Foster Friess
Encyclopedia
Foster Stephen Friess is an American
businessman and supporter of conservative Christian
causes. In a 2001 article, BusinessWeek
suggested Friess "may be the longest-surviving successful growth-stock picker, having navigated markets for 36 years, in his own firm since 1974."
, a town of approximately 5,000 people. His father was a cattle dealer with a high school education and his mother dropped out of 8th grade to pick cotton on the family farm to rescue it from bankruptcy. While earning a degree in Business Administration from the University of Wisconsin, he served as president of the Chi Phi
Fraternity, enrolled in the Reserve Officers' Training Corps
and was named one of the "ten most outstanding senior men." In 1962 Foster married Lynnette Estes and two sons, two daughters and eight grandchildren followed. Foster is a born-again evangelical Christian.
, Texas
. In 1964, Foster launched his investment career with the Brittingham family-controlled NYSE member firm in Wilmington, Delaware
, eventually becoming Director of Research. Success came slowly during the beginning years of building his own investment management firm, Friess Associates which he and Lynn launched in 1974.
The firm grew to over $15.7 billion (assets under management) before Foster turned the reigns over to new management in 2001. Forbes
named Brandywine Fund, Friess Associates flagship, as one of the decade's top performers as a result of its average 20% annual gains in the 1990s. In 2001, Friess Associates sought and found a partner in AMG to facilitate succession planning and spread ownership among Friess teammates. AMG first acquired a majority interest in Friess Associates in October 2001 and today holds a 70% interest. 20% equity ownership of the firm is held by a broad group of key Friess teammates, including senior management and researchers. The Friess Family retains 10% equity.
's administration has been an active patron of a number of religious and conservative causes including:
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman and supporter of conservative Christian
Christian
A Christian is a person who adheres to Christianity, an Abrahamic, monotheistic religion based on the life and teachings of Jesus of Nazareth as recorded in the Canonical gospels and the letters of the New Testament...
causes. In a 2001 article, BusinessWeek
BusinessWeek
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
suggested Friess "may be the longest-surviving successful growth-stock picker, having navigated markets for 36 years, in his own firm since 1974."
Life
Foster Friess was born in 1940 in Rice Lake, WisconsinRice Lake, Wisconsin
Rice Lake is a city in Barron County in the U.S. state of Wisconsin. As of the 2000 census, the city had a total population of 8,320. The city is located mostly within the Town of Rice Lake.-Geography:Rice Lake is located at ....
, a town of approximately 5,000 people. His father was a cattle dealer with a high school education and his mother dropped out of 8th grade to pick cotton on the family farm to rescue it from bankruptcy. While earning a degree in Business Administration from the University of Wisconsin, he served as president of the Chi Phi
Chi Phi
The Chi Phi ' Fraternity is an American College Social Fraternity that was established as the result of the merger of three separate organizations that were each known as Chi Phi. The oldest active organization that took part in the union was originally founded in 1824 at Princeton...
Fraternity, enrolled in the Reserve Officers' Training Corps
Reserve Officers' Training Corps
The Reserve Officers' Training Corps is a college-based, officer commissioning program, predominantly in the United States. It is designed as a college elective that focuses on leadership development, problem solving, strategic planning, and professional ethics.The U.S...
and was named one of the "ten most outstanding senior men." In 1962 Foster married Lynnette Estes and two sons, two daughters and eight grandchildren followed. Foster is a born-again evangelical Christian.
Career
After graduating from the University of Wisconsin, Foster trained to be an infantry platoon leader and served as the intelligence officer for the First Guided Missile Brigade, Fort BlissFort Bliss
Fort Bliss is a United States Army post in the U.S. states of New Mexico and Texas. With an area of about , it is the Army's second-largest installation behind the adjacent White Sands Missile Range. It is FORSCOM's largest installation, and has the Army's largest Maneuver Area behind the...
, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
. In 1964, Foster launched his investment career with the Brittingham family-controlled NYSE member firm in Wilmington, Delaware
Wilmington, Delaware
Wilmington is the largest city in the state of Delaware, United States, and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. It is the county seat of New Castle County and one of the major cities in the Delaware Valley...
, eventually becoming Director of Research. Success came slowly during the beginning years of building his own investment management firm, Friess Associates which he and Lynn launched in 1974.
