Morningstar Advisor - Summer 2007 - (Page 43) Undiscovered Managers John Osterweis It began, appropriately enough, with a long run. It was 1983. John Osterweis was bored. More than a decade as an analyst for E. F. Hutton and other regional brokers in San Francisco hadn’t soured him on researching and recommending stocks. But he was tired of many of the other duties that came with being a sell-side analyst, particularly those related to bringing in investment banking business. “There were a lot of pressures that had nothing to do with investing,” Osterweis would say later. And he wanted to invest. A number of clients, friends, family members, and acquaintances had given him money to manage in discretionary accounts (sell-side analysts could do that back then), and he was developing a knack for buying out-of-favor stocks that had the assets to regain the market’s good graces. Osterweis, an avid marathon and ultramarathon runner, said as much to his running partner at the time, who just happened to be Warren Hellman, the scion of a wealthy San Francisco investment banking family who had recently returned to the West Coast to start his own firm after a star turn at Lehman Brothers in New York. Hellman, who was also hooked on endurance sports, also just happened to be looking for a new money manager for some of his family’s considerable wealth. The budding private equity investor, who would later make profitable plays for DoubleClick and the Nasdaq Stock Market, offered to help Osterweis start his own advisory firm and give him some of the Hellman Marathon Man John Osterweis is on a good run buying trampled companies that can seize a growth opportunity and break away from the pack. by Dan Culloton MorningstarAdvisor.com 43 http://MorningstarAdvisor.com
Table of Contents Feed for the Digital Edition of Morningstar Advisor - Summer 2007 Morningstar Advisor - Summer 2007 Contents Letter from the Publisher Get to Know the Bond “All-Stars” Research Briefs Our Stewardship Test Gets Tougher Save It for Later Too Many Oranges Best of Both Worlds No Two Clients Are Alike When It Comes to VAs, It’s Seller Beware Hands On: Finding the Suitable Fund Share Class for Your Client Fund Style Can Drift Off Course Sticking to Their Style, Through Thick and Thin Marathon Man Growth, With a Chaser A Menu of Ideas to Fill Five Market Baskets Funds: Finding Funds with Conviction Stocks: So You Say You Want Income? All Eyes on China Mutual Fund Analyst Picks Undervalued Stocks Most Popular Variable Annuities What’s New at Morningstar and on the Web The Advisor’s Economic Moat Morningstar Advisor - Summer 2007 Morningstar Advisor - Summer 2007 - Morningstar Advisor - Summer 2007 (Page Cover1) Morningstar Advisor - Summer 2007 - Morningstar Advisor - Summer 2007 (Page Cover2) Morningstar Advisor - Summer 2007 - Contents (Page 1) Morningstar Advisor - Summer 2007 - Contents (Page 2) Morningstar Advisor - Summer 2007 - Contents (Page 3) Morningstar Advisor - Summer 2007 - Contents (Page 4) Morningstar Advisor - Summer 2007 - Letter from the Publisher (Page 5) Morningstar Advisor - Summer 2007 - Letter from the Publisher (Page 6) Morningstar Advisor - Summer 2007 - Letter from the Publisher (Page 7) Morningstar Advisor - Summer 2007 - Get to Know the Bond “All-Stars” (Page 8) Morningstar Advisor - Summer 2007 - Get to Know the Bond “All-Stars” (Page 9) Morningstar Advisor - Summer 2007 - Research Briefs (Page 10) Morningstar Advisor - Summer 2007 - Research Briefs (Page 11) Morningstar Advisor - Summer 2007 - Our Stewardship Test Gets Tougher (Page 12) Morningstar Advisor - Summer 2007 - Our Stewardship Test Gets Tougher (Page 13) Morningstar Advisor - Summer 2007 - Save It for Later (Page 14) Morningstar Advisor - Summer 2007 - Save It for Later (Page 15) Morningstar Advisor - Summer 2007 - Too Many Oranges (Page 16) Morningstar Advisor - Summer 2007 - Too Many Oranges (Page 17) Morningstar Advisor - Summer 2007 - Best of Both Worlds (Page 18) Morningstar Advisor - Summer 2007 - Best of Both Worlds (Page 19) Morningstar Advisor - Summer 2007 - Best of Both Worlds (Page 20) Morningstar Advisor - Summer 2007 - No Two Clients Are Alike (Page 21) Morningstar Advisor - Summer 2007 - When It Comes to VAs, It’s Seller Beware (Page 22) Morningstar Advisor - Summer 2007 - When It Comes to VAs, It’s Seller Beware (Page 23) Morningstar Advisor - Summer 2007 - When It Comes to VAs, It’s Seller Beware (Page 24) Morningstar Advisor - Summer 2007 - When It Comes to VAs, It’s Seller Beware (Page 25) Morningstar Advisor - Summer 2007 - When It Comes to