Morningstar Advisor - August/September 2012 - (Page 60)
Undiscovered Managers
Small Companies Mean the World to Him
By Kate Stalter
Wasatch veteran Robert Gardiner starts a new firm but brings along his successful micro- and small-cap investing approach.
Not many people can say they’ve been working in the mutual fund industry since age 16—but Robert Gardiner can. Gardiner began working at Wasatch Funds in 1981, joining his friend Eric Huefner at the firm while the two were high school students in Salt Lake City, Utah. Wasatch was still relatively new at the time, having been founded in the mid-1970s by University of Utah finance professor Sam Stewart. Gardiner and Huefner lived in the same neighborhood as Stewart, and the families were slightly acquainted. Stewart hired the teens to do administrative and back-office tasks after school and during summers. In the era before personal computers, Gardiner and Huefner manually entered trades into accounting ledgers. The Wasatch offices had no computer terminals. When the market closed, the teens would go downstairs to a brokerage that had an office in the same building and use the brokerage’s terminal to get end-of-day quotes. “We affectionately called ourselves the support team,” Gardiner says. “It was a really fun high school job. We had a great time.” Thirty years later, the two longtime friends are again working together, although now they are running a brand-new mutual fund firm,
60 Morningstar Advisor August/September 2012
Table of Contents for the Digital Edition of Morningstar Advisor - August/September 2012
Morningstar Advisor - August/September 2012
Contents
Contributors
Letter From the Editor
How Much of the Behavior Gap Is Your Fault?
What’s Your View of the Muni-Bond Market?
A Balanced Life
How to Get to Know EMMA
A Strong, Robust Fund Business
Dividend Investing Abroad
Four Picks for the Present
Investment Briefs
Fund Expenses Through the Decades
Autos on Comeback Track
Lessons From the Muni-Bond Rebound
Municipal-Bond Landscape Shifts
Municipal Bonds 101
A Tale of Two Cities
Unraveling the Mysteries of Money
Small Companies Mean the World to Him
The Chinese Art Market and the Origin of Bubbles
The Myth of the Dumb Investor
Stocks That Can Stand the Heat
Our Favorite Mutual Funds
50 Most Popular ETFs
Undervalued Stocks With Wide Moats
The War on Savers
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