Early Life
Kenneth Gerard Langone was born on September 16, 1935, in Roslyn Heights, New York, to Italian-American parents. His father worked as a plumber, and his mother was a cafeteria worker. Growing up, Langone worked various jobs, including ditch digging and as a butcher's assistant, to help finance his education. Despite his high school principal's advice against college, Langone's parents mortgaged their house so he could attend Bucknell University. He graduated in 3.5 years with a BA in Economics. He later earned an MBA from New York University's Stern School of Business.
Rise to Success
Langone began his career in the early 1960s at R.W. Pressprich & Co.. He quickly advanced, eventually becoming a partner. A pivotal moment in his career was recognizing the potential of Electronic Data Systems (EDS) and taking it public in 1968. In 1974, he founded the venture capital firm Invemed Associates, specializing in healthcare and high-technology companies. However, his most significant business achievement came in 1978 when he co-founded The Home Depot with Arthur Blank and Bernard Marcus. Langone's financial backing and strategic input were instrumental in transforming Home Depot into a leading home improvement retailer.
Key Business Strategies
Langone's investment philosophy centers on getting to know management well, as he believes the people are key to a great investment. His long-term investment approach is evident in his average holding period of 42 years.
Philanthropy
Langone is known for his significant philanthropic endeavors, with a strong emphasis on education and healthcare. He has donated $300 million to NYU, including a $100 million pledge to make tuition free for medical students at NYU School of Medicine. He is also a trustee of NYU Langone Health, named in his honor. He has also supported The Harlem Children's Zone, the Ronald McDonald House, and the Robin Hood Foundation.