VAs, It’s Seller Beware (Page 26) Morningstar Advisor - Summer 2007 - When It Comes to VAs, It’s Seller Beware (Page 27) Morningstar Advisor - Summer 2007 - When It Comes to VAs, It’s Seller Beware (Page 28) Morningstar Advisor - Summer 2007 - Hands On: Finding the Suitable Fund Share Class for Your Client (Page 29) Morningstar Advisor - Summer 2007 - Hands On: Finding the Suitable Fund Share Class for Your Client (Page 30) Morningstar Advisor - Summer 2007 - Hands On: Finding the Suitable Fund Share Class for Your Client (Page 31) Morningstar Advisor - Summer 2007 - Hands On: Finding the Suitable Fund Share Class for Your Client (Page 32) Morningstar Advisor - Summer 2007 - Hands On: Finding the Suitable Fund Share Class for Your Client (Page 33) Morningstar Advisor - Summer 2007 - Fund Style Can Drift Off Course (Page 34) Morningstar Advisor - Summer 2007 - Fund Style Can Drift Off Course (Page 35) Morningstar Advisor - Summer 2007 - Fund Style Can Drift Off Course (Page 36) Morningstar Advisor - Summer 2007 - Sticking to Their Style, Through Thick and Thin (Page 37) Morningstar Advisor - Summer 2007 - Sticking to Their Style, Through Thick and Thin (Page 38) Morningstar Advisor - Summer 2007 - Sticking to Their Style, Through Thick and Thin (Page 39) Morningstar Advisor - Summer 2007 - Sticking to Their Style, Through Thick and Thin (Page 40) Morningstar Advisor - Summer 2007 - Sticking to Their Style, Through Thick and Thin (Page 41) Morningstar Advisor - Summer 2007 - Sticking to Their Style, Through Thick and Thin (Page 42) Morningstar Advisor - Summer 2007 - Marathon Man (Page 43) Morningstar Advisor - Summer 2007 - Marathon Man (Page 44) Morningstar Advisor - Summer 2007 - Marathon Man (Page 45) Morningstar Advisor - Summer 2007 - Marathon Man (Page 46) Morningstar Advisor - Summer 2007 - Marathon Man (Page 47) Morningstar Advisor - Summer 2007 - Growth, With a Chaser (Page 48) Morningstar Advisor - Summer 2007 - Growth, With a Chaser (Page 49) Morningstar Advisor - Summer 2007 - Growth, With a Chaser (Page 50) Morningstar Advisor - Summer 2007 - Growth, With a Chaser (Page 51) Morningstar Advisor - Summer 2007 - A Menu of Ideas to Fill Five Market Baskets (Page 52) Morningstar Advisor - Summer 2007 - A Menu of Ideas to Fill Five Market Baskets (Page 53) Morningstar Advisor - Summer 2007 - A Menu of Ideas to Fill Five Market Baskets (Page 54) Morningstar Advisor - Summer 2007 - A Menu of Ideas to Fill Five Market Baskets (Page 55) Morningstar Advisor - Summer 2007 - A Menu of Ideas to Fill Five Market Baskets (Page 56) Morningstar Advisor - Summer 2007 - A Menu of Ideas to Fill Five Market Baskets (Page 57) Morningstar Advisor - Summer 2007 - Funds: Finding Funds with Conviction (Page 58) Morningstar Advisor - Summer 2007 - Funds: Finding Funds with Conviction (Page 59) Morningstar Advisor - Summer 2007 - Stocks: So You Say You Want Income? (Page 60) Morningstar Advisor - Summer 2007 - Stocks: So You Say You Want Income? (Page 61) Morningstar Advisor - Summer 2007 - Stocks: So You Say You Want Income? (Page 62) Morningstar Advisor - Summer 2007 - All Eyes on China (Page 63) Morningstar Advisor - Summer 2007 - All Eyes on China (Page 64) Morningstar Advisor - Summer 2007 - All Eyes on China (Page 65) Morningstar Advisor - Summer 2007 - All Eyes on China (Page 66) Morningstar Advisor - Summer 2007 - All Eyes on China (Page 67) Morningstar Advisor - Summer 2007 - Mutual Fund Analyst Picks (Page 68) Morningstar Advisor - Summer 2007 - Mutual Fund Analyst Picks (Page 69) Morningstar Advisor - Summer 2007 - Mutual Fund Analyst Picks (Page 70) Morningstar Advisor - Summer 2007 - Mutual Fund Analyst Picks (Page 71) Morningstar Advisor - Summer 2007 - Undervalued Stocks (Page 72) Morningstar Advisor - Summer 2007 - Undervalued Stocks (Page 73) Morningstar Advisor - Summer 2007 - Most Popular Variable Annuities (Page 74) Morningstar Advisor - Summer 2007 - Most Popular Variable Annuities (Page 75) Morningstar Advisor - Summer 2007 - What’s New at Morningstar and on the Web (Page 76) Morningstar Advisor - Summer 2007 - What’s New at Morningstar and on the Web (Page 77) Morningstar Advisor - Summer 2007 - What’s New at Morningstar and on the Web (Page 78) Morningstar Advisor - Summer 2007 - What’s New at Morningstar and on the Web (Page 79) Morningstar Advisor - Summer 2007 - The Advisor’s Economic Moat (Page 80) Morningstar Advisor - Summer 2007 - The Advisor’s Economic Moat (Page Cover3) Morningstar Advisor - Summer 2007 - The Advisor’s Economic Moat (Page Cover4)
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