Foster Friess

Foster Stephen Friess (born April 2, 1940) is an American businessman and supporter of conservative and evangelical Christian causes. He was a Republican candidate in the 2018 Wyoming gubernatorial election who lost in the primary to State Treasurer Mark Gordon.

This article is about the businessman. For the California fast food chain, see Fosters Freeze.

Foster Friess
Freiss at CPAC 2013
Born
Foster Stephen Friess

(1940-04-02) April 2, 1940
Rice Lake, Wisconsin, U.S.
EducationUniversity of Wisconsin–Madison (BA)
Occupation
  • Businessman
  • politician
  • philanthropist
  • political donor
Net worth$530 million (2012)[1]
Political partyRepublican
Spouse(s)
Lynnette Estes
(
m. 1962)
Children4
Military career
Allegiance United States
Service/branch United States Army
Years of service1960–1974
Rank Captain
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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." In 1999, CNBC dubbed Foster one of the "century’s great investors."[2] In June 2018, Forbes named Friess among the 10 Greatest Fund Managers of the generation, along with Warren Buffett and John Templeton.[3]

Personal life

Friess was born in 1940 in Rice Lake, Wisconsin.[4] As a student at Rice Lake High School, Friess was valedictorian of his class and a member of the basketball and track teams.[5]

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.[6]

Friess identifies as an evangelical Christian. Despite his professional success, he was unhappy because of a "marriage flirting with divorce and emotionally distant children" and as a result, in October 1978, became a born-again. [7]

Personal style

Foster Friess often jokes about his wealth in public appearances, while at the same time drawing attention to his financial status.[8] His website mentions that he managed a $15 billion business,[9] though in other statements he has said he is not a billionaire. Some estimates place his wealth is in the hundreds of millions.[10] Friess once gave away $7.7 million split among every table at an event to celebrate his 70th birthday.[11] He typically wears a cowboy hat in public. He embraced the western image as part of moving to Jackson Hole, Wyoming in 1992. He has said he made the move because Wyoming's lack of an income tax helped him avoid "increasingly onerous" taxes in Pennsylvania.[12] Liberal website Thinkprogress.org has characterized Friess as funding Islamophobic campaigns,[13] while he has also made statements championing the cause of religious liberty, notably with LGBT issues.[14] He has not backed down on a comment that in the past women who needed birth control put an aspirin between their knees.[15]

Career

After graduating from college, Foster trained to be an infantry platoon leader and served as the intelligence officer for the 1st Guided Missile Brigade at Fort Bliss, Texas. In 1964, 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.[16]

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%.[17] The company was purchased by its employees in 2013.[18]

Political activism
Foster Friess in Yellow Slicker
Excerpt from a pro-Santorum newspaper advertisement funded by Friess ahead of the 2012 Wisconsin primary

Friess has been an active patron of religious and conservative causes. He donated $250,000 to Rick Santorum's re-election campaign in 2006, and at least that amount to the Republican Governors' Association.[19]

He was instrumental in keeping the political campaign of 2012 presidential hopeful Rick Santorum 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.[20] 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.[21][22]

In the wake of the 2012 New Hampshire Republican primary, and before the South Carolina primary, Friess told Politico 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.[23] The million-dollar donation was conveyed in four checks between November 2011 and January 2012.[22]

In addition to Santorum's faith, pro-life stance, and hawkish foreign policy leanings, the possibility of defeating incumbent President Barack Obama was a major component of Friess's decision to back Santorum's campaign.[24] Friess reportedly considered major contributions to American Crossroads, the Superpac founded by Republican National Committee chair Ed Gillespie and former George W. Bush White House strategist Karl Rove.[25][26]

Friess also donated $100,000 to Wisconsin Governor Scott Walker to help defeat the Democrats' recall effort in 2011. He has reportedly invested more than $3 million in conservative commentator Tucker Carlson's The Daily Caller website.[19] At one of the semi-annual, private seminars held by the Koch brothers in June 2011, Friess was recognized for his donation exceeding $1 million to the Kochs' political activities.[27]

While being interviewed by NBC correspondent Andrea Mitchell regarding contraception, Friess said, "And this contraceptive thing, my gosh, it's so – it's such – inexpensive, you know, back in my days, they used Bayer Aspirin for contraception. The gals put it between their knees and it wasn't that costly."[22][28]

Friess is also an advisor to Turning Point USA, a conservative youth group which he donated seed money to.[29][30]

In October 2017, Friess said he was exploring a possible candidacy for the Senate challenging Wyoming Senator John Barrasso for the Republican nomination.[31] “When Steve Bannon asked me to run for Senate, it was the first serious request I’ve ever received, and I have committed to him to take time to explore it.” “I only wish I were running against someone other than John Barrasso, for whom I have the utmost respect.” However, in April 2018, he instead decided to enter the crowded Republican field to replace term-limited Governor Matt Mead.[32] Friess was defeated in the primary, coming second to State Treasurer Mark Gordon by 38,951 votes (33%) to 29,842 (25.3%).

