David G. Booth

David G. Booth
Born Lawrence, Kansas, United States
Alma mater University of Kansas (B.A., M.S.)
University of Chicago (M.B.A.)
Occupation Co-Founder and Executive Chairman, Dimensional Fund Advisors (formerly Co-Chairman, CEO and Co-CEO)
Net worth Increase US$1.3 billion (March 2014)[1]
Political party Republican [2]

David Gilbert Booth (born c. 1946) is an American businessman and the Executive Chairman of Dimensional Fund Advisors, which he co-founded with Rex Sinquefield. Booth is a native Kansan, and is a graduate of both the University of Kansas and the University of Chicago. In 2008, he donated $300 million to the University of Chicago Graduate School of Business (equivalent to $340 million in 2017), which is the largest donation ever given to a business school. It has since been renamed the University of Chicago Booth School of Business. He earned his MBA degree from the school in 1971.[3] In 2004, Booth donated $9 million to fund the building of a "Hall of Athletics" connected to Allen Fieldhouse at the University of Kansas. In 2010, Booth spent over $4 million to purchase the original Rules of Basketball, handwritten by James Naismith, and donated them to the University of Kansas. In 2017, he donated $50 million to the University of Kansas to renovate their football stadium which was later renamed in his honor. [4] Booth grew up in Lawrence, Kansas.[5]

Career

Booth graduated from Lawrence High School in Lawrence, Kansas and then received a B.A. in economics in 1968 and an M.S. in business in 1969 from the University of Kansas, also located in Lawrence.[6] He then enrolled at the University of Chicago GSB in 1969 as a doctoral student, leaving in 1971 with an M.B.A. degree. He was a research assistant to Eugene Fama, and met his future business partner, Rex Sinquefield at the school.[7]

After pioneering index fund investing at Wells Fargo Bank, he joined with Sinquefield in 1981 to form Dimensional Fund Advisors. The fund focuses on investment strategies in "small" (low capitalization) stocks, as well as "value" (low price/book ratio) and non-U.S. stocks. The firm, which is privately held, manages about $586 billion.

He has published several academic articles including "Diversification Returns and Asset Management" with Eugene Fama. The article won the 1992 Graham and Dodd Award of Excellence from the Financial Analysts Journal.[8]

David Booth has served on many institutional boards, including as a Governor of the Kravis Leadership Institute and the UCLA Foundation; as a Trustee of the American Academy in Rome and the Paintings Conservation Council of the J. Paul Getty Trust; as a Trustee of the University of Chicago;[8] as a member of the Board of Directors of Georgetown University;[9] and as a Trustee of the University of Kansas Endowment Association.[10]

Philanthropy

David Booth has been recognized for making one of the largest gifts to an American university in history, pledging $300 million in November 2008 to the University of Chicago's Graduate School of Business, where he earned an MBA in 1971.[11] He is a trustee of the institution, which is now named The University of Chicago Booth School of Business in his honor.[11]

The gift is being spread over a period of years, in both cash and shares of Dimensional Holdings stock. It is dedicated to furthering the school publications and research centers, as well as the faculty's professional development.[11] The fund also provides for opportunities to expand the university's reputation internationally through campuses in London and Singapore.

In 1997 Booth, and his wife, Suzanne Deal Booth, gave $10 million for construction of a building on the University of Chicago campus.

In 2004 the Booths gave $9 million to the University of Kansas to fund the Booth Family Hall of Athletics attached to Allen Fieldhouse.[12]

The Booths were jointly named by BusinessWeek as number 34 of 2008's 50 Top American Givers. The list recognizes annually the 50 most generous American philanthropists. They are cited as having donated $309 million between the years 2004–2008.[13][12] Their philanthropy focus has been educational institutions and art restoration projects. In 1998 Booth created the Friends of Heritage Preservation, which acts as a rapid response team for art preservation initiatives, whose area of focus ranges from entire historical sites to single works of art.[12]

