A Fund That Played It Safe And Was Sorry

Brandywine put billions in cash, and investors fled

With his winsome blend of enthusiasm and cornball humor, Foster S. Friess can work a crowd. But the 58-year-old Friess, who runs the Brandywine Fund, had his work cut out for him at the annual Morningstar Mutual Fund Conference in Chicago last month. Once a five-star fund manager, Friess had missed most of this year's stock market gain--not because of selecting bad stocks but because of selecting no stocks.

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