Foster Stephen Friess (April 2, 1940 – May 27, 2021) was an American investment manager and prominent donor to the Republican Party and to Christian right causes. He unsuccessfully sought the Republican nomination for governor of Wyoming in the 2018 election, losing in the primary to State Treasurer Mark Gordon.
In 1999, CNBC dubbed Friess one of the "century’s great investors." 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."
Personal life
Friess was born on April 2, 1940, in Rice Lake, Wisconsin, the son of Ethel (Foster) and Albert Friess. He grew up on a farm, where his father was a cattle dealer. As a student at Rice Lake High School, Friess was valedictorian of his class and a member of the basketball and track teams.
A first-generation college graduate, Friess attended the University of Wisconsin (now University of Wisconsin–Madison), where he earned a degree in business administration. As a student, he served as president of Chi Phi fraternity, enrolled in the Reserve 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. Friess was a born-again Christian.
Personal style
Friess often joked about his wealth in public appearances, while at the same time drawing attention to his financial status. In early 2020, he said on his website that his business was worth $15 billion. although in 2012 he had told a reporter that he was not a billionaire. Estimates at that time placed his wealth in the hundreds of millions. At an event to celebrate Friess' 70th birthday, he gave away $7.7 million to the guests' favorite charities. He typically wore a cowboy hat in public. He embraced the Western image as part of moving to Jackson 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. Progressive website ThinkProgress reported Friess was funding Islamophobic campaigns, while he also made statements for moderate gay rights, citing them as an issue of religious liberty. He made a comment in jest during a media interview, when asked on the issue of birth control, he said women should simply put an aspirin between their knees rather than take birth control.
Career
After graduating from college, Friess trained to be an infantry platoon leader and served as the intelligence officer for the 1st Guided Missile Brigade at Fort Bliss, Texas. In 1965, he began his investment career, joining the Brittingham family-controlled NYSE member firm in Wilmington, Delaware, where he eventually rose to the position of Director of Research.
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 ended 1990, as one of the decade's top performers.
In 2001, Friess Associates partnered with Affiliated 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%. The company was purchased by its employees in 2013.
Political activism
Friess was a longtime Republican Party mega-donor, giving millions of dollars to Republican and conservative causes, especially on the Christian right.
Friess donated $250,000 to Rick Santorum's re-election campaign in 2006, and at least that amount to the Republican Governors' Association. Friess largely funded Santorum's unsuccessful campaign for the 2012 Republican presidential nomination. Friess was instrumental in keeping Santorum's flagging campaign alive by financing a super 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. According to campaign filings with the Federal Election Commission, Friess's contributions to the Red, White and Blue Fund amounted to more than 40% of its total assets, or $331,000 as of December 31, 2011.