Anne Scheiber
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Anne Scheiber | |
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| Born | October 1, 1893 |
| Died | January 9, 1995 (aged 101) |
| Occupations |
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| Employer | Internal Revenue Service |
| Known for | Bequeathed US$22 million to Yeshiva University |
Anne Scheiber (October 1, 1893 – January 9, 1995) was an American IRS auditor and philanthropist who, over 50 years of retirement, secretly amassed significant wealth and upon her death donated it all—US$22 million—to Yeshiva University for scholarships for women. She never earned a salary of more than $4,000 per year until her 1944 retirement and lived frugally in a rent-controlled apartment, letting her investments grow through a tax-efficient "buy and hold" approach.
Career
Scheiber implemented a "buy and hold" philosophy of investing in businesses, reaping the benefits of a tax-efficient strategy of investing in high quality companies for long-term growth, and selling few of her investments during her lifetime, thus avoiding significant tax payments on capital gains. Upon bequeathal of her entire fortune to Yeshiva University at the time of her death, she ensured that little taxes were ever paid to her former employer, other than small payments on dividends and on her modest pension.[1][2]
Her executor, Benjamin Clark, said that the claims about Scheiber's investing skill have been exaggerated. Her 1936 tax return showed dividend income of $900, which would indicate she had a substantial portfolio several years before her retirement. If her stocks earned an average dividend yield for 1936, her portfolio would have been about $21,000. Investing $21,000 for almost 60 years and winding up with $22 million indicates a return slightly higher than the S&P 500.[3]
References
- ^ Gonzalez, David (2 December 1995). "A Quiet Auditor Leaves Yeshiva a Fortune". The New York Times. Archived from the original on 22 October 2023. Retrieved 17 January 2019.
- ^ "Angel in Disguise". PEOPLE.com. Retrieved 17 January 2019.
- ^ "The Anne Scheiber story". www.financialwisdomforum.org. Retrieved 2017-05-14.
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