What a difference a decade makes.
In 1998, when Philadelphia attorney Clifford Goldstein wanted to cash in on the staggering increase in Israeli technology stocks, he was disappointed to discover that no index-based mutual funds of Israeli companies existed.
“Wall Street is slow,” Goldstein says, noting that top brokerage firms he approached “told me they didn’t want to invest in kibbutzniks growing oranges.”
When Clifford Goldstein was 7, his father took him to the Waldorf Astoria Hotel for a stockholders meeting of the Israeli company Ampal.
"I had five shares, so I went with him and I liked the feel of it," he recalled. "People were there as investors, but my father was there more because he wanted to invest in Israel."
Israel needs your money but save the tzedaka, says the board chairman of a new Israeli mutual fund that will invest exclusively in Israeli companies.
"Israel does not need charity, only investments," said Shlomo Eplboim of the Blue and White Fund (the colors of the Israeli flag), set to debut Dec. 31.
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