Financier №1 (41) 2026

How Do Women Differ from Men? Can women eventually master professions historically considered “male” and achieve results on par with men - or even surpass them in certain areas?

In this issue, dedicated to International Women’s Day, we discuss how investing and finance have ceased to be exclusively a man’s domain, and how women have achieved great success in these fields.

«Investing Is a Man’s Job»

Managing capital has historically been considered an exclusively male occupation. How did this come about? Why did someone decide that women have no place in investing and finance? There are several key prerequisites that used to prevent women from investing their money in market instruments.

• Traditions and Daily Life. Women were excluded from the economy: their roles were largely confined to family duties. Women did not make financial decisions or purchase property - in most cultures, men handled these activities. Women had no access to capital, which made their participation in investing impossible.
  It is hard to speak about financial management separately when women were restricted in a vast number of much more basic rights: the right to vote, the right to abortion, the right to pursue various professional activities, and even the right to education on equal terms with men.
• Education. Finance, economics and mathematics were long considered “male” disciplines. Boys were more likely to receive education related to trade, banking and entrepreneurship, while women were assigned the role of homemakers. Even if women had the means and opportunities to obtain such education, traditions often prevailed, and social norms hindered their active participation in financial markets.
  It was only in the 20th century that the picture began to change: After World War II, women gained widespread access to better education in finance and economics.

The Harvard MBA program was made accessible to women only in 1963, whereas men had been eligible to enroll since 1908

• Male Dominance. When women began to receive economic education and traditions no longer forced them to devote all their time to family, it turned out that men working in the financial sector were not eager to let anyone else into their profession.
  Banks, stock exchanges and investment clubs were closed structures that simply did not grant women access. Within these communities, a “self‑reproduction” effect was at work: investment knowledge, connections and capital were passed within male circles, and the official rules of the exchanges only facilitated this.
  A striking example is the New York Stock Exchange. Until 1967, women could not trade directly, nor could they be brokers or dealers. Just imagine: The 20th century was nearing its end, women had long possessed personal financial capital - yet to invest, they needed the help of male intermediaries: husbands, relatives or trusted brokers.

It was not until 1973 that the London Stock Exchange first admitted women to trade directly

Legal Barriers

Until 1974, women and men in the US did not have equal rights related to the ownership and management of finances. Banks often required that any financial commitment made by a woman - whether opening a savings account, obtaining a mortgage, or issuing a credit card - be endorsed with a man’s signature.

No matter how successful a woman was, the state still viewed her solely as a “wife” or an appendage to a man.

This was all because many Western laws were long based on the doctrine of coverture, which assumed the complete subsumption of a wife’s rights into those of her spouse. Although efforts were made to strengthen women’s rights through the Married Women’s Property Act in the late 19th century, elements of this doctrine had already permeated other laws and the social norms of communities.

As a result, women were not fully equalized with men in monetary and credit law until 1974 - with the passage of the Equal Credit Opportunity Act.

If It’s Not Allowed, But You Really Want To…

The barriers mentioned above did not stop women. They wanted and were able to invest, so they always found workarounds.

In the US, in 1870, the firm Woodhull, Claflin & Co. was established by Victoria Woodhull and Tennessee Claflin. They are considered the first female stockbrokers in history. In 1886, in the capital of Great Britain, Amy Elizabeth Bell opened a brokerage office exclusively for women. She helped her clients select stocks and then asked male brokers to purchase the necessary securities on the London Stock Exchange.

As a result, women gained access to the stock market. However, the problem of stereotypes persisted: no one was willing to take female brokers seriously.

 Geraldine Weiss  is one of the most prominent figures in the history of private investing in the US and a pioneer of the dividend‑focused approach. Despite her outstanding education in economics and financial analysis from the University of California, Weiss faced widespread scepticism. To circumvent gender‑based biases, she began publishing her investment recommendations under the name G. Weiss, concealing the fact that a woman stood behind this name.

In 1966, she launched the investment newsletter Investment Quality Trends, which, over the course of decades, offered promising and profitable investment ideas and managed to earn the trust of thousands of private investors. Geraldine Weiss shattered the stereotype by demonstrating that women are capable of developing and advancing fundamental investment approaches on par with men. However, she did not reveal her true identity to the general public until 1977.

 Lubna Olayan  is a symbol of emancipation and the transformation of women’s role in business in the East - and specifically in Saudi Arabia. Born into the family of Saudi businessman Suleiman Olayan, Lubna joined the family business - her father’s investment fund - as early as the 1980s. When she took the helm of the company, her firm, Olayan Group, became one of the largest institutional investors in the Saudi stock market.

After achieving success in the family business, Lubna became the first woman to serve as president of the Saudi Arab British Bank. All this happened at the heart of Eastern traditions.

Dear Ladies, Embrace Investment!

We have traversed a remarkable path - from an era when finance remained beyond our grasp, to a time when our expertise and vision are duly acknowledged in the sphere of investments. Allow us to share a few time-honoured recommendations to guide you in beginning your investment journey - and pursuing it with distinction.

• Exercise patience and take a long‑term approach.  Let us quote Warren Buffett: “The stock market is a device for transferring money from the impatient to the patient.” Therefore, do not rush: a long‑term strategy suits the majority of people worldwide.
  Here is an example of how patience paid off in my own experience. I began building a position in a gold ETF in August 2023. It showed no growth until March 2024, but I kept increasing my investment. Eventually, the position was closed in January 2026 with a return of 54.78%. I held it for two and a half years, without selling off during market corrections. The result: an excellent profit.
• Diversify. You need to allocate funds across different assets. This way, if one instrument underperforms, others will support your capital.
  Diversification is not just about holding a large number of stocks - it’s about including different types of assets. For example, in recent years, exchange‑traded funds (ETFs) tracking physical gold have performed exceptionally well, compensating for portfolio drawdowns during market corrections. ETFs should be part of any modern investor’s portfolio.
• Acknowledge risk and don’t be afraid of it. If all your savings are allocated in bank deposits, you are still taking a risk: inflation is right around the corner. When building an investment portfolio, you can manage risk. As a result, it may not be high - for example, if you allocate part of your funds to bonds. However, it is important to remember that low risks mean low returns. An investor’s skill lies in choosing a strategy with the most comfortable risk level.
• Bet on quality. You have a choice: a wardrobe full of clothes from AliExpress or five to six outfits - but from Gucci, Versace and Dolce & Gabbana. I prefer the latter option, both in fashion and in investments. I do not buy shares of unprofitable companies, nor those that have recently gone public via an IPO. Instead, I invest only in reliable businesses with growing profit and revenue figures. Investing is not a lottery: success depends on your ability to assess probabilities. 
  There is no 100 % chance of hitting the target, but that’s what the aforementioned diversification is for.
• Your experience is your greatest strength. The best day to plant a tree was 20 years ago; the next best day is today. Having even a small but real brokerage account - and managing it consciously - will teach you to invest better than any course ever could. I’ve always regretted not starting to invest earlier, due to a lack of confidence in my own abilities.

The art of capital management, much like the skill of cycling, cannot be fully acquired through theoretical study alone. Practical experience plays a critical role in this domain. The crucial first step is to begin actively working toward achieving financial well‑being.