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LEGEELLIS: Which one or two experiences,NDS Visionaries... icons... trailblazers... learned what their families were doing good or bad, as an actually taught in investments, and none of them had Call them what you like. But ask you the most useful or the best lessons, any investments outside of one nation. anyone in the investment profession and what were those very best lessons? That seemed to me to be short-sighted. So, I decided as a sophomore at Yale who they aspire to be, who they TEMPLETON: For me, it began when I that I would focus on being an adviser most respect, or who has most was trying to work my way through for people to invest Yale and discovered that I could make influenced the industry, and the worldwide. more per hour playing poker than usual suspects will surface again I could at the other jobs avail- and again — Bernstein, Bogle, able. I played poker with Brinson, Buffett, LeBaron, Neff, rich guys who were playing and Templeton. for fun when I was playing to win. I listened and These distinguished gentlemen have gained worldwide fame for their uncanny wisdom in navigating the tumultuous waters of investing. Among their accolades: Each has been awarded AIMR’s highest honor — the Award for Professional Excellence — established in 1991 to recognize the crème de la crème of the profession. For the first time since receiving their awards, these gurus came together in early November 2002 for a conference call, moderated by former AIMR Chair Charley Ellis, CFA, to share their more than 300 years of collective expe- rience. Here’s an exclusive account of what they had to say.

Illustrated, from left: John Neff, CFA; Gary Brinson, CFA; Peter Bernstein; Jack Bogle; ; Dean LeBaron, CFA; and Sir John Templeton.

20 CFA MAGAZINE / JAN-FEB 2003 BUFFETT: The best lessons I learned Now, if you’re looking for lessons ferent industry lines, but it never really were from Ben Graham, and they came from my own experience, I bought my had critical mass in any one of those about when I read The Intelligent Investor first stock when I was 11 — three shares areas. I lost about 50 percent, which when I was 19. I’d been interested in of Cities Service Preferred at [US]$38. was one of my worst investments ever. stocks since I was 7 or 8 years old. I’d My older sister bought three shares So, that stuck with me as a potential computed my own averages, and had also. It went down promptly to $27. seeker of critical mass subsequently. read every investment book in the library. This is when the Dow was at 92 in June BERNSTEIN: 1958 — when the stock I was having a lot of fun, but I wasn’t of 1942. As we walked to school every yields got down below the bond yields, going any place. day, she reminded me of the most recent something that had never happened I got three ideas out of Ben’s book price. I was tired of hearing about it, before. At that time, I had two older that have been the cornerstone of every- so, when it got back to $40, I sold my partners who were grizzled veterans of thing I’ve done, which are to look at shares and she sold hers. We each made the Great Depression who assured me stocks as part of a business rather than $5. It went on to be called at $212 a that this was an anomaly that would, in simply little things that go up and down. share or something like that not long a short period of time, correct itself and And then I took to heart his Mr. Market thereafter. So, I decided from there on that stocks would obviously have to saga, which I think is vital to having not to talk to anybody about what I did yield more than bonds all the time. And the right attitude and just think by myself. I’m still waiting for that. toward market fluc- NEFF: The largest least successful invest- tuations. Then BUFFETT: Peter, be patient. ment I ever made in Windsor was U.S. third, the mar- Industries. It was a conglomerate, it BERNSTEIN: It took us quite a while gin of safety. was cheap, and it had good to understand that if it was not going diversification across to be a return of the Great Depression, about eight or 10 dif- then we had a growth situation. And, really, beginning in 1958 the word “growth” started to come into the vocabulary, and people began to believe in equities. It was a very dramatic Illustration: Ismael Roldan

