Romick Holds Cash Like Klarman in Top-Performing `Free-Range Chicken’ Fund
Thursday, July 29, 2010 : PermalinkBloomberg – Steven Romick says he aims to beat the market when stocks are falling and underperform by a smaller margin when they’re rising.
His $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.”
