46-547: Joel Woolf Barnato (27 September 1895 – 27 July 1948) was a British financier and racing driver , one of the " Bentley Boys " of the 1920s. He achieved three consecutive wins out of three entries in the 24 Hours of Le Mans race. The youngest son of Fanny Bees and Barney Barnato , who had made a fortune as a " Randlord " in South African diamond and gold mining, he was a relative of the Joel family of entrepreneurs. He
92-417: A Sir Alastair Miller customised-racing Wolseley Racing Moth . At the start of the 1924 season Barnato obtained an eight-litre Hispano-Suiza H6C chassis, which he commissioned Jarvis of Wimbledon to build a suitable racing body for. Barnato then established an eight-litre class racing record for the car. In late 1924 he obtained a prototype Bentley 3 Litre chassis, which was subsequently fitted with
138-455: A development mule with a 4¼ L straight-six engine derived from the 3 Litre's four cylinder engine. To disguise the car's origin, it had a large, wedge-shaped radiator and was registered as a "Sun". The chassis was given a large very light weight Weymann-type tourer body built by Freestone and Webb . W. O. Bentley combined one of his road tests of the Sun with a trip to see
184-691: A double-taxation treaty with the US, accepted by the Internal Revenue Service (IRS). Non-qualified dividends paid by other foreign companies or entities; for example, those receiving income derived from interest on bonds held by a mutual fund, are taxed at the regular and generally higher rate of income tax. When applied to 2013, this is on a sliding scale up to 39.6%, with an additional 3.8% surtax for high-income taxpayers ($ 200,000 for singles, $ 250,000 for married couples). A financier ( / f ɪ n ə n ˈ s ɪər , f ə -, - ˈ n æ n -/ )
230-582: A "talkie" cinema and a drive lit by secret light rays. It had 25 bedrooms, a heated swimming pool and was set in 25 acres (10 ha) of land overlooking the River Thames at Runnymede. Upon Barnato's death in 1948, his wife Joan sold the house for £25,000 and it became a nursing home, which it remains. During his final marriage, he purchased an 8 acres (3.2 ha) plot named Perot's Island, in Bermuda , "as an investment after my death". Barnato died at
276-432: A 3-litre, in 1925, 12 months before he acquired the business itself. With this car he won numerous Brooklands races. He was a member of a social set of wealthy British motorists known as the " Bentley Boys " who favoured the cars of W. O. Bentley . Many were independently wealthy, often with a background in military service. Barnato was nicknamed "Babe" , in ironic deference to his heavyweight boxer 's build. Inspired by
322-532: A Receiver to Bentley Motors Limited. After a period where it appeared that Napier was going to acquire the business, the firm passed into the hands of Rolls-Royce in November 1931 for the sum of £125,000 after a sealed bid auction. Barnato received around £42,000 in return for his shares in the business, having bought a sizeable stake in Rolls-Royce not long before Bentley Motors was liquidated. By 1934 he
368-490: A boat-tail body by Jarvis for a cost of £400. Barnato used the car to win several major Brooklands races, and then partnered by John Duff set a new 3-litre 24-hour record averaging 95.03 miles per hour (152.94 km/h) at Autodrome de Montlhéry . Barnato later won the Brooklands Six Hour Race and Double Twelve Race in 1930. He was regarded by W.O. Bentley as, "The best driver we ever had and, I consider,
414-623: A compression ratio of 5.3:1, the Speed Six's engine produced 180 hp (130 kW) at 3500 rpm. The Speed Six chassis was available to customers with wheelbases of 138 inches (3,505 mm), 140.5 inches (3,569 mm), and 152.5 inches (3,874 mm). The 138 inch wheelbase was the most popular. The Criminal Investigation Department of the Western Australia Police operated two saloon -bodied examples as patrol cars. In March 1930, Barnato raced against
460-436: A new sport that took his interests, was to immerse himself in the learning process, practising endlessly and taking lessons only from the very best instructors he could find. His desire to excel at whatever he attempted was considerable. He collected prizes (including the 1925 Duke of York Trophy) for motor boat racing, using his Bentley-powered boat 'Ardenrun V'. A keen shot, he bred horses at his house Ardenrun, and hunted with
506-496: Is risk attitude . Investor protection through government involves regulations and enforcement by government agencies to ensure that market is fair and fraudulent activities are eliminated. An example of a government agency that protects investors is the U.S. Securities and Exchange Commission (SEC), which works to protect reasonable investors in the United States . Similar protections exist in other countries, including
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#1732771983854552-470: Is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital the investor usually purchases some species of property. Types of investments include equity , debt , securities , real estate , infrastructure , currency , commodity , token , derivatives such as put and call options , futures , forwards , etc. This definition makes no distinction between