CFA MAGAZINE / JAN-FEB 2003 21 moment, and it taught me that anything researching my senior thesis at Prince- TEMPLETON: I would recommend being can happen. Things are always on the ton. Mutual funds, I had written, must humble. Be open-minded, and do not table for grabs. serve shareholders in “the most efficient, be conceited. honest, and economical way possible,” LEBARON: Batterymarch bought a pack- NEFF: I’d say to them develop a telling and “can make no claim to superiority age of 160 nearly bankrupt companies, investment philosophy, and then stick over the market averages.” where the package itself was intended to it. After about 15 years in the busi- to be safer and with a higher return ness, even though I still believed those BUFFETT: I’d say be realistic in defining than any one — and it was. This result- things, I threw my experience out the your circle of competence. Try to figure ed in a 10 percent loss of business window and merged Wellington out what you’re capable of knowing, because nobody wanted to be associat- Management Company with a group of stay within that, and forget about every- ed with a bankruptcy of any variety in hot, young managers whom I mistaken- thing else. It means deciding which their pension fund. We also always ly believed would be permanent win- businesses you know enough to value voted proxies in the favor of what ners. Well, the new breed of managers and which ones you don’t know enough would make stocks go up, and a num- came and went in the go-go era, just to value. ber of people complained about that in like the new breed came and went in a variety of ways. BOGLE: One, recognize that the reality the technology boom, and I ended up is that precious few are going BRINSON: In thinking about this ques- getting fired. That break, as it were, to beat the market over the long run. tion, I am humbled by the fact that my enabled me to create a new company Two, consider yourself a steward of 30 years of experience makes me the that finally got me back to where I was your clients’ assets and not a salesman. least experienced person in this conver- in 1951 — a company that was effi- And three, focus on long-term invest- sation. With that caveat, I’d say I’ve cient, honest, and economical. It was a ment and not short-term speculation — learned that extreme dislocations in mutual company, operated at cost, on the eternal vagueness of the intrinsic markets inevitably occur, and they also and the first thing we did was create value of a corporation rather than on inevitably correct themselves. One the world’s first index . the momentary precision of the price of needs to learn from that the discipline ELLIS: You have all had truly distinguished a stock. If you do those three things, of being patient and having the convic- careers. What one piece of advice would you have a fighting chance to emerge tion of one’s own analysis. you consider most important if you were among the winners. BOGLE: I came into this business 50-plus advising a 25- or 30-year-old investment BUFFETT: You can’t expect other people years ago with a number of precon- professional on how to be successful over to do your thinking for you either. You ceptions based on my experience in his or her career? have to really understand the business- es that you’re buying through the medi- um of stocks. And unless you’re willing Peter Bernstein to put a lot into that, you shouldn’t expect to get much out of it. Peter L. Bernstein is the founder and president of Peter L. Bernstein, Inc., BRINSON: The best advice I could give established in 1973 as economic consult- somebody is develop your skill set, ants to institutional investors and corpo- work at it, hone it, and do not follow rations. A Harvard graduate, he taught the crowd. economics at Williams College and spent BERNSTEIN: Picking up on what Sir five years in commercial banking before John said: Humility is an enormously he joined an investment advisory firm, important quality. You can’t win with- where he managed billions of dollars of out it. Survival in the end is where the individual and institutional portfolios. winners are by definition, and survival Bernstein lectures widely through- “Humility is an enormously begins with humility. out the United States and abroad, has important quality. authored eight books in economics and LEBARON: The very best investors are finance, and has published numerous You can’t win without it. the ones who invest according to their articles in professional journals and the own psyche. You find that their invest- Survival in the end is popular press. In 1997, he received both ment styles are consistent with their per- the Award for Professional Excellence where the winners are by sonalities, their intellects, their approach- and AIMR’s Graham and Dodd Award. In es to work. It’s not somebody else’s style; definition, and survival begins 2000, AIMR honored him with the James it’s their own, and it’s deeply ingrained. R. Vertin Award. with humility.” BUFFETT: And never forget that any-

22 CFA MAGAZINE / JAN-FEB 2003 thing times zero is zero. No matter how many winners you’ve got, if you either Jack Bogle leverage too much or do anything that gives you the chance of having a zero in John C. Bogle is founder, ex-chairman, there, it’ll all turn to pumpkins and mice. and a member of the board of directors of each of the mutual funds in the ELLIS: Looking back over the last 30 years, US$550 billion Vanguard Group of what are the most important changes in Investment Companies. Bogle founded the fundamental nature of our profession? Vanguard in 1974, and in 1976, he creat- And then looking out over the next 30 years, ed the first index mutual fund: Vanguard what do you think will be remembered from 500 Index Fund, which is now the today that’s really significant? nation’s largest fund with some US$68 TEMPLETON: Looking back, first, I’m billion in net assets. impressed with how the competition A graduate of Princeton University, “In all, the mutual fund has increased. When I began under Bogle is the author of Bogle on Mutual industry has turned from a in 1937, only 17 Funds: New Perspectives for the Intelli- profession into a business. people called themselves security ana- gent Investor, as well as numerous lysts. Now, there are 7,000 to 10,000 articles on investing. His latest book, The challenge for the next mutual funds and over 30,000 security Common Sense on Mutual Funds: New 30 years is just as obvious analysts. So, the competition has Imperatives for the Intelligent Investor, as the smiles on our become extreme. was published in 1999. faces: This industry should Looking forward, we should be In 1998, Bogle received AIMR’s overwhelmingly grateful that God Award for Professional Excellence. return to its roots.” allowed each of us to live in the most glorious period of world history. Progress is speeding up in every area. look back 30 or 40 years to the turnover BERNSTEIN: I’d like to take issue with For example, in publishing, 50 percent of portfolios within professionally man- Warren. I think everything he says is of all the books ever published were aged funds, I believe that turnover ratio right as a generalization but that there published within the last century. And was a small fraction of the turnover are important exceptions. There’s an on Wall Street, the amount of money ratio now experienced. There’s not been important part of the profession that changing hands now is 1,000 times as a greater focus on actually looking at acts like professionals. I think those great as when I was born. These trends the long-term prospects of a business voices are here, but there are more than will not stop; they’re speeding up. and what I would think of as trying to just these voices. prosper from the actions of the busi- BUFFETT: The interesting thing to me is BOGLE: This business has really changed. ness rather than the actions of the stock how little investment professionals It used to be about stewardship, and over the short term. And looking out have learned. John Bogle will have bet- now it’s about salesmanship. There used 30 years, I think those comments will ter figures on this than I, but if you to be about 300 broad-based equity probably still apply.

