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Portfolio Management Team Biographies

The Investment Policy Committee

	Kenneth L. Fisher Chief Executive Officer Chief Investment Officer Perhaps best known for his prestigious Forbes "Portfolio Strategy" column, Ken's 20+ year tenure of high profile market calls makes him the fourth longest-running columnist in Forbes' history. Ken has also written four major finance books including the 1984 best seller Super Stocks, published by Dow Jones-Irwin. His most recent book, New York Times Best Seller The Only Three Questions That Count, was released in Dec 2006. He has been published and/or interviewed in many major global finance and business periodicals. His theoretical work in the early 1970s yielded a tool known as the Price to Sales Ratio, now a core element of modern financial curriculum. In the 1980s the firm helped create a school of equity style management called domestic Small Cap Value equity, now a major category for institutional and retail investors. The firm has since branched its research and portfolio management expertise into a wide array of style-based strategies. Ken's recent research focuses on the emerging field of behaviouralism, where he works with Dr. Meir Statman of Santa Clara University. Frequently published in professional and scholarly journals, their "Cognitive Biases in Market Forecasts," which appeared in the Fall 2000 issue of The Journal of Portfolio Management, won the JPM's prize for "Outstanding Article" for 2000-2001.
	Jeffrey L. Silk Vice Chairman As one of the early employees of Fisher Investments, Jeff has been with the firm since 1983. In his tenure, he has worked in virtually every aspect of the portfolio management firm. Before becoming Vice Chairman, Jeff served as President and COO since 1996, and he is a shareholder, and member of the firm's Investment Policy Committee. Prior to 1996, Jeff was Director of Trading and Operations, where he was instrumental in developing Fisher's notable reputation in portfolio management, research and trading technology. He has written numerous articles and lectured before institutional investors on the use of technology in the portfolio management process. Previously, he worked for First Republic Capital Corporation as an analyst and developer of investment databases.
	Andrew S. Teufel Co-President Director of Research Andrew has been with Fisher Investments since 1995 and has been a member of the Investment Policy Committee since 1996. He is responsible for the supervision of the firm's research department and actively involved in the portfolio management process. Prior to joining the firm, he worked at Bear, Stearns & Co. Inc. as a Corporate Finance Analyst in their Global Technology Group.