We write today to honor Richard Doncaster, a recently deceased friend of the American Institute for Economic Research (AIER) and its wholly owned subsidiary the American Investment Services (AIS). Richard was involved with AIER’s governance in one form or another since he became a Voting Member in 1973 and was awarded Emeritus Trustee status in 2017.
Richard came to know AIER due to a personal and family goal to save, invest, and become financially secure. These goals led him to be an avid reader of financial advice. He stumbled across an AIER booklet called, How to Avoid Financial Tangles, and started reading anything he could find from AIER. He became so enamored of the content that he called the founder to ask some questions. After discussing AIER’s Research Reports and Economic Education Bulletin newsletters with our founder, Edward C. Harwood, Richard became an unapologetic “gold bug,” an advocate of sound money, and Voting Member of our non-profit organization. He remained among the most staunch advocates for AIER and, with his family, close friends with the Harwood family, until his passing in 2024.
Richard was an AIER Voting Member for over 50 years, Voting Member Standing Committee member for over 10 years, and a member of the Board of Trustees for over 16 years before being awarded Trustee Emeritus status in 2017. His wife Betty would often volunteer her time to prepare for and perform logistical tasks at the Annual Meeting of Voting Members. The Doncaster and Harwood children helped or played nearby while Richard attended official meetings, listening to discussion with characteristic attention before adding an overlooked perspective.
Richard was known to keep with him several copies of AIER’s publications, which he would give to people receptive to his friendly advice. His quick wit and New England-accented sarcasm made him an entertaining evangelist of AIER’s research and friend to many members and employees. Over the years, he collected what he thought were the most salient and enduring messages in the form of several AIER publications.
An architectural engineer and industrial manager by training, Richard worked for Polaroid Corporation for 20 years before taking a number of roles at Fidelity Investments for over 10 years, in addition to self-employment ventures. His autodidactic thirst for knowledge put him in roles ranging from senior project engineer for Polaroid facilities to Senior Research Agent ensuring Fidelity Investments data quality and testing their computer system user experience.
Richard leaves behind his children Steven, Scott, and Lori. We aim to honor his legacy ahead with a compilation of his favorite works. And of course, the success of AIER and our “Everyman” mission is a testimony to his contributions!