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| Three graduates of the Stanford Graduate School of Business founded
what was later to become Bailard, Biehl & Kaiser, Inc. It all
began when Tom Bailard, Larry Biehl, and Ron Kaiser started teaching
a course in personal money management. Encouraged by their students,
they formed one of the first fee-only financial planning practices
in the country. |
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| We incorporated and began managing money
for clients. Portfolios reached beyond stocks and bonds to include
real estate. |
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| Bailard's founders published the first
of six editions of their widely distributed college textbook, Personal
Money Management. |
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| We published our first newsletter commenting
on economic and market events and issues. |
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| We began serving corporate pension and
profit-sharing clients. |
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| We developed multiple-scenario planning,
which forms the basis for our formal asset allocation process.
Long before they become industry buzzwords, we were practicing diversification
and asset allocation. |
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| Our international equity fund, one of
the country's first, created a global investment opportunity for our
clients. |
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| We offered our Asset Allocation Consulting
Service, which advised institutional clients, including CALPERS, Pacific
Telesis, Hughes, and Ralston-Purina. |
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| We launched our first private equity real
estate fund to address many of the issues that investors encountered
in the mid-1980s — illiquidity and lack of investment control and diversification.
We launched our international fixed-income fund, which gave clients
greater diversification and access to more favorable interest-rate
opportunities overseas. |
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We developed our quantitative research
capabilities to augment our existing investment and portfolio management
processes. |
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| We implemented a "best-practices"
approach to investment management that emphasizes risk management
and institutional-quality processes. |
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| In March we launched our technology exchange
fund, which allowed investors to diversify concentrated holdings of
technology stocks. |
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| To augment and diversify our core U.S. equities
strategy, we launched two targeted equity strategies: a large-growth
strategy and a behavioral finance based, small-value strategy. |
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| We created MY-FLEX®, opening
our global asset allocation portfolios to investors with a lower investment threshold.
We launched our first long/short equity fund, which took advantage
of the dispersion in performance among sectors of the U.S. equity markets. |
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| We created our first multiple strategy long/short hedge
fund, which allows us to diversify holdings among multiple alpha-generating
strategies. |
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| Encouraged by the success of our first
offering, we launched our second private equity real estate fund.
We changed our name to Bailard and launched our new brand identity
and Web site. |
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In January we formed a strategic alliance with HighMark Capital Management. Their adoption of the former Bailard equity mutual funds allow us to focus on our investment strategies rather than fund administration. June 30th marked the launch of a new specialty equity strategy focused on delivering a venture-like experience through investments in emerging life sciences companies with little or no analyst coverage.
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We rolled out our international equity strategy to institutions.
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| Our international equity strategy won awards from Emerging Managers Monthly and Lipper. |
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