Foster Friess

Foster Friess – Life, Career, and Perspectives

Foster Friess (April 2, 1940 – May 27, 2021) was a prominent American investment manager, philanthropist, and political donor. Explore his life, business journey, values, controversies, and lasting impact.

Introduction

Foster Friess was an American businessman whose life bridged finance, philanthropy, and politics. Born April 2, 1940, and passing May 27, 2021, Friess made his mark by founding a successful investment firm, supporting Christian and conservative causes, and devoting substantial resources to charitable work. His trajectory illustrates both the power and complexities of wealth, belief, and public influence in modern America.

Early Life and Family

Foster Stephen Friess was born on April 2, 1940 in Rice Lake, Wisconsin, to Albert and Ethel (née Foster) Friess. His family worked with livestock; his father dealt in cattle and horses.

Growing up on a farm instilled in him values of hard work and self-reliance. In high school, he distinguished himself academically and in extracurriculars: he was valedictorian, class president, and a multi-sport athlete in basketball, track, and more.

He went on to attend the University of Wisconsin–Madison, earning a B.A. in Business Administration. While at university, he was active in campus life—serving as president of his fraternity (Chi Phi), participating in ROTC, and being named one of the “ten most outstanding senior men.”

In 1962, he married Lynnette Estes, a fellow student, and together they had four children. His faith was a guiding force in his life: he was a born-again Christian, and that conviction shaped many of his philanthropic and political choices.

Military Service and Entry into Finance

After college, Friess served in the U.S. Army. He trained as an infantry platoon leader and later served as the intelligence officer for the 1st Guided Missile Brigade at Fort Bliss, Texas. In his departure from active service, he reportedly left with modest funds—$800 from accumulated leave pay—as he transitioned to civilian life.

In 1965, Friess embarked on his investment career by joining a firm controlled by the Brittingham family (in Wilmington, Delaware), eventually becoming director of research.

Building Friess Associates

In 1974, he and his wife Lynnette launched their own investment management firm: Friess Associates, LLC. The firm’s early years were challenging, but it steadily grew in reputation and assets under management.

One of its flagship vehicles was the Brandywine Fund, which performed strongly in the 1980s and beyond. In fact, at one point, CNBC referred to Friess as “one of the century’s great investors,” and BusinessWeek observed him as possibly the longest-surviving successful growth-stock picker, having steered the firm through decades.

By 2001, Friess Associates partnered with Affiliated Managers Group (AMG). Under this arrangement, AMG acquired a majority stake, while employees and partners held other shares, and the Friess family retained a portion. In 2013, the employees eventually bought back the firm from AMG.

At its peak, the firm managed over $15.7 billion in assets.

Political Engagement & Public Role

Friess became widely known not just for his investment acumen, but for his political donations and influence. He was a major donor to the Republican Party and to Christian conservative causes.

He supported Rick Santorum’s presidential campaigns, often with significant sums funneled into Super PACs, including Red, White and Blue Fund.

At one notable moment, in an interview, he made a controversial comment about contraception, joking that women could place an “aspirin between their knees” instead of using conventional birth control. He later apologized for the remark.

In 2018, Friess ran for the Republican nomination for Governor of Wyoming, though he lost the primary to Mark Gordon.

Philanthropy and Legacy

Friess and his wife were deeply involved in philanthropy, especially in causes tied to faith, disaster relief, and community development. Their foundation—Friess Family Foundation—supported initiatives such as mobile medical services (with Christian mission orientation), clean water projects (e.g. in Malawi), and disaster relief (e.g. Haiti, Katrina, the 2004 Indian Ocean tsunami).

He was often generous in more direct personal gestures. For example, for his 70th birthday, he pledged $70,000 to one charity nominated by each guest—and in the end surprised attendees by giving each guest’s favorite organization that amount, distributing over $7 million total.

He received multiple honors for his philanthropic and public service work, including the Horatio Alger Award (2012), the Canterbury Medal, and other distinctions.

His contributions to his hometown are also noted: as an example, he funded a $3.7 million complex (fields, track, etc.) at Rice Lake High School.

Personality, Values & Controversies

Friess was often seen wearing a cowboy hat in public—an outward symbol of his identification with the Western, self-reliant ethos. He moved to Jackson Hole, Wyoming, in 1992, partly attracted by tax policies (no state income tax), a lifestyle aligned with his values, and the Western culture.

He was outspoken and unapologetically committed to his religious and political beliefs. But that also meant his statements sometimes drew criticism or backlash, such as the contraceptive joke, or criticism from progressive voices over his political funding.

In his last years, Friess battled bone marrow cancer (myelodysplastic syndrome) and passed away on May 27, 2021, in Scottsdale, Arizona, at age 81.

Notable Quotes & Reflections

Foster Friess is not widely remembered for pithy quotations, but a few statements and anecdotes reflect his worldview:

• He once said, in reference to money and stewardship: he viewed wealth as something to be used, famously suggesting “If it were mine, they wouldn’t be getting a dead-red cent”—implying that giving was a moral obligation beyond seeing his wealth as personal property.

• His controversial line about contraception:

  “This contraceptive thing, my gosh … back in my days, they used Bayer aspirin for contraception. The gals put it between their knees…”

Though contentious, that remark shows how his deeply held traditional views sometimes collided with public sensitivity and modern discourse.

Lessons from Foster Friess’s Life

1. Purpose beyond profit
   Friess’s journey shows that building wealth can be entwined with purpose—he consistently tied his business success to philanthropic, religious, and ideological aims.

2. Risk and conviction
   Launching an investment firm in 1974 and steering it through decades of market volatility required conviction, vision, and a willingness to persist when early returns were slow.

3. Influence demands responsibility
   With large-scale political giving comes scrutiny. His public statements and funding drew both praise and criticism. Influence invites accountability.

4. Legacy through giving
   The scale and visibility of his philanthropy suggest that legacy is not only about what one accumulates, but what one gives away—and how those gifts shape communities long after.

5. Impermanence and mortality
   Despite wealth and influence, Friess’s later health struggles and eventual passing underscore the universal human vulnerability behind public persona.

Conclusion

Foster Friess was more than an investment manager or political donor—he was a figure who melded ambition, faith, conviction, and generosity, often in tension with the public gaze. His life invites reflection on how power is wielded, how belief shapes action, and how wealth can be a tool for service as well as expression.