History

  • 1932 - Gofen and Glossberg, L.L.C.

    In the depths of the Great Depression, Samuel Gofen and William Glossberg established the investment counselling firm of Gofen and Glossberg.  Our founders’ vision was the same then as it is today:  to help clients achieve their financial goals through wise investment guidance.

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    1945 - World War II Ends

    The end of WWII marked the beginning of the postwar economic boom, a period of economic growth and prosperity that lasted for more than two decades.  The firm’s clients rode the wave of prosperity with investment portfolios that benefited from the rise of the middle class, greater demand for housing and automobiles, and the need for greater infrastructure development.  During this period, the second generation of Gofen and Glossberg, Bill Gofen and Joe Glossberg, joined the firm.

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    1973 - OPEC Oil Embargo

    OPEC drove oil prices skyward in the early 1970s, triggering high inflation and a steep decline in stocks.  Investors suffered through a decade of slow economic growth and weak markets.  Positive trends that emerged as a result of the oil embargo, however, included a shift to alternate energy sources, a push for more fuel-efficient means of transportation, and a focus on new areas of energy exploration.

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    1980 - The Fed Under Volcker

    Fed Chairman Paul Volcker raised interest rates to 20%, sending the economy into recession but ultimately ending the long period of stagflation and setting the stage for the robust economic growth of the 1980s and 1990s.

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    1995 - Netscape IPO

    The Initial Public Offering of web browser company Netscape marked the beginning of the “dot-com” bull market of 1995-99.  Technology stocks soared to extreme valuations amid the market exuberance, but the bubble burst in 2000.

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    2008 - The Housing Crisis

    Easy lending policies and limited regulatory oversight fueled a multi-year rise in housing formation and a spike in home prices.  When housing prices declined, foreclosures rose, credit dried up, the U.S. economy fell into a deep recession and the stock market declined by more than 50%.  Ultimately, with significant assistance from the Fed, the U.S. economy turned the corner and the stock market eventually reached new highs.