From Wikipedia, the free encyclopedia
Foster Stephen Friess (born April 2, 1940 in Rice Lake, WI) 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."[1]
Life
Foster Friess was born in 1940 in Rice Lake, Wisconsin, 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 his 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.
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 Bliss, 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.[2]
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 Associatesin 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.[3]
Awards and Achievements
Political Activism
Foster, a Republican donor and supporter of George W. Bush's administration has been an active patron of a number of religious and conservative causes including:
Philanthropy
- Lynn and Foster Friess Family Foundation [9]
- Contributors to the National Wildlife Art Museum 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[10]
- Matching challenge grant helped raise over $2 million in relief money for Tsunami victims in Sri Lanka. Foster personally traveled to the hardest-hit areas to speak with local church and organization leaders to identify the best efforts.[11]
- 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.[11]
- Supported a new YMCA development in Maryvale, AZ[12] 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.[13]
- 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
References
Wikis
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