Gary Brinson, CFA Gary P. Brinson, CFA, the founder and “I’ve learned that extreme retired chair of Brinson Partners, Inc., is a nationally recognized authority on dislocations in markets global investing and has lectured and inevitably occur, and they also contributed to educational and profes- sional investment forums. After his inevitably correct themselves. retirement in 2000, Brinson, along with One needs to learn from that his wife and two daughters, created a philanthropic organization, The Brinson the discipline of being patient Foundation. The foundation funds chari- and having the conviction table grants, focusing support in the the ICFA. He currently is a trustee of the area of education, science, the environ- Research Foundation of AIMR and a mem- of one’s own analysis.” ment, and public health. ber of the Economic Club of Chicago. In Brinson is a former Executive 1999, he received AIMR’s Award for Profes- Committee member and past chair of sional Excellence.

CFA MAGAZINE / JAN-FEB 2003 23 funds, and now there are 5,000, many work for Ben Graham, that Ben said, function, which includes administra- of them narrowly based and specula- “I only hire Jewish people because they tion, marketing, and so forth. tive specialty funds, often created and don’t get a proper break in the invest- To the future, I think we are still sold just when they shouldn’t be bought. ment community.” And so, as I recall, experiencing, and we’re going to expe- Next, equity fund costs have more than Warren said, “OK, I’ll work for you for rience for 10 years, maybe a little doubled — from 0.72 percent of assets nothing.” longer, the aftermath of the bubble of in 1951 to about 1.6 percent currently. the ’90s. One of the things coming as a BUFFETT: And he said I was over-priced! Portfolio turnover has risen seven-fold result of the bubble is bureaucratic — from 15 percent to 110 percent a NEFF: [laughing] He paid you too much solutions, which won’t be solutions; year. This is long-term investing? then. Anyway, the doors are wide open they will make things worse, like over- Another important change is the now. In recent years, the field has broad- sight boards and new rules that correct ability of management companies to ened even more to include minorities to yesterday’s problem. These will actually make unimagined amounts of capital a considerable degree. In fact, the CEOs make the return to professionalism by going public, or selling out to a con- of American Express, Fannie Mae, and more difficult because it’s going to be glomerate. Many entrepreneurs are Merrill Lynch — significant companies mandated outside rather than internal- in this business, not to make money for with links to the investment commu- ized as something that one thinks clients, but to make money for them- nity — all happen to be black. I think about in a fiduciary sense all the time. selves, and the sooner the better. we’ve come a long way. BOGLE: Let me add something that I In all, the mutual fund industry As to what we’re going to remem- don’t think anybody has touched on. has turned from a profession into a ber 30 years from now, I think it’s already The fact that rewards are so huge for business. The challenge for the next been touched on by Warren and others, managers has played, I think, a major 30 years is just as obvious as the smiles and that’s the lack of professionalism role in this change for the worse that on our faces: This industry should that we have in the investment commu- we’ve seen. return to its roots. nity at this time. BRINSON: Four things occurred to me NEFF: The most significant change that BERNSTEIN: I think a lot of what John in looking back over the last 30 years. I have witnessed since I entered the and the others are talking about, the First, we can observe some movement business in January 1955 is more inclu- problem comes from the client side, too. toward recognizing that it’s a global siveness. When I started, there were It takes two to make a bargain. marketplace of assets and asset classes. hardly any women analysts or portfolio LEBARON: I concur with the morphing Second, there have been important managers. Now, we have women mak- of the field from a statistical job — developments of quantitative tech- ing significant contributions. I can which is what it said on the door that I niques for analysis and risk manage- remember Warren saying back when he first worked behind — to an analyst ment. These, at least in my mind, have came out of Columbia and wanted to profession, and then to an investment been wonderful contributions. Third, in the last 10 years, we’ve gone from a pas- sive to an active attention to corporate Warren Buffett governance, which is, in most cases, a positive development. And fourth, time Celebrated as the greatest stock market horizons have become too short. investor of modern times, Warren E. If I look ahead to the next 30 Buffett has served as chairman of the years, I think the most important thing board and chief executive officer of we could contribute is to point out to Berkshire Hathaway Inc. — a holding people how important it would be to company owning subsidiaries engaged earn another one percentage point com- in a number of diverse business activi- pounded for 30 years. And the way to ties — since 1970. do that is to drive down costs. Buffett studied under Benjamin Graham while earning his master’s degree BERNSTEIN: One of the problems with “No matter how many in economics (1951) at Columbia Univer- this market has been, particularly for sity. Today, the “Oracle of Omaha,” as winners you’ve got, if you professional managers, “benchmarkitis” some call him, serves as a director of the either leverage too much on the part of clients. I think there are Coca-Cola Company, the Gillette Com- or do anything that gives forces at work that are going to break pany, and the Washington Post Company. that down. One is the hedge fund, you the chance of having a He also is a life trustee of both Grinnell which you can approve or disapprove College and the Urban Institute. zero in there, it’ll all turn of as an animal, but it’s focused peoples’ In 1993, Buffett received AIMR’s to pumpkins and mice.” attention away from the conventional Award for Professional Excellence. benchmarks. This is a very, very impor-