In 2010, the Booths acquired Dr. James Naismith's original 1891 copy of the 13 basic rules at auction for $3.8 million (laying out a total of $4,338,500 for the rules, auction house fees, and buyer's premium) with the intention of donating them to his alma mater University of Kansas (known as the Cradle of Basketball because Naismith coached at KU and his protégé Dr. Forrest C. "Phog" Allen, the Father of Basketball Coaching, helped it mature into the sport as it is known today during their years at KU)[14]. The purchase price set a world record for sports memorabilia.[15][16] The purchase of this historical artifact was documented in the 2012 ESPN 30 for 30 film There's No Place Like Home.[17]

The Booth Center for Special Collections at Georgetown's Lauinger Library, which contains a number of archival documents related to Georgetown as well as an extensive collection of rare books, manuscripts, and art, was funded by a $3 million donation from the Booths.[18][19]

Family

Booth married Suzanne Deal in 1988. The couple has two children, Erin Deal Booth and David Chandler Booth (known as Chandler Booth),[20] and resides in Austin, Texas

References

  1. ↑ Forbes: The World's billionaires: David Booth March 2014
  2. ↑ http://docquery.fec.gov/cgi-bin/fecimg/?12020401502
  3. ↑ Burns, Greg (November 6, 2008). "U of C graduate business school to be renamed after $300M gift". Chicago Tribune. Retrieved November 6, 2008.
  4. ↑ Bradshaw, Della (November 7, 2008). "Chicago gets $300m naming gift". Financial Times. Retrieved November 7, 2008.
  5. ↑ Morse, Libby (November 6, 2008). "The True Believer: David Booth, '71, proves his Chicago smarts by refusing to out-think the market". Chicago GSB Magazine www.chicagobooth.edu. University of Chicago Booth School of Business. Retrieved November 7, 2008.
  6. ↑ Hyland, Andy (November 8, 2008). "KU alumnus gives $300M to Chicago business school". Lawrence Journal-World. World Corporation. Retrieved November 8, 2008.
  7. 1 2 Guth, Robert (November 6, 2008). "Chicago Business School Gets Huge Gift". The Wall Street Journal. Dow Jones, Inc. Retrieved November 6, 2008.
  8. 1 2 "Commission Members: David G. Booth". California Commission for Jobs and Economic Growth. 2008. Retrieved November 7, 2008.
  9. ↑ "Board of Directors — Georgetown University". Georgetown.edu. Retrieved 2012-02-02.
  10. ↑ "David G. Booth, Chief Executive Officer". Dimensional Fund Advisors. Retrieved November 7, 2008.
  11. 1 2 3 "Alumnus David Booth gives $300 million; University of Chicago Booth School of Business named in his honor". University of Chicago News. 8 November 2008. Retrieved 24 January 2017.
  12. 1 2 3 The 50 Top American Givers. Bloomberg Businessweek, accessed December 22, 2010.
  13. ↑ David & Suzanne Booth Charities. Business Exchange, accessed December 22, 2010.
  14. ↑ https://www.cradleofbasketball.com/home-1.html
  15. ↑ "Records Fall at Sotheby's Auctions". Wall Street Journal. 2010-12-11. Retrieved 2013-01-27.
  16. ↑ "James Naismith's rules sold at auction". Sports.espn.go.com. 2010-12-10. Retrieved 2012-02-02.
  17. ↑ "ESPN 30 for 30: There's No Place Like Home". ESPN. 2012-10-15. Retrieved 2013-01-27.
  18. ↑ "Gifts Fund $5 Million Renovation Of Special Collection Research Center". www.georgetown.edu. Georgetown University. Retrieved 26 March 2015.
  19. ↑ Miller, Ashley (23 January 2015). "Library's Rare Books Excite". Newspaper (Vol. 96, No. 28). The Hoya. Retrieved 26 March 2015.
  20. ↑ Morse, Libby (November 6, 2008). "The Family Ethos: Suzanne Deal Booth". Chicago GSB Magazine. University of Chicago Booth School of Business. Retrieved November 7, 2008.
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