The firm grew to over $15.7 billion (assets under management) before Foster turned the reigns over to new management in 2001. Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
named Brandywine Fund, Friess Associates flagship, as one of the decade's top performers as a result of its average 20% annual gains in the 1990s. In 2001, Friess Associates sought and found a partner in AMG to facilitate succession planning and spread ownership among Friess teammates. AMG first acquired a majority interest in Friess Associates in October 2001 and today holds a 70% interest. 20% equity ownership of the firm is held by a broad group of key Friess teammates, including senior management and researchers. The Friess Family retains 10% equity.
Awards and achievements
- Childhelp Spirit of the Children Award, 2010
- Paul Weyrich Award, Benefactor of the Year, 2009
- Muhammad Ali Humanitarian Award presented by the Champ.
- Humanitarian of the Year presented at the National Charity Awards Dinner.
- Canterbury Medal from the Beckett Fund for Religious Liberty
- Adam Smith Award from Hillsdale CollegeHillsdale CollegeHillsdale College in Hillsdale, Michigan, United States, is a co-educational liberal arts college known for being the first American college to prohibit in its charter all discrimination based on race, religion, or sex; its refusal of government funding; and its monthly publication, Imprimis...
- Albert Schweitzer Leadership Award from Hugh O'Brian Youth Leadership FoundationHugh O'Brian Youth Leadership FoundationHugh O'Brian Youth Leadership is an organization dedicated to training and nurturing the young leaders of tomorrow. Its mission is to provide lifelong leadership development opportunities that empower youth to achieve their highest potential....
- David R. Jones Award for Leadership in Philanthropy
- Thomas J. Reese Award from Catholic CharitiesCatholic CharitiesCatholic Charities is a network of charities whose aim is "to provide service to people in need, to advocate for justice in social structures, and to call the entire church and other people of good will to do the same." It is one of the largest charities in the United States...
tribute in 2001 - Medal of Distinction from the University of DelawareUniversity of DelawareThe university is organized into seven colleges:* College of Agriculture and Natural Resources* College of Arts and Sciences* Alfred Lerner College of Business and Economics* College of Earth, Ocean and Environment* College of Education and Human Development...
- Maryvale, AZ 'Man of the Year' Award
- Citizen of the Month Jackson Hole, WY Rotary Club
- Delaware Business Leaders Hall of Fame
- Honorary Degrees from Pepperdine UniversityPepperdine UniversityPepperdine University is an independent, private, medium-sized university affiliated with the Churches of Christ. The university's campus overlooking the Pacific Ocean in unincorporated Los Angeles County, California, United States, near Malibu, is the location for Seaver College, the School of...
, Regent UniversityRegent UniversityRegent University is a private coeducational interdenominational Christian university located in Virginia Beach, Virginia, United States. The school was founded by the American televangelist Pat Robertson in 1978 as Christian Broadcasting Network University. A satellite campus located in...
, and Goldey Beacom College
Political Activism
Foster, a Republican donor and supporter of George W. BushGeorge W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
's administration has been an active patron of a number of religious and conservative causes including:
- Private Sector Solutions, a network of leaders developing private sector solutions to augment, preempt or replace government services
- LibForAll and other groups building a global counter-extremism network
- Patient-driven health care through Free Market Cure and other groups
- Choice in Education through Alliance for School Choice, All Children Matter and others
Philanthropy
- Lynn and Foster Friess Family Foundation
- Contributors to the National Museum of Wildlife Art in Jackson Hole, WY
- Founding grant for Good Samaritan Health Services - Mobile Medical Care in Tulsa, OK.
- $100,000 challenge grants for communities who want to start Mobile Medical Care programs
- Matching challenge grant helped raise over $2 million in relief money for Tsunami victims in Sri LankaSri LankaSri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...
. Foster personally traveled to the hardest-hit areas to speak with local church and organization leaders to identify the best efforts. - Another matching grant administered through the NCF Giving Fund sent more than $4 million to provide hot meals and other relief support to Katrina Victims.
- Supported a new YMCA development in Maryvale, AZ along with several local mentoring and ministry programs
- Was principle donor in the "Friess Family Community Campus," at Rice Lake High School, a $3.7 Million complex featuring a football field, WIAA-approved track, a baseball field, and a softball field.
- Currently, Foster and Lynn Friess are actively raising money to help orphans in Haiti. The couple have committed to matching all donations to the Haiti Renewal Fund up to $2 million.
External links
- FosterFriess.com
- National Christian Foundation Profile: Foster Friess
- Foster Friess' introduction to the film Obsession
- Don't Fence Him In: Foster Friess explains his individualistic approach to managing the Brandywine fund. CNN Money, July 1, 2001
- Spot growth stocks -- but at the right price MSN Money, accessed May 27, 2008