24 CFA MAGAZINE / JAN-FEB 2003 Dean LeBaron, CFA “The very best investors Dean LeBaron, CFA, is chairman of both virtualquest.company and Word-works are the ones who invest Inc. He divides his time between homes in the United States and Switzerland, according to their own devoting many hours to making the world a more connected place through psyche. You find that their his personal Web site and as publisher investment styles are of Complexity Digest. In 1969, LeBaron founded Battery- consistent with their march Financial Management in Boston, He holds a BA from Harvard Univer- Mass., USA. He is recognized as one sity and an MBA from Harvard Business personalities, their intellects, of the first foreign entrants in the nas- School, where he was a Baker Scholar. cent securities markets of Brazil, India, In 2001, LeBaron was awarded AIMR’s their approaches to work.” Russia, and China. Award for Professional Excellence.

tant development. Warren Buffett does BUFFETT: You were an idealist. about corporate governance and the econo- not give a damn where the S&P is, my?” If you had gotten the call, what BOGLE: Yes. Keynes won and Bogle and it’s been great to have money with would you be recommending to the president lost. But it’s high time that we begin to him over the years. with regard to corporate governance? act the way I suggested in 1951, BUFFETT: The ultimate irony of the because that, I think, is what everyone LEBARON: Sunshine, sunshine, sunshine, investment business is that there’s no in the room would agree is the way that disclosure and more of it. And the question that an obstetrician will deliv- professional investors should act. president should start with it himself. er babies better than the husband or ELLIS: Now, on to the fourth question. BUFFETT: The only real way to get the wife. Or if you take dentists as a A very good friend of mine received a call improvement in corporate governance whole, they will remove teeth or fill from the White House. It was the president is to have big investors demand it. A teeth better than if the patients try to of the United States calling — they went relatively small number of large institu- do it themselves. But in the investment to business school at the same time — tional investors who decided they world, somebody who believes in Amer- and he asked, “What should I be doing would withhold their votes when they ican business — and who will seek out the lowest way to participate in business and do it consistently — will achieve results that exceed those of John Neff, CFA investment professionals as a group. It’s Value investor extraordinaire John B. the only industry I can think of where Neff, CFA, was the manager of the the professional’s efforts subtract value US$13 billion Vanguard Windsor fund for from what the layman can do himself. 31 years. Having served as managing BOGLE: Here’s an interesting anecdote. partner, senior vice president, and mem- In my thesis, I cited Lord Keynes’ view ber of the executive committee at Well- that professionals would move away ington Management Company, Neff from focusing on an enterprise’s value formally retired on 31 December 1995. and join ignorant individuals in specu- His latest book, John Neff on Investing, lating on changes in the public valua- was published in November 1999. “I’d like to make a pitch for Neff currently serves as a trustee tion of stocks. I disagreed, saying that low price earnings ratio mutual fund managers would “supply or Board member for the University of investing, which has been my the market with a demand for securities Pennsylvania, Case Western Reserve that is steady, sophisticated, enlight- University, the Chrysler Corporation, and prevailing philosophy.... ened, and analytic, a demand based CGU Insurance Group. Over the years, It just seems so much the easy he also has served on the AIMR, FAF, and essentially on the intrinsic performance way to go for somebody who’s of a corporation rather than on the ICFA boards. willing to work a bit at it and public appraisal of the price of a share.” In 1995, Neff received AIMR’s Award for Professional Excellence. take on the marketplace.”

