Intellectual Capital

New York City
“Scary,” says Marilyn Fedak. She looks out the window from her corner office. Outside, a winter storm is raging. Whirling snow obscures the view of the Empire State Building and Rockefeller Center from her 39th-floor windows. In a few hours, the heavy snowfall will snarl travel and down power lines from D.C. to Boston. She pauses for a moment.

“It was so scary,” Fedak explains. “It’s not like I haven’t been through bear markets before. But this one was different. I don’t think people realize how close we came to the system breaking down. I felt like everything I had learned about the markets and investing over 40 years wasn’t working as it should.” Continue reading “Intellectual Capital”

Liberty Fund

It was always a mistake to tell Pierre F. Goodrich you were too busy to read. “What are you doing,” he would reply, “between midnight and 2:00 a.m.?”

Goodrich himself spent the wee hours buried deep in books, engrossed in philosophy. When he had an idea or was intrigued by a passage, he would pick up the phone and call a friend, no matter the hour.

“Pierre Goodrich was not an easy person to understand,” says T. Alan Russell, who worked closely with him. Goodrich had an intense devotion to the life of the mind, going so far as to bring along a suitcase full of books on his honeymoon. Continue reading “Liberty Fund”