Felix Zulauf with Barry Ritholtz

Excellent interview clip with famed money manager Felix Zulauf. His career journey was incredibly similar to my own it turns out: learned what not to do with money by working at large institutions, realized the conventional wisdom about portfolio management was farcical, founded his own independent management firm to have needed flexibility, starved in the beginning(with two young kids) before he could attract good clients (yikes, I still have post-traumatic stress disorder from this time, my husband and I both quit our bank jobs to start our company, we had no net income for more than 2 years ), he avoids leverage at all cost, realized that understanding and tracking business and market cycles is essential to capturing and keeping returns…all his experience has made him very risk averse, he would rather earn less than lose money…
Interesting to me is that he grew into running mutual funds before realizing it was a bad approach, then cashed out and went full-circle back to managing individual accounts out of a small boutique again…He explains the calls that made him successful along the way, importantly in part 2 Barry gets him to talk about some of the inevitable mistakes he made over the years. Discussing our mistakes is always painful, but generous and helpful to others.
Very worthwhile discussion. Listen to the full audio clip including his take on present conditions here.

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