Portfolio insurance launched as a firm with no clients and minimal staff.

Evidence

In February 1981 the trio established Leland O’Brien Rubinstein Associates, Inc. (LOR) with “two part-time secretaries, one computer, and no clients” (Leland and Rubinstein 1988, p. 7). — Donald MacKenzie, An Engine, Not a Camera, 795

Categorization

• CANDY: Fun founding-anecdote detail: the eventual institutional giant started with two part-time secretaries and no clients.