CFA MAGAZINE / JAN-FEB 2003 25 TEMPLETON: I’ve faced that question John Templeton now for over 50 years. I have learned that the great opportunities are the Renowned for more than 50 years as the places that have been neglected, where pioneer of global investing, Sir John other people are not looking. Also, I Marks Templeton created some of the have learned that making wealth is not world’s largest and most successful the answer to human progress or hap- international investment funds. In 1992, piness. Spiritual progress is the answer. he sold his various Templeton funds to So, 10 years ago, I sold every business I the Franklin Group for US$440 million. owned to a strong competitor, and now Now a naturalized British citizen I’m the busiest, most enthusiastic, most living in , Templeton was joyful I’ve ever been with three founda- knighted Sir John by Queen Elizabeth II tions donating about [US]$40 million in 1987, in part for creating the world’s a year to groups of scientists who are richest award: the US$1 million-plus “I have learned that the applying scientific methods to learning Templeton Prize for progress toward more about spiritual realities. research or discoveries about spiritual great opportunities are BUFFETT: I would say to only buy a realities, presented annually in London the places that have been since 1972. He also gives away approxi- stock that you’d be comfortable owning mately US$40 million a year through neglected, where other if they closed the stock exchange for three years tomorrow. Always leave a the John Templeton Foundation. people are not looking.” In 1991, Templeton became the margin of safety, stick with what you first recipient of AIMR’s Award for Profes- understand, and quantify. sional Excellence. BERNSTEIN: I would say that the unthinkable can always happen, and saw excessive compensation or poor the management. But it seems to me you have to run your affairs accordingly. performance, I think, could have real that CALPERS and all of the world want NEFF: I’d like to make a pitch for low impact on corporate governance, but I to become super-involved, like the price earnings ratio investing, which don’t think legislation will. selection of chief executive officer or to has been my prevailing philosophy. be represented on the board, as opposed BOGLE: I agree with Warren that insti- These aren’t outstanding companies, to being able to offer opinions that, from tutional investors have completely aban- but they’re good companies at a sub- your special vantage point, you have doned their corporate responsibility. stantial discount, overlooked, misun- some ability to contribute. It seems to Part of the reason is that mutual funds derstood, forgotten, out of favor. And me that a professional shareholder has are so short-term in their investment time and time again, you see these an obligation on that score, and there focus that there’s no reason they should opportunities. It just seems so much ought to be some way to do it without ever care about governance. One change the easy way to go for somebody who’s getting all tied up in bureaucracy. that would help is cutting capital gains willing to work a bit at it and take on taxes on long-term holdings and raising BERNSTEIN: Aside from taxes and sun- the marketplace. them on short-term holdings. But most shine, I don’t think the government LEBARON: I’d try to encourage the peo- important is for institutions to wake up should do anything more. The president ple who are coming along to be role and behave like owners. should understand that we run the risk models for others. I’m thinking of things of ending up with corporations run by BUFFETT: The tax law can govern the like CFA charterholders might have to bean counters instead of risk takers if horizon of investors, and it may be agree to disclose their own stock trans- we push this thing too far. Sunshine is about the only thing that can govern actions. They might also, of course, essential. And the tax thing is an inter- the horizon that investors utilize. But disclose their conflicts of interest and esting idea, but otherwise try to keep in the end, to get better corporate then have to demonstrate through sun- the sticky fingers a little off. governance, you have to have owners shine that those are not really part of who are true owners, and they have to ELLIS: This has been a wonderful conver- their thinking. behave like owners. sation. We’re now to the last question, BRINSON: Our system, as we all under- which is: Given the option to say whatever NEFF: I was an activist in the sense that stand it, is based on the productive use you would like to say that, 30 years from we would vote against management of capital. And yet we probably need now, bright, young people would be sitting when stock option plans seemed too to work hard over the next 30 years to down and reading, saying, “Gee, I’m glad rich or mergers seemed ill-advised. On change the tax system bias on invest- I was able to read this particular thought,” things where we had some expertise, ment capital, as referenced by the dou- what would that thought be? why, it seemed a useful partnership with ble taxation on dividends versus the

