Master of the Turnaround

A veteran fund manager says anyone could have compiled his spectacular record. Oh, yeah?

"Any baboon could do what I do," says David Williams in this interview. He's being far too modest. Very few humans have done what he has, which is to compile one of the most sterling investment records going. Since he took over the euphoniously named Excelsior Value & Restructuring fund (symbol UMBIX) in 1992, it has returned an annualized 17%. That's six percentage points per year better than Standard & Poor's 500-stock index. And by the way, Value & Restructuring whipped the index 11 of those 14 years. So let's put baboons aside and concentrate on what makes Williams tick.

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Manuel Schiffres
Executive Editor, Kiplinger's Personal Finance