Harry Rady News

Although Ernest Rady is known as a man who has always shied away from the limelight, he did not let that stop him from donating $30 million to the School of Management of the University of California at San Diego in early 2004.

Ernest is the father of well-known investment manager Harry Rady of Rady Asset Management.

The School of Management will bear his name with the hope that the Rady School of Management will one day be as influential and well known as U of P’s Wharton School or the Kellogg School of Northwestern University.

Despite an over two-month long surge in prices, there was little good news to maintain the market’s upward trend of the week ending on May 23rd. Advising caution, Harry Rady of Rady Asset Management remarked,

“Everything is overpriced. A very long, protracted recession is still very much alive.”

According to an article on “BradentonHerald.com” the week began on a positive note with stocks rallying on Monday. As the week progressed however, markets began a downward slide in response to several pieces of “not-so-good’ news which were announced during the week.

The federal government expects unemployment to reach as much as 9.6 percent, a much worse prediction than previously, and Standard and Poor’s may demote the British government from their present credit rating of AAA.
Hopes were thwarted when an early market gain on Friday ended the day with a total 15 point loss for the Dow Jones industrial average. As for the gains of the week, the major indicators all finished in the black, but only just.  The Dow squeeked ahead by 0.10 percent; S & P 500 index did slightly better with a 0.47 percent rise; and the Nasdaq did the best, almost finishing up by one whole percentage point at 0.71 percent increase in value.

The 10 week rally has lifted stocks by 30 percent since their 12-year low in March. With not much good news to continue to fuel this market surge stocks have been teetering and tottering without much gain in recent days.

The upcoming economic calendar is full of data such as reports of home sales levels, orders for manufactured products and indicators of consumer confidence, which should help determine which way this market is heading for the next few weeks.

A general downturn in small capitalization stocks was posted last Monday, April 21st, 2009. In addition to smaller, regional banks crude oil prices, metals such as copper, and energy, and materials stocks all helped contribute to the reversal of what had been a six-week steady improvement in stock market results.

The Russell 2000, which is the index of small-capitalization stocks, posted a loss of 26.88 points, which is 5.61%, falling to a value of 240.85.

Improving consistently for the past 6 weeks, the Russell increased value by over 30% since its low at the beginning of March.

Credit markets have not been improving, even with the posted gains in small caps. Corporations just don’t seem to be signaling positive signs.

“Because these earnings haven’t been as bad as feared, it’s just provided an opportunity to put on more shorts. It’s just another head fake,” said Harry Rady of Rady Asset Management.

See the full article here:US Small Caps Close Lower On Slide For Regional Banks

Rady Children’s Hospital and Health Center has been the beneficiary of large volume of funds donated by Ernst and Harry Rady. Not only have the Radys invested much of their funds in supporting the hospital, but they have also invested a large portion of their time and expertise.

The Children’s Hospital was founded in 1954, and it has as its mission “to restore, sustain and enhance the health and developmental potential of children through excellence in care, education, research and advocacy.”

Rady Children’s Hospital and Health Center is the regional pediatric medical center for San Diego, and also Imperial and south Riverside counties. Approximately 100,000 children are provided medical care at its main campus or one of its tweny eight satellite facilities every year.

Harry Rady is very active philanthropically, and he is on the Investment Committee of Children’s Hospital and Health Center. Rady is also a director of the California Board of Child Help USA, as well as being the director of the Dean’s Advisory Council at the Rady School of Management, University of California San Diego, and Rady is also a member of UCSD’s Executive Mentor Program. Mr. Harry Rady was awarded his Master’s Degree in Finance from UCSD in 1993.