Morningstar Advisor - April/May 2009 - 50

Undiscovered Managers Grounded Manager By Laura Lallos Whether it’s working his farm or running a mutual fund, Jeff Auxier takes a cautious approach to risk. Jeff Auxier’s second career as a successful hazelnut farmer isn’t far removed from his day job. The farm is outside Portland, Ore., near the end of the Oregon Trail, and Auxier Asset Management’s small office is nearby. There, Auxier buries himself among trade journals covering sectors from banking to beverages, seven newspapers a day, and piles of 10Ks. He describes his typical day as a solitary “grind, reading as much as I can in eight to 10 hours” to find consistent businesses with solid fundamentals and little debt. His experience farming echoes his investing criteria: “You get a huge appreciation for the risk of commodities,” he says. “We run debt-free because of the respect I have for how quickly things can change.” Buffett Takes a Call After graduating from the University of Oregon with a finance degree in 1981, Auxier was set to get an MBA and head to New York to embark on a more conventional investing career. He says that he changed his mind after a call to his hero, Warren Buffett, “who would not know who I am today, but who kindly took the call.” Auxier decided to stay local and focus on finding value-priced companies that Wall Street “despised.” He started his career as a retail broker, then a separate account manager at Smith Barney, before founding Auxier Asset Management in 1998. He is guided by the classic Buffett nugget: First and foremost, never lose your principal. “I sailed through ’83, ’87, and the tech downturn [in 2000-2002] thanks to following Buffett’s advice,” Auxier says. 50 Morningstar Advisor April/May 2009

Morningstar Advisor - April/May 2009

Table of Contents for the Digital Edition of Morningstar Advisor - April/May 2009

Morningstar Advisor - April/May 2009
Contents
New on MorningstarAdvisor.com
Letter from the Editor
Contributors
Did Diversification Fail Investors?
Accounting for His Success
The Classics
Investment Briefs
A Multiple-Lens Approach to Analysis
Where Leverage Lurks
Guide to Finding Hidden Risks
How Leveraged ETFs Compound the Misery
Get Rid of the Dead Weight
Grounded Manager
Investors Should Mind Their Tails
Four Picks for the Present
The Future of Big Pharma
Yield Your Clients Can Use
Wide Moats, Good Stewardship: A Potent Bear-Market Combination
Mutual Fund Analyst Picks
50 Most Popular Equity ETFs
Undervalued Stocks
New at Morningstar
To Beat the Devil
Morningstar Advisor - April/May 2009 - Intro
Morningstar Advisor - April/May 2009 - Morningstar Advisor - April/May 2009
Morningstar Advisor - April/May 2009 - Cover2
Morningstar Advisor - April/May 2009 - 1
Morningstar Advisor - April/May 2009 - 2
Morningstar Advisor - April/May 2009 - Contents
Morningstar Advisor - April/May 2009 - 4
Morningstar Advisor - April/May 2009 - 5
Morningstar Advisor - April/May 2009 - New on MorningstarAdvisor.com
Morningstar Advisor - April/May 2009 - 7
Morningstar Advisor - April/May 2009 - 8
Morningstar Advisor - April/May 2009 - Letter from the Editor
Morningstar Advisor - April/May 2009 - Contributors
Morningstar Advisor - April/May 2009 - 11
Morningstar Advisor - April/May 2009 - Did Diversification Fail Investors?
Morningstar Advisor - April/May 2009 - 13
Morningstar Advisor - April/May 2009 - Accounting for His Success
Morningstar Advisor - April/May 2009 - 15
Morningstar Advisor - April/May 2009 - 16
Morningstar Advisor - April/May 2009 - The Classics
Morningstar Advisor - April/May 2009 - 18
Morningstar Advisor - April/May 2009 - 19
Morningstar Advisor - April/May 2009 - Investment Briefs
Morningstar Advisor - April/May 2009 - 21
Morningstar Advisor - April/May 2009 - 22
Morningstar Advisor - April/May 2009 - 23
Morningstar Advisor - April/May 2009 - 24
Morningstar Advisor - April/May 2009 - A Multiple-Lens Approach to Analysis
Morningstar Advisor - April/May 2009 - 26
Morningstar Advisor - April/May 2009 - 27
Morningstar Advisor - April/May 2009 - 28
Morningstar Advisor - April/May 2009 - 29
Morningstar Advisor - April/May 2009 - 30
Morningstar Advisor - April/May 2009 - 31
Morningstar Advisor - April/May 2009 - Where Leverage Lurks
Morningstar Advisor - April/May 2009 - 33
Morningstar Advisor - April/May 2009 - 34
Morningstar Advisor - April/May 2009 - 35
Morningstar Advisor - April/May 2009 - Guide to Finding Hidden Risks
Morningstar Advisor - April/May 2009 - 37
Morningstar Advisor - April/May 2009 - 38
Morningstar Advisor - April/May 2009 - 39
Morningstar Advisor - April/May 2009 - How Leveraged ETFs Compound the Misery
Morningstar Advisor - April/May 2009 - 41
Morningstar Advisor - April/May 2009 - Get Rid of the Dead Weight
Morningstar Advisor - April/May 2009 - 43
Morningstar Advisor - April/May 2009 - 44
Morningstar Advisor - April/May 2009 - 45
Morningstar Advisor - April/May 2009 - 46
Morningstar Advisor - April/May 2009 - 47
Morningstar Advisor - April/May 2009 - 48
Morningstar Advisor - April/May 2009 - 49
Morningstar Advisor - April/May 2009 - Grounded Manager
Morningstar Advisor - April/May 2009 - 51
Morningstar Advisor - April/May 2009 - 52
Morningstar Advisor - April/May 2009 - 53
Morningstar Advisor - April/May 2009 - Investors Should Mind Their Tails
Morningstar Advisor - April/May 2009 - 55
Morningstar Advisor - April/May 2009 - 56
Morningstar Advisor - April/May 2009 - 57
Morningstar Advisor - April/May 2009 - Four Picks for the Present
Morningstar Advisor - April/May 2009 - 59
Morningstar Advisor - April/May 2009 - 60
Morningstar Advisor - April/May 2009 - The Future of Big Pharma
Morningstar Advisor - April/May 2009 - 62
Morningstar Advisor - April/May 2009 - 63
Morningstar Advisor - April/May 2009 - Yield Your Clients Can Use
Morningstar Advisor - April/May 2009 - 65
Morningstar Advisor - April/May 2009 - Wide Moats, Good Stewardship: A Potent Bear-Market Combination
Morningstar Advisor - April/May 2009 - 67
Morningstar Advisor - April/May 2009 - Mutual Fund Analyst Picks
Morningstar Advisor - April/May 2009 - 69
Morningstar Advisor - April/May 2009 - 70
Morningstar Advisor - April/May 2009 - 71
Morningstar Advisor - April/May 2009 - 50 Most Popular Equity ETFs
Morningstar Advisor - April/May 2009 - 73
Morningstar Advisor - April/May 2009 - Undervalued Stocks
Morningstar Advisor - April/May 2009 - 75
Morningstar Advisor - April/May 2009 - 76
Morningstar Advisor - April/May 2009 - 77
Morningstar Advisor - April/May 2009 - 78
Morningstar Advisor - April/May 2009 - New at Morningstar
Morningstar Advisor - April/May 2009 - To Beat the Devil
Morningstar Advisor - April/May 2009 - Cover3
Morningstar Advisor - April/May 2009 - Cover4
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