Stephen Jarislowsky at 100: Deferred Gratification as a Principle of Life

Commentary

In this month’s edition of the Montreal Economic Institute’s newsletter, MEI president Michel Kelly-Gagnon offered his organization’s best wishes for a happy 100th birthday to senior Canadian businessman Stephen A. Jarislowsky. He thanked Mr. Jarislowsky for his friendship and support of the MEI since its earliest days.

Stephen Jarislowsky is a Canadian icon with an outstanding record of courage, common sense, achievement, and philanthropy. He was born in Berlin on Sept. 9, 1925. His family left Germany for other parts of Europe and finally emigrated to the United States in 1941. There, he studied mechanical engineering at Cornell University.

After service in the U.S. Army during World War II, and following a post-war assignment to serve counter-intelligence in occupied Japan, Stephen returned to academics. He completed an MA in Far Eastern studies at the University of Chicago and an MBA at Harvard Business School. After Harvard, he moved to Montreal where he worked for several years in engineering, sales administration, and finance for the Alcan aluminum mining and manufacturing company.

In June 1955, Stephen founded a research intensive investment firm then known as Jarislowsky, Fraser & Company. Over the decades his company grew into a major institutional asset manager with offices across Canada and abroad. Some said Jarislowsky could see around corners.

Now called Jarislowsky Fraser Limited, his firm built a reputation for rigorous research, concentration on quality businesses, advocacy of shareholder rights, and good governance. It became a major manager of pension plans, endowments, and private portfolios. Jarislowsky also endowed multiple university chairs and cultural institutes across Canada. He has been widely honoured and has remained publicly active well into the years leading up to his 100th birthday.

While Mr. Jarislowsky’s business achievements and charitable initiatives have left a mark on the lives of countless Canadians, it may be his unique ability to connect on a practical level with ordinary people that resonates among those who, however briefly, have had the opportunity to meet him.

Some decades ago I was fortunate to have a memorable personal encounter with Jarislowsky when he kindly accepted my invitation to speak to our economics students at Lower Canada College in Montreal. Before speaking to the class, he asked me what we were teaching in economics. I dutifully rhymed off a list of standard academic topics such as scarcity, choice, opportunity cost, supply and demand, etc.

In his charming European accent, Mr. Jarislowsky immediately advised me that we should not forget to teach the value of “compound interest.” During his presentation he asked the students to calculate the outcome of a decision to forgo buying “that first jalopy” and investing their money instead. Many students were intrigued to discover that with compound interest they could triple or even quadruple the amount of their deferred purchase over a period of some 20 years. Others, to whom all the money they ever needed flowed from the pockets of their parents, were probably less impressed.

Over the years, I could never stop thinking that Mr. Jarislowsky’s message to my students had been both simple and profound. I came away from our short encounter with the distinct impression that he viewed deferred gratification not merely as a financial strategy—but as a principle of life. He taught others that the discipline required to postpone immediate pleasures in favour of lasting rewards is at the core of both prosperity and personal fulfillment.

At the remarkable milestone of 100 years, Stephen Jarislowsky stands as living proof that prudence, foresight, and self-discipline can create not only enduring wealth but also a meaningful and generous life. His legacy is measured not only in the billions of dollars managed under his firm’s stewardship or the institutions strengthened by his philanthropy, but also in the countless individuals who absorbed his lessons in patience, responsibility, and the compounding rewards of wisdom applied over time.

For many Canadian investors, Jarislowsky has been an invaluable fount of sound advice. He is also a living reminder that teaching young people to favour of long-term investment over short-term consumption can point them toward a broader truth. The greatest achievements, whether in business, culture, or human relationships, come to those who are willing to think and act beyond the present moment.

In a world that is increasingly driven by selfish impulses, Jarislowsky’s century-long journey reminds us that genuine wealth—financial, moral, and spiritual—belongs to those who understand that lasting happiness is seldom found in instant gratification, but steadily built through discipline, purpose, and the long view.

Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times.