Biographies

The Investment Policy Committee

The Fisher Investments Investment Policy Committee's (IPC) role is to develop strategies for the firm's products based on Fisher Investments' philosophy, process, research and current view of market conditions. The IPC collaboratively makes all strategic and tactical investment decisions affecting the Fisher Investments portfolios. While the IPC functions as a team, each member takes on a distinct role in day-to-day portfolio management responsibilities, thus leveraging individual expertise. Kenneth Fisher (Chief Executive Officer and Chief Investment Officer of Fisher Investments) is responsible for broad, macroeconomic analysis of Fisher Investments' overall strategy. Jeffery Silk (Vice Chairman) and Andrew Teufel (Co-President and Director of Research) oversee Fisher Investments' in-house research efforts, portfolio engineering & implementation and the firm's technological research resources.

The Fisher Investments Investment Policy Committee has 60-plus years of combined money management experience.

	Kenneth L. Fisher Chief Executive Officer Chief Investment Officer Ken Fisher, the founder and CEO of Fisher Investments, has been in investment management for over a third of a century. He is perhaps best known for his prestigious Portfolio Strategy financial investment column featured in Forbes magazine. Ken Fisher's 20+ year tenure at Forbes makes him the fourth longest-running columnist in the magazine's history. Ken Fisher 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 also been published and/or interviewed in many major global business and financial investment periodicals. Ken Fisher's theoretical work in the early 1970s yielded a tool known as the Price to Sales Ratio, now a core element of modern financial curriculum and Fisher Investments client education series. In the 1980s, he and Fisher Investments' research team 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 management expertise into a wide array of style-based investment strategies. Ken Fisher's recent research focuses on the emerging field of behavioral finance, working with Dr. Meir Statman of Santa Clara University. Frequently published in professional and scholarly journals, their piece titled "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.
	Jeffery L. Silk Vice Chairman As one of the early employees of Fisher Investments, Jeff has been with the firm since 1983. In his 20+ year tenure, he has worked in virtually every aspect of the firm. Jeff has served as President and COO since 1996, and he is a shareholder and member of the firm's Investment Policy Committee. Prior to his current responsibilities, Jeff was Director of Trading and Operations, where he was instrumental in developing Fisher Investments' 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 investment 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 Fisher Investments research staff and department. Prior to joining the firm, he worked at Bear, Stearns & Co. Inc. as a Corporate Finance Analyst in its Global Technology Group.