Jan 2001
In the final analysis, money managers operate within the bounds of what their clients allow. When some investors insisted that their portfolio managers chase faddish investments, our clients gave us the flexibility to acquire out-of-favor investments with an eye toward the future. As a result, during the indexing fad and high tech bubble we were able to acquire a number of stocks at very attractive prices, while other managers felt compelled to cater to their clients’ fashionable (and expensive) tastes. Your understanding and acceptance of our investment strategy has made it much easier to achieve the success we both seek.