Philanthropy

Friess and his wife run the Friess Family Foundation, whose activities include supporting Christian mobile medical services, sponsoring Water Mission's work to provide clean water in Malawi, and donating to relief and recovery efforts following natural disasters such as Hurricane Katrina, the 2004 Indonesian tsunami, and the 2010 Haiti earthquake.[33]

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.[34] He sponsored another matching grant for Hurricane Katrina relief efforts, raising more than $4 million.[34]

He supported a YMCA development in Maryvale, Arizona, along with several local mentoring and ministry programs.[35] He is the principal donor behind the Friess Family Community Campus, a $3.7 million complex equipped with football, baseball, softball fields, and a track at Rice Lake High School in his hometown.[36]

Foster also gained fame when news of his 70th birthday party spread.[37] At the lavish event he announced 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.[38]

Friess has won a number of awards for his religious work, including the Horatio Alger Award from the Horatio Alger Association of Distinguished Americans,[39] the Muhammad Ali Humanitarian Award presented by The Champ in 1999,[40] Canterbury Medal from the Beckett Fund for Religious Liberty,[41][42] the Adam Smith Award from Hillsdale College[43] the Albert Schweitzer Leadership Award from the Hugh O'Brian Youth Leadership Foundation[44] the David R. Jones Award for Leadership in Philanthropy[45] and a Medal of Distinction from the University of Delaware.[46]

Beginning in 2016, Friess chose to support Rachel's Challenge, a non-profit organization started in the name of Rachel Scott, the first victim of the Columbine High School massacre, by matching all donations up to $100,000.[47] Following the 2018 Parkland shooting, in a USA Today op-ed, Friess issued a $2.5 million challenge grant to groups like Sandy Hook Promise and Rachel's Challenge.[48][49]

