Steven Romick, who manages the $3.45 billion mutual fund, FPA Crescent, strangely likens his investment style to free range chicken.
Romick’s $3.45 billion FPA Crescent Fund can buy shares as well as bet against them, purchase investment-grade and junk bonds, and hold almost half of assets in cash, a strategy Romick has compared to a “free-range chicken.”
So, like a free range chicken runs free and does whatever it wants and costs more, Romick can buy shares, short shares, and hold cash … what? Are we the only ones who don’t see it?
From reading the rest of the article, the following is all we can put together about his investment style. None of it seems to have anything to do with free range chicken.
- Romick says he looks at the economy, industry and company trends, and meets the top executives of his major holdings to find investments worth owning.
- Romick says his priority since starting the fund in 1993 has been to limit losses, rather than maximise returns.
- FPA Crescent is like “a hedge fund in disguise”
It sounds interesting, we just don’t get it. We emailed Romick for clarification.