Equity Research

Ron Baron

Ronald Baron (b. 1943, Asbury Park, NJ) is an American billionaire mutual fund manager and the founder of Baron Capital, a growth-oriented investment firm that manages the Baron Funds.

He earned a chemistry degree from Bucknell University before attending George Washington University Law School at night on scholarship. His career began at the United States Patent Office before he transitioned to Wall Street in 1969.

From 1970 to 1982, Baron worked as an institutional securities analyst at various brokerage firms, selling research with a business partner. While his recommendations often led to stocks doubling or tripling in value, his commission-based compensation model encouraged short-term sales rather than long-term investment. This experience shaped his investment philosophy, emphasizing holding durable, competitively advantaged growth companies for the long term.

In 1982, Baron founded Baron Capital with an initial book value of $100,000 and a small office. That same year, he hired two employees, including Susan Robbins, who remains with the firm as a senior research analyst. His long-term, small-cap-focused investment strategy quickly gained attention, earning coverage in publications such as Barron's and The Wall Street Journal.

Under his leadership, Baron Capital grew into a widely respected investment firm known for its disciplined, long-term approach. In 1993, the firm launched the Baron Investment Conference, an annual shareholder event that has featured major musical acts such as Elton John, the Beach Boys, and Lionel Richie.

Beyond investing, Baron made headlines in 2007 for purchasing a $103 million home in East Hampton, New York, then the most expensive residential property sale in U.S. history.

Dan Benton

This top II-ranked PC sell-side analyst made +54% per year from 1995–1999 running $15B … then founded a hedge fund that briefly became the largest in the world.

Dan Benton grew up obsessed with numbers, long before the world realized technology would eat everything. At Colgate University, he graduated magna cum laude and Phi Beta Kappa in 1980 with a BA in Mathematics. He then earned his MBA from Harvard University in 1984, stepping onto the path that would reshape tech investing.

That same year, he joined Goldman Sachs as a securities analyst. By 1988, Wall Street had its verdict: he was the II top-ranked computer industry analyst — five years running.

In 1993, Art Samberg hired him into Dawson Samberg Capital Management, creating a dedicated vehicle just for him: the Pequot Technology Fund.

When the firm evolved into Pequot Capital Management, Benton became President (1999–2001), overseeing public market tech strategies as assets exploded from $300m to $15b. His Pequot Technology fund averaged +54% per year from 1995–1999.

But visions diverged. Samberg wrestled with succession after a health scare. Benton saw a clear future: scaling Pequot to $30–$40b. The gap widened.

So he left.

In 2001, Benton founded Andor Capital Management, taking a slice of assets and launching with rare velocity. By 2002, Andor Diversified Growth returned +31.4% and hit $10b AUM. At its peak, Andor briefly became the largest hedge fund in the world.

After closing Andor in 2016, he shifted to a different chapter—running Benton Capital Management, his private family office.