Lessons Learned

As she nears 100, Irene Bergman has some advice for enjoying a long career on Wall Street: Don’t do  anything stupid.

Consider investment returns, the financial advisor at Stralem & Co. says in an interview at her New York apartment, where, surrounded by paintings from Dutch masters, she telephones her clients. While many investors nowadays obsess over quick profits, it’s best to wait at least three years, or better yet, many more, before evaluating holdings. But don’t be afraid of revising your thesis, she says. If thorough research favors a portfolio shift, have courage and make changes.

“The longer you’re in the business, the more pessimistic you get,” Bergman says in her soft voice, noting she currently thinks shares are too expensive. Still, “I’m able to get bullish, because when I look at a stock, I can imagine where it was 40 years ago.”

As one of the oldest working professionals in an industry run by men half her age, Bergman offers a rare perspective. She recalls the small private firms founded by German Jews of the 19th century that came to define Wall Street before their partnership model gave way to public listings, and honor succumbed to an ever-fiercer push for profit.

“The way of doing business has changed,” she says. “It’s much more competitive, much more knives-in-the-back.”

Vodka, Scotch
Guests at Bergman’s midtown Manhattan apartment, where she’s lived for more than 60 years, may be invited to sip a vodka or scotch, while seated on furniture crafted in Europe before World War II. The French Louis XV chairs are off-limits.

Four personal assistants attend to her needs around the clock, and she calls on colleagues at New York-based Stralem, including Chairman Hirschel Abelson, when she needs research on particular securities. While she never married and doesn’t have children, she does own a Maltese named Fanny.
Her career was a near-realization of a dream she had as a teenager. In an essay at the time, she wrote that she wanted to follow her father, a private banker, onto the Berlin Stock Exchange. He made that world seem so “lively,” she says. She would have been the first woman to attain that position.

Fleeing Nazis
Those aspirations stalled when the Nazis chased her Jewish family from Germany and then Holland. They came to the U.S. In 1942, Bergman began working as a secretary at a bank. Fifteen years later, she joined Hallgarten & Co., a member of the New York Stock Exchange.

“Women on Wall Street were not very popular,” she says. She would join Loeb Rhoades & Co., and in 1973, Stralem, where she finally felt like she belonged. “This was the first place where I was treated like an equal.”

Stralem oversees almost $2 billion in assets and runs a strategy focused on identifying “up-market” and “down- market” stocks. It manages money for institutions and individual accounts, 11 of which are Bergman’s. She serves on its investment committee.