26 CFA MAGAZINE / JAN-FEB 2003 tax deductibility of interest on debt. Inevitably those kinds of government- BEYOND WALL STREET imposed biases are going to direct Templeton Prize Encourages Development of Spiritual Wealth capital in the form of equity and debt in ways that, in the long term, may be ow might human beings increase their information about divinity more than injurious to us as a society. 100 fold in the next century? This is the challenge that the Templeton Prize for BOGLE: First, put the client’s interest H Progress in Religion presents. Created by Sir John Marks Templeton in 1972, it ahead of your own, and, one day at a is the world’s best known religion prize, awarded each year to a living person to encour- time, help to make this field of invest- age and honor those who advance spiritual matters. ing more of a profession and less of a “Thirty-one years ago, after noticing how the Nobel Prizes stimulated enthusiasm for business. Second, learn every day, but discovery,” said Templeton, “I began to donate each year a prize larger than Nobel to especially learn from the experiences encourage enthusiasm about scientific methods for learning more about spiritual reali- of others. It’s cheaper! And third, never, ties.” Mother Teresa won the first Templeton Prize in 1973, six years before she received never lose your idealism, no matter the Nobel Peace Prize. how rough your career might be, and During the 2002 Templeton Prize news never lose faith in your nation. conference, Templeton further elucidated his vision for the prize: “Suppose one day you go for a spiritual problem to your priest. You would expect him to take out the Bible and from the 2,000-year-old book, tell you what was good for you spiritually. The next day, if you went to your medical doctor and he took out the equally famous book writ- ten 2,000 years ago by Hippocrates, you would go to another doctor. You would think he was old-fashioned — that he hadn’t kept up with the times. “But why should that be? We have hyp- notized ourselves to think that in hard sci- ences you should make rapid discoveries, Mother Teresa won the first Templeton Prize in but in spiritual matters, it’s not necessary or 1973. Other recipients of the prize include Bill Bright, Charles Colson, and Billy Graham. even proper to look for new discoveries. About the Moderator That is a mindset that we started out 31 years ago to change. We wanted people to think Charley Ellis, CFA that discoveries of a spiritual nature can, should, and will be made even more rapidly than they are made in the natural sciences.” Charles D. Ellis, Ph.D., CFA, is a direc- The £700,000 (~US$1 million) Templeton Prize is the world’s largest annual mone- tor of Greenwich Associates, the inter- tary prize given to an individual. The prize seeks to honor and encourage individuals national business consulting firm he working toward discoveries that expand human perceptions of divinity, particularly founded in 1972. He is a successor through scientific research, by focusing attention on the wide range of endeavors that trustee of , where he encompasses research into spiritual realities. It does not seek a unity of world religions; chairs the investment committee. Ellis rather the Templeton Prize seeks to encourage understanding of the benefits of diversity. also serves as an overseer of New York “The prize is intended to help people see the infinity of the universal spirit still cre- University’s Stern School of Business, ating the galaxies and all living things and the variety of ways in which the Creator is a trustee of the Whitehead Institute revealing himself to different people,” said Templeton. “We hope all religions may for Biomedical Research, and a direc- become more dynamic and inspirational.” tor of Vanguard. Templeton’s goal in creating the prize was that it would lead to expanded spiritu- A recipient of AIMR’s Graham & al awareness on the part of humankind, a wider understanding of the purpose of life, Dodd Award and the C. Stewart Shep- heightened qualities of devotion and love, and a greater emphasis on the kind of pardAward, Ellis was an AIMR gover- research and discovery that brings human perceptions more into concert with the nor, serving as chair of the AIMR divine will. Board in 1994. He also served as an “Progress is needed in spiritual discovery as in all other dimensions of human ICFA Trustee, chaired the ICFA Board, experience and endeavor,” said Templeton. “The Templeton Prize serves to stimulate and taught for over 20 years at AIMR’s this quest for deeper understanding and for pioneering breakthroughs in religious con- Investment Management Workshop. cepts and knowledge by calling attention annually to achievements in this area.”

For more information, e-mail [email protected].

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