Top stories
Joe Montgomery
usinfo | 2013-08-15 18:22
Wachovia Securities
Williamsburg, Va.
Assets: $13.7 billion
Rank: 38
Montgomery, 57, has never lost his conviction that having his clients invested in a wide array of asset classes and categories is a recipe for long-term outperformance. "The PGA [Professional Golfers' Association] allows players to carry 14 clubs in their bag onto the links -- and now, pretty much every investor has access to the full range of products in every asset class imaginable," says Montgomery. Just as a golfer wouldn't want to leave behind a club that could help win the game, investors shouldn't rule out any available asset class. "In any given year," he says, "a different asset class is going to be the one that you need to be involved in."
This year, says Montgomery, anyone who steers clear of non-U.S. markets will be forfeiting gains: While the Dow is off 8.5% so far this year, the MSCI global index is down 6.2% (at least, in dollar terms).
Montgomery, who has been managing money since 1975, finds that some of his clients are more willing to embrace asset classes that they formerly shunned, like commodities. Montgomery takes what he calls the "gumbo" approach to such investments. "They're like the pepper that goes into a gumbo; you wouldn't want a gumbo that only had pepper in it, but you need some of it in there as seasoning to make it tasty."
