Foster Friess | |
|---|---|
 Friess in March 2017 | |
| Born | Foster Stephen Friess (1940-04-02)April 2, 1940 |
| Died | May 27, 2021(2021-05-27) (aged 81) Scottsdale, Arizona, U.S. |
| Education | University of Wisconsin–Madison (BA) |
| Occupations |
|
| Political party | Republican |
| Spouse | |
| Children | 4 |
| Military career | |
| Branch | United States Army |
| Years of service | 1960–1965 |
| Rank | Captain |
Foster Stephen Friess (April 2, 1940 – May 27, 2021) was an American investment manager and prominent donor to theRepublican Party and toChristian right causes. He unsuccessfully sought the Republican nomination forgovernor of Wyoming in the2018 election, losing in the primary to state treasurerMark Gordon. In 1999,CNBC dubbed Friess one of the "century's great investors".[1] 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."[2]
Friess was born on April 2, 1940 inRice Lake, Wisconsin, the son of Ethel (Foster) and Albert Friess.[3] His father was a cattle rancher and he grew up on the farm.[3] As a student atRice Lake High School in Rice Lake, Friess wasvaledictorian of his class and a member of the basketball and track teams.[4]
A first-generation college graduate, Friess attended theUniversity of Wisconsin (now University of Wisconsin–Madison), where he earned a degree in business administration. As a student, he served as president ofChi Phi fraternity, enrolled in theReserve Officers' Training Corps, and was named one of the "ten most outstanding senior men." In 1962, he married fellow student Lynnette Estes, with whom he had four children.[5] Friess was aborn-again Christian.[6]
After graduating from college, Friess trained to be an infantry platoon leader and served as the intelligence officer for the 1st Guided Missile Brigade atFort Bliss,Texas. In 1965, he began his investment career, joining the Brittingham family-controlled NYSE member firm inWilmington, Delaware, where he eventually rose to the position of director of research.[5][7][8]
In 1974, Friess and his wife launched their own investment management firm, Friess Associates, LLC. Although success came slowly in its early years, the firm grew to over $15.7 billion in assets managed.Forbes named the Brandywine Fund, a Friess Associates flagship that boasted an average of 20% annual gains in the decade ending in 1990, as one of the decade's top performers.[9]
In 2001, Friess Associates partnered withAffiliated Managers Group (AMG), an asset-management firm, to facilitate succession planning and to spread ownership among its partners. AMG acquired a majority interest in Friess Associates in October 2001 and held a 70% interest as of September 2011. A broad group of Friess partners, including senior management and researchers, held 20% equity ownership, while the Friess family retained 10%.[10] The company was purchased by its employees in 2013.[11]
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Friess was a longtimeRepublican Party mega-donor, giving millions of dollars to Republican and conservative causes,[12][13] especially on theChristian right.[14][15]
Friess donated $250,000 toRick Santorum'sre-election campaign in 2006, and at least the same amount to the Republican Governors' Association.[16] Friess largely funded Santorum's unsuccessful campaign for the2012 Republican presidential nomination.[14] Friess was instrumental in keeping Santorum's flagging campaign alive by financing asuper PAC, the Red, White and Blue Fund, which ran television advertisements on behalf of Santorum, who was unable to run a television campaign with his own funds.[17] According to campaign filings with theFederal Election Commission, Friess' contributions to the Red, White and Blue Fund were more than 40% of its total assets, or $331,000 as of December 31, 2011.[18][19]
In the wake of the2012 New Hampshire Republican primary, and before theSouth Carolina primary, Friess toldPolitico that he was "putting together a challenge grant to encourage other wealthy donors to give to the Red, White and Blue Fund, ... he said [the fund] received a $1 million check" the day after the New Hampshire vote.[20] The million-dollar donation was conveyed in four checks between November 2011 and January 2012.[19]
In addition to Santorum's faith, opposition to women’s abortion rights, and hawkish foreign policy leanings, the possibility of defeating incumbentPresident Barack Obama was a major component of Friess's decision to back Santorum's campaign.[21] Friess reportedly considered major contributions toAmerican Crossroads, the super PAC founded byRepublican National Committee chairEd Gillespie andKarl Rove, a former White House strategist forPresident George W. Bush .[22][23]
Friess also donated $100,000 toWisconsin GovernorScott Walker to help defeat the Democrats'recall effort in 2011. He reportedly invested more than $3 million in conservative commentatorTucker Carlson'sThe Daily Caller website.[16] At one of the semi-annual, private seminars held by theKoch brothers in June 2011, Friess was recognized for his donation exceeding $1 million to theKochs' political activities.[24]