References
  1. Frank, Robert (February 15, 2012). "What is Foster Friess Really Worth?". The Wall Street Journal. Retrieved October 6, 2018.
  2. Robert Barker (July 16, 2001). "Buy-and-Hold Isn't His Style". Bloomberg BusinessWeek. Retrieved September 19, 2011.
  3. "Greatest Fund Managers". Forbes. June 8, 2018. Retrieved September 19, 2018.
  4. "Welcome!". Rice-Lake.wi.us. Retrieved April 27, 2017.
  5. "rlhs_hall2003.cfm". RiceLake.k12.wi.us. Archived from the original on October 1, 2015. Retrieved April 27, 2017.
  6. "About". FosterFreiss.com.
  7. "About - Foster Friess". Retrieved November 18, 2019.
  8. https://www.wyofile.com/foster-friess/
  9. https://fosterfriess.com/wyoming/
  10. https://blogs.wsj.com/wealth/2012/02/15/what-is-foster-friess-worth/
  11. https://www.wyofile.com/foster-friess/
  12. https://www.wyofile.com/foster-friess/
  13. https://thinkprogress.org/who-is-foster-friess-seven-facts-you-need-to-know-295e30685747/
  14. https://www.buzzfeednews.com/article/chrisgeidner/republican-mega-donor-foster-friess-urges-moderate-path-on-g
  15. https://trib.com/news/state-and-regional/govt-and-politics/politics-why-foster-friess-isn-t-donald-trump/article_d0c07995-9a1b-5238-84a6-dc2848df47a8.html
  16. "Friess Associates". Brandywinefunds.com. August 8, 2011. Retrieved September 19, 2011.
  17. "Friess Associates : AMG Partnership". Brandywinefunds.com. n.d. Retrieved September 19, 2011.
  18. Baert, Rick (July 4, 2013). "Friess employees to buy back firm from AMG". Pensions & Investments. Retrieved October 8, 2014.
  19. Isikoff, Michael, "Wealthy Wyoming investment fund manager bankrolling pro-Santorum Super PAC", NBC News, January 4, 2012.
  20. Chrystia Freeland, Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else, New York: The Penguin Press, 2012, p. 246
  21. "FEC Disclosure Form 3 for RED WHITE AND BLUE FUND". Federal Election Commission. December 31, 2011. Archived from the original on July 14, 2012. Retrieved February 9, 2012.
  22. Dan Eggen and T.W. Farnam (February 21, 2012). "Super PAC donors revealed: Who are the power players in the GOP primary?". Washington Post. Retrieved February 22, 2012.CS1 maint: uses authors parameter (link)
  23. Kenneth P. Vogel, "3 billionaires who'll drag out the race", Politico, 2012-01-12, Retrieved January 16, 2012.
  24. Rutenberg, Jim; Confessore, Nicholas (February 9, 2012). ""Benefactor Likes Santorum Odds" (limited no-charge access)". The New York Times. Retrieved February 9, 2012.
  25. Unger, Craig (September 4, 2012). Boss Rove: Inside Karl Rove's Secret Kingdom of Power. New York: Simon and Schuster. p. 5. ISBN 9781451694932.
  26. Molly Redden, "Pac Man: An eccentric Republican billionaire contemplates his next move", The New Republic, February 8, 2012. Retrieved April 21, 2018.
  27. Aronsen, Gavin (September 6, 2011). "The Koch Brothers' Million-Dollar Donor Club". Mother Jones.
  28. Eggen, Dan (February 17, 2012). "Foster Friess aspirin joke shows danger to candidates of outside political groups". Washington Post. Retrieved February 22, 2012.
  29. "This Boy Wonder Is Building the Conservative MoveOn.org in an Illinois Garage". May 7, 2015. Retrieved April 27, 2017 – via www.Bloomberg.com.
  30. "Foster Friess - Turning Point USA". TPUSA.com. Retrieved April 27, 2017.
  31. Costa, Robert (October 9, 2017). "GOP megadonor Foster Friess exploring a run for U.S. Senate in Wyoming". Washington Post. Retrieved December 18, 2017.
  32. Jacksonite Friess to run for Wyoming governor, Jackson Hole News and Guide, John Spina, April 21, 2018. Retrieved April 21, 2018.
  33. "Carrying Others Burdens – Friess Family Foundation". FosterFriess.com. Archived from the original on February 16, 2012. Retrieved April 27, 2017.
  34. "Foster Friess". Nationalchristian.com. Archived from the original on January 30, 2013. Retrieved September 19, 2011.
  35. Debons, Amanda (April 7, 2008). "Opening of Maryvale YMCA celebrated". Azcentral.com. Retrieved September 19, 2011.
  36. "Board of Education – Buildings and Grounds Committee". RiceLake.k12.wi.us. Archived from the original on September 16, 2011. Retrieved September 19, 2011.
  37. "A Billionaire's Birthday Benefits Charity". Philanthropy.com. November 28, 2010. Retrieved April 27, 2017.
  38. "Wyoming Philanthropist Foster Friess: Hates taxes, opens wallet wide to those in need - WyoFile". WyoFile.com. January 17, 2012. Retrieved April 27, 2017.
  39. https://www.horatioalger.org/members_info.cfm?memberid=FRI12
  40. "Archived copy". Archived from the original on February 9, 2012. Retrieved February 10, 2012.CS1 maint: archived copy as title (link)
  41. "2002 Canterbury Medal Gala - Becket". BecketFund.org. Retrieved April 27, 2017.
  42. "Atlas Economic Research Foundation :: ATLAS FREEDOM DINNER 2004". Archived from the original on July 14, 2007. Retrieved November 14, 2019.
  43. Foster S. Friess (May 11, 2002). "What Kind of Society is Good for Business and Investing?". Hillsdale.edu. Retrieved September 19, 2011.
  44. "Hugh O'Brian Youth Leadership | HOBY". Archived from the original on June 7, 2008. Retrieved November 14, 2019.
  45. "The Fund for American Studies – Alumni". TFAS.org. Retrieved April 27, 2017.
  46. "Medals of Distinction / UDconnection". UDConnection.com. Retrieved April 27, 2017.
  47. "I'll match every dollar you contribute to Rachel's Challenge up to $100,000 - Foster Friess". Foster Friess. December 19, 2016. Retrieved August 3, 2018.
  48. "Foster Friess: We can stop school shootings. I'll match your donations up to $2.5 million". Foster Friess. March 9, 2018. Retrieved May 19, 2019.
  49. Kilgore, Ed (April 20, 2018). "GOP Moneybags Foster Friess to Run for Governor of Wyoming". Intelligencer. Retrieved July 8, 2020.

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