This Aug. 17, 1997 file photo shows Earl G. Graves Sr. with his book "How To Succeed In Business Without Being White" in New York. Graves Sr., who championed black businesses as the founder of the first African American-owned magazine focusing on black entrepreneurs, has died. He was 85. His son said Graves died Monday, April 6, 2020. (AP Photo/Bebeto Matthews, File)
NEW YORK (AP) — Earl Graves Sr., who championed black businesses as the founder of the first African American-owned magazine focusing on black entrepreneurs, has died. He was 85.
Graves died Monday after a long battle with Alzheimer’s disease, his son, Earl “Butch” Graves Jr, said in a post on Twitter.
Graves launched his magazine, Black Enterprise, in 1970. He later said his aim was to educate, inspire and uplift his readers.
“My goal was to show them how to thrive professionally, economically and as proactive, empowered citizens,” Graves wrote in his 1997 book “How To Succeed In Business Without Being White.”
According to an obituary published by Black Enterprise, Graves grew up in Brooklyn and gained an economics degree from Morgan State University. He held jobs in law enforcement and real estate before working on Sen. Robert F. Kennedy’s staff.
After Kennedy's assassination in 1968, he moved to found the magazine, which is now headed by his son.
He served on the boards of several major corporations, including American Airlines, Daimler Chrysler and Rohm & Hass and backed the presidential bids of Jesse Jackson and Barack Obama, Black Enterprise wrote.
In addition to Black Enterprise, Graves also ran Pepsi-Cola of Washington, D.C., one of the nation’s largest soft-drink distributors owned by African Americans. He sold his stake in the bottler to PepsiCo in 1998.
“As a little boy, I saw a magazine with something I’d never seen—a picture of a Black man as the owner: Black Enterprise Founder & Publisher Earl G. Graves,” tweeted Rev. Cornell William Brooks, a professor at Harvard’s Kennedy School and former president and CEO of the NAACP. “Graves has died — after inspiring MILLIONS to succeed in business & beyond. Inspired kids & so many others mourn his passing.”
Democratic presidential candidate Joe Biden was among others eulogizing Graves.
“As the founder of Black Enterprise, Earl Graves Sr. was a trailblazer in his own right, a leader in the American business community, and paved the way for many Black entrepreneurs to realize their dreams,” the former vice president wrote on Twitter.
7 Energy Stocks to Buy On This Historical Dip
It may seem hard to believe, but the current chaos in the energy sector, and oil stocks, in particular, will pass. The novel coronavirus that has birthed a global pandemic is being compared to the Spanish Flu of 1918.
Of course, when you have once in a century event, it’s difficult to look back in history and make an apples-to-apples comparison to our current situation. This isn’t to minimize our current situation. It’s simply to say that the market is forward-looking, but it’s also emotional. And it also hates uncertainty.
In a typical economic downturn, demand decreases, and investors are advised to “buy the dip.” But in the current environment, demand has been destroyed. Millions of Americans are being asked, and in some cases ordered, to stay home. And this simply means that oil demand is down. And investors are looking at prices that are, in some cases, at all-time lows.
The trading app Robinhood is frequented by millennial investors. And according to the latest information, many investors are trying to buy the dip on old guard oil stocks. That may be a mistake.
But the energy sector is about more than just oil stocks. There are several companies that are holding their own in the current environment. And that means when the economy opens up, these companies will be well-positioned for further growth.
Currently, the volatility and uncertainty surrounding energy stocks make them a poor choice for growth investors. However, many of these companies in this presentation offer a secure dividend that, along with the potential for capital appreciation, can make them a solid play for income investors.
View the "7 Energy Stocks to Buy On This Historical Dip".