598-451: Is a person whose primary occupation is either facilitating or directly providing investments to up-and-coming or established companies and businesses , typically involving large sums of money and usually involving private equity and venture capital , mergers and acquisitions , leveraged buyouts , corporate finance , investment banking , or large-scale asset management . A financier makes money through this process when their investment
644-403: Is paid back with interest, from part of the company's equity awarded to them as specified by the business deal, or a financier can generate income through commission , performance, and management fees. A financier can also promote the success of a financed business by allowing the business to take advantage of the financier's reputation. The more experienced and capable the financier is, the more
690-549: The 1924 French Grand Prix in Lyon . On his return trip to the ferry at Dieppe , W. O. encountered another disguised car at a three-way junction . W. O. and the Rolls-Royce test driver recognized each other and began racing each other along the routes nationales . This street race continued until the Rolls-Royce driver's hat blew off and he had to stop to retrieve it. The Sun's tyres were heavily worn when W.O. got to
736-501: The Blue Train in 1930. By 1924 Bentley had been in business for five years. He decided to build a larger chassis than the 3 Litre , with a smoother, more powerful, engine. The new chassis would be more suitable for the large and heavy limousine bodies that many of his customers were then putting on his sports car chassis. The resulting car would be more refined and better suited for comfortable general motoring. Bentley built
782-665: The Carlton Hotel , Cannes , during the Blue Train Races , Woolf Barnato raised the stakes on Rover and its Rover Light Six . Having raced and beaten Le Train Bleu for the first time, Barnato claimed that he could not only beat the Blue Train from Cannes to Calais, but could reach London in his 6½ litre Bentley Speed Six before the train even reached Calais , on a bet of 100 pounds sterling . He set off from
828-654: The United Kingdom where individual investors have certain protections via the Financial Services Compensation Scheme (FSCS). Company dividends are paid from net income , which has the tax already deducted. Therefore, shareholders are given some respite with a preferential tax rate of 15% on " qualified dividends " in the event of the company being domiciled in the United States. Alternatively, in another country having
874-565: The 1924 Le Mans win by John Duff and Frank Clement , Barnato agreed to finance Bentley's business. Barnato had incorporated Baromans Ltd in 1922, which effectively existed as his finance and investment vehicle. Via Baromans, Barnato initially invested in excess of £100,000, saving the company and its workforce. A subsequent agreed wind-up of the original Bentley company was agreed, with all existing creditors paid off for £75,000, but with existing shares devalued from £1.00 each to just 1 shilling, or 5% or their original value. Barnato held 149,500 of
920-426: The 3 Litre's engine, the 6½ engine incorporated many improvements. The 3 Litre's cone-type clutch was replaced by a dry-plate design that incorporated a clutch brake for fast gear changes, and the car had power-assisted four-wheel brakes with finned drums . The front brakes had 4 leading shoes per drum. By operating a patented compensating device, the driver could adjust all four brakes to correct for wear while
966-480: The 830 miles (1,340 km) in 22½ hrs, at an average speed of 43.43 miles per hour (69.89 km/h). Barnato drove an H. J. Mulliner -bodied formal saloon in the race; the streamlined fastback "Sportsman Coupé" by Gurney Nutting which he took delivery of on 21 May 1930 also became known as the Blue Train Bentley and is regularly mistaken for or erroneously referred to as being the car that raced
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#17327719838541012-545: The Blue Train in a Speed Six with H. J. Mulliner saloon coachwork, reaching his club in London before the train was due in the station at Calais. It had generally been believed that the car in the race was a Gurney Nutting Sportsman Coupé, but that car was delivered to Barnato in May 1930, more than a month after the race. The racing version of the Speed Six had a wheelbase of 11 feet (132 in; 3,353 mm) and an engine with
1058-609: The Blue Train, while in fact Barnato named it in memory of his race. Further confusion is caused by the well-known painting by Terence Cuneo which depicts the Gurney Nutting car. Both vehicles are still in existence. From 1940 to 1945, Barnato was a wing commander with the Royal Air Force , responsible for the protection of aircraft factories against Luftwaffe bombing raids. He continued various low-key business opportunities out of his office on Park Lane. Barnato
