DEFINITION of 'Thomas Rowe Price, Jr.'
Founder of the Baltimore-based investment management firm T. Rowe Price mutual funds. Price is known more for his development of the growth-stock style of investing than anything else. He was a strong believer in buying well-managed companies paying dividends that were expected to increase at a greater rate than inflation, and also in portfolio diversification. He finally sold his investment company to his own employees in 1971.
BREAKING DOWN 'Thomas Rowe Price, Jr.'
Born in Linwood, Maryland, Price obtained a degree in chemistry and then ventured into Wall Street during the roaring twenties. Over time, he developed his own unique investment strategy that helped him and many others to achieve superior returns. Price enjoyed great success employing proprietary research for his investment picks.