Foster Friess

Foster Friess was a prominent American businessman, investor, and philanthropist who founded Friess Associates, a successful investment management firm. Here are some key details about his life and career:

Early Life and Education

Foster Friess was born in 1940 in Rice Lake, Wisconsin.1 He grew up in a modest family, with his father working as a cattle dealer.2 Friess excelled academically and athletically in high school, serving as valedictorian, class president, and captain of multiple sports teams.1

He went on to attend the University of Wisconsin, where he earned a degree in business administration and served as president of his fraternity.1 It was during his time at university that he met his future wife, Lynnette Estes.1

Career in Finance

After graduating, Friess served as an Army Intelligence Officer.1 In 1965, he began his investment career in Wilmington, Delaware, working for Brittingham, Inc.13

In 1974, at the age of 34, Friess founded his own investment management firm, Friess Associates.13 The company's flagship Brandywine Fund became highly successful, averaging 20% annual gains in the 1990s.1 Under his leadership, the firm grew to manage $17 billion in assets.3

Investment Philosophy and Success

Friess was known for his growth stock picking strategy and was dubbed "one of the century's great investors" by CNBC.1 He was also recognized alongside other legendary investors like Warren Buffet and Peter Lynch.1

Philanthropy and Later Life

Foster and Lynn Friess were active philanthropists, donating over $500 million in their lifetime.1 Their charitable efforts spanned various causes, including disaster relief, civil rights, and education.1

In 2001, Friess sold a majority stake in his firm to Affiliated Managers Group but remained involved in its activities.3 He later retired to Wyoming and Arizona, though he continued to be active in investing and philanthropy.3

Foster Friess passed away on May 27, 2021, at the age of 81.13