1104-622: The London Clinic, Devonshire Place, on 27 July 1948 as a result of a thrombosis after an operation for cancer . His funeral cortege was led by his Bentley "Old Number One", which was covered with flowers and wreaths. He is buried at St Jude's Church in Englefield Green , Surrey (grave 286, plot 25), next to his son-in-law Derek Walker (who had married his daughter Diana in 1944 and was killed in an aircraft crash in 1945) and next to his daughter Diana. Estimates of his wealth at
1150-666: The Old Surrey and Burstow Foxhounds. He was a strong swimmer, a good amateur boxer, and also played tennis to 'country house level'. He took golf lessons at Coombe Hill Golf Club, Kingston, Surrey, with the club professional Archie Compston , a friend of King Edward VIII . Barnato served as an officer in the Royal Field Artillery , British Army in World War I . Serving in France, Egypt and Palestine , he attained
1196-655: The bar of the Carlton Hotel at just before 6pm on 13 March, accompanied by his friend Dale Bourne as unofficial co-driver. They stopped for fuel at Aix-en-Provence , Lyon , Auxerre and Paris . He arrived at the docks in Boulogne at 10:30 am on 14 March, in time for the 11:30 sailing to Folkestone . Barnato reached Dale Bourne's club (the Conservative) in St James's , London, at around 3:30 pm, having covered
1242-436: The best British driver of his day. One who never made a mistake and always obeyed orders." As a driver, Barnato won the 24 Hours of Le Mans race three times: As these were the only years in which he entered the race, he has a perfect wins-to-starts ratio. Bentley, under his chairmanship, also won the race in 1927, with Dr J. Dudley "Benjy" Benjafield and S. C. H. "Sammy" Davis in a Bentley 3 Litre. In March 1930 at
1288-459: The car was moving, which was particularly advantageous during races. A variety of wheelbases were provided ranging from 132 to 152.5 in (3,353 to 3,874 mm); the most popular was 150 inches. The Bentley Speed Six chassis was introduced in 1928 as a more sporting version of the Bentley 6½ Litre. With a single-port block, two SU carburettors, a high-performance camshaft, and
1334-401: The ferry at Dieppe. Realizing from the impromptu race that the Sun had no performance advantage over Rolls-Royce's latest development , W. O. increased the bore of his six-cylinder engine from 80 millimetres (3.1 in) to 100 millimetres (3.9 in). With a 140 mm (5.5 in) stroke , the engine had a displacement of 6.6 L (6,597 cc (402.6 cu in)) Like
1380-525: The financier as "a man who can make two dollars grow for himself where one grew for someone else before". Bentley 6.5 Litre The Bentley 6½ Litre and the high-performance Bentley Speed Six were rolling chassis produced by Bentley from 1926 to 1930. The Speed Six, introduced in 1928, became the most successful racing Bentley. Two Bentley Speed Sixes became known as the Blue Train Bentleys after their owner Woolf Barnato raced
1426-481: The financier will be able to contribute to the success of the financed entity, and the greater reward the financier will reap. The term, financier, is French , and derives from finance or payment . Financier is someone who handles money. Certain financier avenues require degrees and licenses including venture capitalists , hedge fund managers, trust fund managers, accountants , stockbrokers , financial advisors , or even public treasurers . Personal investing on
Woolf Barnato - Misplaced Pages Continue
1472-411: The financiers bring to bear in their decisions gives a wide range of entrepreneurial ideas a chance for insightful evaluation. And, importantly, the financier and the entrepreneur do not need the state's or social partners' approval. Nor are they accountable later on to such social bodies if the project goes badly, not even to the financier's investors. So projects that would be too opaque and uncertain for
1518-430: The four-cylinder engine, Bentley's six included an overhead camshaft , 4 valves per cylinder , and a single-piece engine block and cylinder head cast in iron, which eliminated the need for a head gasket . In base form, with a single Smiths 5-jet carburettor, twin ignition magnetos , and a compression ratio of 4.4:1, the Bentley 6½ Litre delivered 147 horsepower (110 kW) at 3500 RPM. Although based on
1564-555: The investors in the primary and secondary markets . That is, someone who provides a business with capital and someone who buys a stock are both investors. An investor who owns stock is a shareholder . There are two types of investors: retail investors and institutional investors . A retail investor is also known as an individual investor . There are several sub-types of institutional investor: Investors might also be classified according to their profiles . In this respect, an important distinctive investor psychology trait
1610-538: The new shares, meaning that he controlled the company, and became chairman. Barnato injected further cash into the business: £35,000 as a debenture in July 1927; £40,000 in 1928; £25,000 in 1929. With renewed financial input, W. O. Bentley was able to design another generation of cars, the six-cylinder 6½ Litre . However, the supercharged 4½ Litre (the famous "Blower" Bentley ), which Barnato pushed through against Bentley's wishes, had poor durability and failed on
