Investment Oracles Aren't What They Used to Be

Investment Oracles Aren't What They Used to Be

A recent Wall Street Journal article, (behind paywall) “Oracle of Tampa Is a Rare Breed” told the story of an investment advisor from Atlanta who is the sole manager for the $1.6B Tampa Police and Firefighter Pension Plan.  Jay Bowen runs the firm Bowen, Hanes and Co. and is touted as the “Oracle of Tampa” for his throw-back investment approach of selecting a concentrated portfolio of a few dozen stocks and bonds (no alternative assets, no private strategies, no elaborate hedging techniques), and what is perceived to be an enviable track record with Tampa’s pension.

While the article didn’t list exact intermediate and long-term returns, an associated bar chart did indicate the approximate range of results for Tampa as well as the average public pension with assets of $1B or greater.  The table below summarizes these results and a risk-adjusted Index and Asset Class portfolio for comparison purposes.

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