), eximia cum laude approbatur (E; "accepted with excellent praise") and laudatur (L; "praised"). They are roughly equivalent to Finnish school grades ranging from 4 to 10. Some Finnish universities, when grading master's theses and doctoral dissertations, use
2365-572: The first distressed debt funds from a major financial institution. In 1995, he, Karsh, and 3 others decided to leave to start their own firm and petitioned TCW to let them continue managing the funds they managed at TCW, giving TCW a portion of the management fees; when TCW refused, the 5 partners left the company and founded Oaktree Capital Management in Los Angeles . After being founded in 1995, Oaktree grew rapidly, focusing on high-yield debt , distressed debt, and private equity. During
2420-534: The honours classification is stated as in English, e.g. primi ordinis for first class rather than summa cum laude , etc. Official degree certificates use English. For undergraduate degrees, Latin honors are used in only a few countries such as Israel , Indonesia , the Dominican Republic , the Philippines , one university in Singapore and Canada . Most countries use a different scheme, such as
2475-499: The list, with a 29.65% compounded annualized return over a 29-year period. However, Wal-Mart's initial public offering was in 1970 and only started trading on the NYSE on August 25, 1972, at the end of the bull market. Because of the under-performance of most of the nifty fifty list, it is often cited as an example of unrealistic investor expectations for growth stocks. Howard Marks (investor) Howard Stanley Marks (born 1946)
2530-430: The rank of every individual student by minute divisions on a scale of a hundred as formerly, five grades of scholarship were established and degrees were conferred upon the graduating classes according to their grades. If a student was found to be in the first or lowest grade, he was not considered as a candidate for a degree, though he might receive a certificate stating the facts in regard to his standing; if he appeared in
2585-431: The requirements are fulfilled), cum laude (with honors), summa cum laude (with highest honors). These degrees are used in university diplomas and in certain fields of sciences (medical, legal and a very few others) only. The grades of degrees are dependent on the received average points from final exams and from average points from the university studies. In Italy , the cum laude notation ( con lode being
2640-443: The risk of losing money or the risk of missing an opportunity. Marks believes that it is hard to gain an investment advantage through research since so many smart people are doing it already; the ways to get an advantage are through better inferring the consequences implied by current company data, managing the psychology of investing, and assessing the present stage of the business / market cycle. He hopes to have average returns during
2695-484: The same scale with the additional grade of non sine laude approbatur (N; "accepted not without praise") between lubenter and cum laude ; technical universities use a numerical scale (1–5) instead. In France , usually the French honors mention très bien ("very good mention"), mention bien ("good mention"), and mention assez bien ("quite good mention") are used. However some Grandes Écoles , like
2750-473: The second grade the degree of A.B. was conferred upon him rite; if in the third, cum laude ; if in the fourth, magna cum laude ; while if he reached the fifth grade he received the degree summa cum laude . The advantages of this course, as stated to the trustees by the president, are that it properly discriminates between those who, though passing over the same course of study, have done it with great differences of merit and of scholarship, and that it furnishes
2805-495: The student might be required to achieve a specific grade point average, submit an honors thesis for evaluation, be part of an honors program , or graduate early. Each school sets its own standards. Since these standards vary, the same level of Latin honors conferred by different institutions can represent different levels of achievement. Similarly, some institutions grant equivalent (or additional) non-Latin honors to undergraduates. The University of Wisconsin–Madison , for example, has
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#17327796410072860-541: The title of May Pinakamataas na Karangalan ( with highest honors ) and a gold medal with the same specification. In college, students are awarded the latin honors cum laude , magna cum laude and summa cum laude , respectively. In Russia , the honor system is based on the grade point average. At least 4.75 out of 5.0 points are required for the summa cum laude degree (in Russian, с отличием s otlichiem , "with excellence"). The graduate has to receive
2915-400: Was awarded only for very exceptional work. Since 1 September 2010, only cum laude is used. It is awarded to bachelors, masters and integrated studies graduates. Occasionally the word kiitusega , which means "with praise", is substituted for the usual cum laude . To receive cum laude one must achieve a 4.60 GPA (out of 5) and receive the highest grade (A – 5.00) for the thesis or
2970-652: Was born in 1946 and raised in Queens, New York . Although his family was ethnically Jewish , he was raised as a Christian Scientist . He attended the Wharton School of the University of Pennsylvania for undergraduate studies where he was a member of Pi Kappa Alpha fraternity. He graduated cum laude in 1967 with a major in finance and a minor in Japanese Studies. In 1969, at age 23, he earned
3025-408: Was common, far above the long-term market average of about 15 to 20. The long bear market of the 1970s which began with the 1973–74 stock market crash and lasted until 1982 caused valuations of the nifty fifty to fall to low levels along with the rest of the market, with most of these stocks under-performing the broader market averages. A notable exception was Wal-Mart, the best performing stock on
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