1656-483: The other hand, has no requirements and is open to all using the stock market or by word-of-mouth requests for money. A financier "will be a specialized financial intermediary in the sense that it has experience in liquidating the type of firm it is lending to". Economist Edmund Phelps has argued that the financier plays a role in directing capital to investments that governments and social organizations are constrained from playing: [T]he pluralism of experience that
1702-666: The rank of captain in the latter stages of the war. Having claimed a share of the business's profits from 1897 to 1916, in 1917 he broke off his business arrangements with the Joels. After a long legal dispute in South Africa, Woolf settled for £900,000 plus £50,000 in costs. He then sued his family for the £50,000, as well as £23,883 for disbursements. Following settlement of the case, Barnato played first-class cricket , appearing as wicket-keeper with Surrey County Cricket Club from 1928 to 1930. Barnato purchased his first Bentley,
1748-513: The south east corner of the square. Other Bentley Boys also had flats in the same block and, such was the number of Bentley cars parked outside, the location was known to taxi drivers as "Bentley's Corner". He also owned Ardenrun Place , a country house situated near Lingfield , Surrey. Originally built in 1906–1909 by Ernest Newton for the Konig family, the house was the scene of many lavish motor racing-themed parties for Barnato and his friends, but
1794-430: The state or social partners to endorse can be undertaken. The concept of the financier has been distinguished from that of a mere capitalist based on the asserted higher level of judgment required of the financier. However, financiers have also been mocked for their perceived tendency to generate wealth at the expense of others, and without engaging in tangible labor. For example, humorist George Helgesen Fitch described
1840-574: The time of his death were between £1.5 and £5 million. The Sports Car Club of America (SCCA) named its highest award in Barnato's honour; the first Woolf Barnato Award was presented in 1948, and has been presented every year from 1948 to the present (including the period it was renamed the Carl Haas Award, 1994–2001). Recipients are nominated by the past three winners and approved by SCCA's board of directors. Financier An investor
1886-484: The track. The Wall Street Crash of 1929 affected the Bentley business greatly, with the Great Depression reducing demand for the company's expensive products. In July 1931 two mortgage payments on the firm that were guaranteed by Barnato fell due, and accepting the inevitable, he advised the lenders that he was "unable to meet these debts." On 10 July, on the application of the mortgagee, the court appointed
Woolf Barnato - Misplaced Pages Continue
1932-543: Was again on the board of Bentley Motors (1931) Ltd. Barnato first went motor racing in 1921, when after importing an eight-litre Locomobile from the United States , he signed-up to race at the Brooklands Easter meeting. Having come third in the 100-mile Long Handicap, he then swapped to a Calthorpe to compete in the following Whitsun meeting. For the 1922 season he bought a 1921 chassis Talbot directly from its owner/driver Malcolm Campbell , and for 1923
1978-405: Was born at Spencer House , 27 St James's Place, London. He had a sister, Leah Primrose (died 1933) and a brother, Isaac "Jack" Henry (died 1918 of bronchial pneumonia ). The family divided their time between London, Brighton , Colwyn Bay and South Africa. In 1897, when Woolf was two years old, his father died near Madeira during a sea crossing from South Africa to London. The official verdict
2024-554: Was destroyed by fire on 14 March 1933. He also owned the nearby Nuthill Farm in Redhill , which was used by his ex-wife Dorothy and his daughters Diana and Virginia at weekends. After the loss of Ardenrun, in 1938 he built a large castellated home named Ridgemead in Englefield Green , Surrey, at a cost of more than £100,000. Designed by Robert Lutyens , son of Sir Edwin Lutyens , Ridgemead featured innovations such as central heating,
2070-673: Was married three times: Barnato's daughter Diana Barnato Walker learned to fly at the Brooklands Flying Club in 1938 at the age of 20. She went on to ferry Spitfires , Hurricanes and Wellingtons with the Air Transport Auxiliary during World War II . Barnato lived for most of the time in London, at his house at 39 Elsworthy Road, Hampstead , when married to Dorothy Maitland and, after his divorce, at his flat at 50 Grosvenor Square in Mayfair , on
2116-497: Was suicide ("death by drowning while temporarily insane"). Woolf inherited his father's fortune, but with the monies placed in trust . He inherited his first instalment of £250,000 in 1914 at the age of 19. In addition, Woolf benefited from a further inheritance after the murder of Woolf Barnato Joel in Johannesburg in 1898. Barnato was educated at Charterhouse School and Trinity College, Cambridge . Barnato's attitude to
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