1st Quarter 2013
“Never read predictions, especially about the future” —Casey Stengel, legendary Mets manager
To our clients and friends:
"When things are going well and prices are high, investors rush to buy, forgetting all prudence. Then when there is chaos all around and assets are on the bargain counter, they lose all willingness to bear risk and rush to sell. And it will ever be so." —Howard Marks, author of “The Most Important Thing Illuminated” (Jan.2013)
First, a personal note: A few weeks ago, I had the privilege of attending the 2nd annual Elite Private Wealth workshop in Orlando hosted by Private Wealth magazine, an industry leader catering to the clients of wealth managers. I use the term “privilege” because I was one of about 50 or 60 advisors from around the country in attendance who were fortunate enough to witness the brightest minds in our industry discuss timely and cutting-edge topics for the affluent investor.
Among the personal highlights for me was meeting two individuals well-known to the investing community. The first was Dan Fuss, the legendary manager of the $23 billion Loomis, Sayles bond fund and former Morningstar Manager of the Year. Many of our clients have profited from owning his bond fund over the years. It turns out that Mr. Fuss graduated from Marquette University with my father in 1955—he’s also a Red Sox fan—two tidbits you’d never find in the financial press. As Morningstar so aptly put it:
“We think [Manager Dan] Fuss is one of the best bond fund managers in the business, with his nearly 50 years of investment experience providing an invaluable perspective on the markets. He is a disciplined, patient, and independent thinker, willing to stand apart from the market consensus when his analysis indicates it will be profitable to do so.”
The second highlight was meeting Ron Paul (you’ve all heard of him before). Dr. Paul spoke at our luncheon of the “big picture” (as opposed to focusing on the stock market per se) and spent most of his time emphasizing the importance of protecting personal liberties in our society. Whether you agree or disagree with his brand of political philosophy, he conducted himself in a gracious and open-minded manner with those of us who had the opportunity to speak with him personally. It was an honor to hear him speak.
About the Author
Fama Fiduciary Wealth LLC is an SEC-Registered Investment Advisory firm originally established in 2001 under the name of Andrew J. Fama Asset Management. With over 30 years of experience representing financial institutions, businesses and individuals, Mr. Fama understands the risks inherent in all types of investments.
To learn more about Andrew J. Fama click here.