While being interviewed by NBC correspondentAndrea Mitchell regardingcontraception, Friess said, "... this contraceptive thing, my gosh, it's so–it's such–inexpensive, you know, back in my days, they usedBayer Aspirin for contraception. The gals put it between their knees and it wasn't that costly."[19][25] Friess later apologized for the comment.[26]
Friess was also an advisor toTurning Point USA, a conservative youth organization to which he donated seed money.[27] In October 2017, he said that he was exploring a possible candidacy for the Senate challenging Wyoming SenatorJohn Barrasso for the Republican nomination,[28] at the request ofSteve Bannon.[29] However, in April 2018, he instead decided to enter thecrowded Republican field to replace term-limited GovernorMatt Mead. Friess was defeated in the primary, coming in second to State TreasurerMark Gordon by 38,951 votes (33%) to 29,842 (25.3%).[29]
Friess and his wife ran the Friess Family Foundation, which declares its activities as including the support of Christian mobile medical services, sponsoringWater Mission's work to provide clean water inMalawi, and donating to relief and recovery efforts following natural disasters such asHurricane Katrina, the2004 Indonesian tsunami, and the2010 Haiti earthquake.[30]
Friess sponsored a matching grant program to raise $2 million for relief efforts for the 2004 Indonesian tsunami and traveled to the areas most affected by the earthquake and tsunami in order to speak with local church and organization leaders to identify the best efforts to support.[31] He sponsored another matching grant for Hurricane Katrina relief efforts, raising more than $4 million.[31]
Friess supportedCommunity Options, a national nonprofit which develops housing and employment for people with disabilities.[32] He supported aYMCA development inMaryvale, Arizona, along with several local mentoring and ministry programs.[33] He was the principal donor behind the Friess Family Community Campus, a $3.7 million complex equipped with football, baseball, softball fields, and a track atRice Lake High School in his hometown.[34]
Friess gained fame when news of his 70th birthday party spread.[35] At the lavish event he announced that he would give one charity nominated by his guests $70,000. He surprised his guests by giving each of their favorite charities $70,000, totaling over $7 million.[36] In addition he was the primary donor to a Classical Christian school, Jackson Hole Classical Academy inJackson, Wyoming.
Friess won many awards for his religious work including the 2012 Horatio Alger Award from theHoratio Alger Association of Distinguished Americans,[37] theCanterbury Medal from theBecket Fund for Religious Liberty,[38][39] the Adam Smith Award fromHillsdale College,[40] the Albert Schweitzer Leadership Award from theHugh O'Brian Youth Leadership Foundation,[41] the David R. Jones Award for Leadership in Philanthropy,[42] and a Medal of Distinction from theUniversity of Delaware inNewark.[43]
According to his website, Friess in 2016 began supportingRachel's Challenge, a non-profit organization started in the name ofRachel Scott, the first victim of theColumbine High School massacre, by matching all donations up to $100,000.[44] Following the 2018 Parkland shooting, in aUSA Today op-ed, Friess issued a $2.5 million challenge grant to groups likeSandy Hook Promise and Rachel's Challenge.[45][46]
Friess often joked about his wealth in public appearances, while at the same time drawing attention to his financial status.[36] In early 2020, he said on his website that his business was worth $15 billion,[47] although in 2012 he had told a reporter that he was not a billionaire.[48] Estimates at that time placed his wealth in the hundreds of millions.[49]
At an event to celebrate Friess' 70th birthday, he gave $7.7 million to the guests' favorite charities.[36] He typically wore acowboy hat in public. He embraced the Western image as part of moving toJackson Hole, Wyoming, in 1992. He said he made the move because Wyoming's lack of an income tax helped him avoid "increasingly onerous" taxes in Pennsylvania.[36] Progressive websiteThinkProgress reported Friess was funding Islamophobic campaigns,[50] while he also made statements for moderate gay rights, citing them as an issue of religious liberty.[51] During a media interview, when asked a question aboutbirth control, he said women should simply put an aspirin between their knees rather than take birth control.[52]
Friess was diagnosed withmyelodysplasia, abone marrow cancer, in September 2020.[53] He died on May 27, 2021 inScottsdale, Arizona, at the age of 81.[53][54]
| Party | Candidate | Votes | % | |
|---|---|---|---|---|
| Republican | Mark Gordon | 38,951 | 33.0 | |
| Republican | Foster Friess | 29,842 | 25.3 | |
| Republican | Harriet Hageman | 25,052 | 21.2 | |
| Republican | Sam Galeotos | 14,554 | 12.3 | |
| Republican | Taylor Haynes | 6,511 | 5.5 | |
| Republican | Bill Dahlin | 1,763 | 1.5 | |
| n/a | Under votes | 1,269 | 1.1 | |
| Republican | Write-ins | 113 | 0.0 | |
| n/a | Over votes | 46 | 0.0 | |
| Total votes | 118,101 | 100.0 | ||
Over 40 years of building and managing a $15 billion business, I never forgot who's money I was investing
