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Steve Romick: 'We Think Defensively'

The longtime manager of FPA Crescent Fund talks balancing risk and reward in the COVID-era, why he's not holding even more cash, the case for Wells Fargo, and more.

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Our guest this week is Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages several FPA strategies, including the FPA Crescent Fund as well as the Source Capital closed-end fund. Steve joined FPA in 1996. Before that, he was chairman of Crescent Management and an analyst for Kaplan, Nathan & Co. For his work managing FPA Crescent, Steve was the recipient of the Morningstar U.S. Allocation Fund of the Year Award in 2013 and was previously a nominee for the Morningstar Fund Manager of the Decade Award. Steve earned his bachelor's in Education from Northwestern University and is a CFA charterholder.

Bio and Background

Steve Romick and FPA team bios

FPA Crescent Morningstar “Quicktake” report

FPA Crescent home page

FPA Crescent Q2 2020 commentary

FPA Crescent historical asset allocation

FPA Crescent historical performance attribution


Berkshire Hathaway letter from the chairman; 1996

“Active Share”

High-yield spreads

10-year breakeven inflation rates