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Grizzly Bulls’ Billionaires Index

⬅ # 671 Yasumitsu Shigeta|# 673 John Sall ➡

# 672 Peter Kellogg 

$4.72B

Real Time Net Worth
as of 7/25/2024
$21.3M (0.45%)

# 672 Peter Kellogg 

$4.72B

Real Time Net Worth
as of 7/25/2024
$21.3M (0.45%)
OccupationMajority Owner, IAT Reinsurance
Source of WealthInvestments
Age81
ResidenceShort Hills, New Jersey
Marital StatusMarried
Children3
EducationBS, Babson College
Age-Adjusted Net Worth$1.14B
Peter Kellogg
Peter Kellogg
United States
Net worth: $4.72B

Self-Made Score 

Wealth History

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Biography

Overview

Peter R. Kellogg is an American billionaire businessman primarily known for his leadership at Wall Street firm Spear, Leeds & Kellogg, which he sold to Goldman Sachs for $6.5 billion in 2000.
Kellogg then focused on leading reinsurance outfit IAT as CEO until 2015 and continues to chair the company.
Kellogg is renowned for his significant donations, particularly to the U.S. ski and snowboarding teams, totaling over $4 million.

Personal

Peter Kellogg was born on September 5, 1942 and attended the Rectory School and the Berkshire School before matriculating at Babson College, although he dropped out.
He joined his father's firm, Spear, Leeds & Kellogg, in 1967 after working at Dominick & Dominick.
Kellogg became the leader of the firm in the 1980s and oversaw its sale to Goldman Sachs in 2000.
He summers in Mantoloking, New Jersey.

NYSE

Kellogg faced a disciplinary action by the NASD in 2003 for allegedly directing fraudulent wash trades and matched trades, but the complaint was dismissed in 2004.
The NASD found no evidence of intention to defraud and cited Kellogg's philanthropic history.
Under Kellogg's leadership, Spear, Leeds & Kellogg became the first specialist brokerage to control over 10% of the stocks trading on the NYSE.

AMEX

Spear, Leeds was fined $1 million by the AMEX in 2002 for violations on the AMEX floor, leading to a review of its operations.
Kellogg was implicated in media reports regarding supervision lapses in the mid-1990s, although no direct involvement was established.
An employee's actions, fined and barred from the industry, were reportedly known to senior officials, including Kellogg.

Taxes and Philanthropy

Kellogg is the controlling shareholder of IAT Reinsurance Co., which utilized a U.S. law exempting small insurance companies from federal tax under certain conditions.
His charitable foundation, alongside his wife, purchased and renovated the John F. Peto Studio Museum in Island Heights, NJ, in 2005, spending approximately $2 million.
The museum's ownership was transferred to the Museum Board in 2021-2022, now sustained through memberships, donations, and fundraisers.

How long would it take you to become as rich as Peter Kellogg?

If you started with $10,000 and invested an additional $500 each month at a 44.11% CAGR, it would take you 5 years to reach Peter Kellogg's net worth of $4.72B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 52.22% compared to 16.62% for the S&P 500 benchmark.

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Peter Kellogg is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Peter Kellogg, Investments is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey