The Investment Policy Committee
The Investment Policy Committee
Left to Right: Andrew Teufel, Ken Fisher, Jeff Silk
The Investment Policy Committee (IPC) collaboratively makes all strategic investment decisions affecting the Fisher Investments portfolios. Though the IPC functions as a team, each member focuses his efforts on particular segments of investment strategy. While all three committee members conduct macroeconomic, political, and sentiment analysis in support of the firm’s strategies, Ken Fisher (Chief Executive Officer, Chief Investment Officer) plays the primary role in this process. Jeff Silk (Vice Chairman) and Andrew Teufel (Co-President, Director of Research) are primarily responsible for the selection of securities within the firm’s strategies. Additionally, Jeff and Andrew oversee FI’s in-house research efforts, portfolio engineering and implementation, and the firm’s technological research resources.
Members of the IPC, in its current form, have been together since 1996, and two of the three members have worked together for over 25 years. Ken founded Fisher Investments in 1979 and Jeff joined the firm in 1983. Andrew joined Fisher Investments in 1995 and joined the IPC in 1996.
Ken is best known for his prestigious Forbes "Portfolio Strategy" column, where his 20+ year tenure of high profile calls makes him the fourth-longest running columnist in Forbes' 90-year history. He is the founder, Chairman and CEO of Fisher Investments, a multi-strategy money management firm serving large corporate and public pension plans as well as endowments, foundations and high-net-worth investors--across America, Britain and Canada. He has written four major finance books including 1984's best-selling stock market book, Super Stocks, and 2006’s The Only Three Questions That Count. His fifth book, The Ten Roads to Riches, was released in 2008. Ken has also been published and/or interviewed in many major American finance or business periodicals. Ken’s early theoretical work in the 1970s popularized a tool known as the Price-to-Sales ratio, which is now part of core financial curriculum. His recent research focuses on the emerging field of behavioral finance, where behavioral psychology and finance intersect.
As one of the early employees of Fisher Investments, Jeff has been with the firm since 1983. Jeff is currently Vice Chairman, a shareholder and member of the firm's IPC. Prior to his current responsibilities, Jeff was President and Chief Operating Officer. He has also served as the firm's Director of Trading and Operations, where he was instrumental in developing Fisher Investments' portfolio management, research and trading technology. He has written numerous articles and lectured before institutional investors on the use of technology in the investment process.
Andrew has been with Fisher Investments since 1995 and has been a member of the IPC since 1996. He is responsible for the supervision of the firm’s Research Department, which is comprised of the Capital Markets, Securities Research, Research Analytics and Production, Portfolio Evaluation, Portfolio Implementation, and Portfolio Guideline teams. Andrew has been a lecturer at the Haas School of Business at the University of California, Berkeley where he taught topics in investment management. Prior to joining the firm, he worked at Bear, Stearns & Co. Inc. as a Corporate Finance Analyst in its Global Technology Group.
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