Remembering the legacies of Richard Riordan, Sam Zell, and Harry Markowitz
- Richard Riordan, former mayor of Los Angeles and successful venture capitalist, passed away at the age of 92
- Sam Zell, billionaire investor known as ‘The Grave Dancer’, died at 81
- Harry Markowitz, Nobel laureate and father of modern portfolio theory, passed away at 95
In 2023, the business world lost several notable figures whose contributions left a lasting impact. Richard Riordan, the former mayor of Los Angeles and successful venture capitalist, passed away at the age of 92. Known for his role in rebuilding the city after the Rodney King riots and the Northridge earthquake, Riordan co-founded RLH Equity Partners and was respected by many in the business community. Sam Zell, a billionaire investor and iconoclast, died at the age of 81. Zell made his fortune in real estate and distressed assets, earning the nickname ‘The Grave Dancer’. Despite his controversial reputation, Zell was admired for his bold bets and independent spirit. Harry Markowitz, a Nobel laureate in economics, passed away at 95. Markowitz was a pioneer in modern portfolio theory, which revolutionized investment strategies. His work laid the foundation for concepts like the efficient frontier and the capital asset pricing model. Although his theories have faced criticism, they have had a significant impact on the financial industry. The legacies of Riordan, Zell, and Markowitz will continue to be remembered and celebrated in the business world.
Public Companies: Equity Group Investments (), RLH Equity Partners (), Tribune Media (), Chicago Cubs ()
Private Companies: Rivulet Capital
Key People: Sam Zell (Chairman and Founder of Equity Group Investments), Richard Riordan (Co-founder of RLH Equity Partners), Charlie Munger (), Oscar Schafer (Chairman of Rivulet Capital), Harry Markowitz (Nobel laureate in economics), Merton Miller (), William Sharpe (), Milton Friedman (Professor at the University of Chicago), Nassim Taleb ()
Factuality Level: 7
Justification: The article provides information about the deaths of three businesspeople and their accomplishments. The information provided about each individual seems to be accurate and supported by credible sources. However, the article includes some tangential information and personal opinions, such as the tribute to Sam Zell and the criticism of Harry Markowitz’s work. Overall, the article is mostly factual but contains some elements of opinion and tangential information.
Noise Level: 3
Justification: The article is mostly a list of obituaries for businesspeople, with some additional information about their accomplishments. There is no analysis or exploration of long-term trends or antifragility. The article stays on topic and provides some evidence and examples to support its claims. However, it lacks actionable insights or solutions.
Financial Relevance: No
Financial Markets Impacted: No
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article does not pertain to financial topics and does not describe any extreme events.
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