Advance Praise for Never Bullshit the Client

Richard Ennis, long a major thought leader in investing, has given his many admirers a short book on how to build a professional firm and a series of insights into the wonderful history of institutional investing.

— Charles D. Ellis, Founder, Greenwich Associates

A wonderful personal history in the investment management field. Richard Ennis shares his experiences with splendid details that are engrossing and delightfully insightful.

— Gary P. Brinson, Founder, Brinson Partners

Never Bullshit the Client hits the trifecta…short, wise and very entertaining.

— Jack R. Meyer, Founder, Convexity Capital, Former CEO, Harvard Management

Richard Ennis has been a part of the financial revolution from its early days. His memoir gives us a fascinating inside look at the characters and events that continue to transform the investment industry. A fast paced, informative and enjoyable read.

— Roger G. Ibbotson, Professor Emeritus, Yale University 
Richard Ennis led the evolution, arguably the invention, of institutional investment consulting as we know it. His intellectual depth is matched by his exceptional ethical and professional standards, a fiduciary’s fiduciary. His work has helped investors protect and compound capital — solving problems, doing good and changing lives along the way. The history and wisdom he offers are well worth your time.

— Ashbel C. Williams, Jr., CEO, Florida State Board of Administration 

Richard Ennis was present at the creation: O’Brien Associates and then A. G. Becker, which in the 1970s were the gathering spots for most of the people who created the modern scientific investment management business. Ennis was at both firms before founding one of the premier consulting firms in the industry. A half century later in this memoir, he looks back on his multifaceted career and concludes that the topic he wants to emphasize most is ethics. Put the client’s interest first, your firm’s interest second, and your personal interest last. Most of all, “Never bullshit the client.” Having been the client, I appreciate the blunt advice. Read this book!

— Laurence B. Siegel, Research Foundation Director, CFA Institute, Former Director of Research, Ford Foundation

How did we get in a situation where we see an unfolding pension crisis almost everywhere we look? Richard Ennis helps us understand how we got here, and his wise insights guide us to solve the problems. His wonderfully intimate and detailed history of the arrival of modern portfolio theory provides important perspective. Central to his work are ethics and character, the under-appreciated but critical dimensions of the stewardship of other people’s money. The sections “Character Counts” and “Ethical Foundation = Business Strategy” are a must-read for trustees, consultants, and investment managers who give advice and make decisions under great uncertainty with the results not known until far into the future. What could go wrong when investment complexity is hidden in math nobody really understands and the short-term incentives are for everyone to tilt the playing field? A lot can go and has gone wrong. Richard Ennis gives us practical advice that we can and should use to do a better job.

— Stephen Sexauer, CIO, San Diego County Retirement Association

Richard’s reach and impact is simply unparalleled in the world of institutional investments. Millions of pension participants, hundreds of professionals at the legendary Ennis Knupp, and the countless readers of the FAJ during his tenure benefited mightily from his intellect and his high ethical standards. Never Bullshit the Client is a fitting retrospective to preserve this man’s decades-long legacy. I can think of no greater gift for the next generation, and I eagerly anticipate sharing his gift with my young finance-educated daughter.

— Steve A. Voss, Senior Partner, Aon Investment Consulting

This is an inspirational story about navigating choppy investment waters with lively characters while paddling with integrity, no matter the cost.

— Jennifer Paquette, Former CIO, Colorado Public Employees Retirement Association

Richard Ennis, leader, mentor, educator and investor shares his personal journey in the world of investment management during a period of volatile markets and significant industry change. Never Bullshit the Client is one of a kind and a must-read for both industry newcomers and veterans. He explores an area of the investment industry that receives scant public interest but influences trillions of dollars of assets. Richard reminds us of the importance of respect, integrity, forthrightness and putting the interests of investors and participants above all else. This is a story that is long overdue. Thank you, Richard, for sharing this wonderful real-life narrative.

— Joanne Hickman Dodd, Senior Vice President, The Capital Group

Richard Ennis taught me, as a client at the MacArthur Foundation, the difference between good investment consulting and bad, telling me the truth versus making me feel like I was always right. His memoir clearly reflects the dedication and impact that Richard had on the industry and the colleagues that he influenced.

— Jim Casselberry, CIO, 4S Bay Partners, LLC

Richard Ennis set the standard for thinking, writing, reading and being educated about investment philosophy and asset allocation. His memoir is a breathtaking kaleidoscope of people and events over his career in this burgeoning industry we now know as asset management and consulting.

— Cynthia Steer, Director, ICMA-RC

This book is a must read for anyone working to build a great investment firm. There are plenty of lessons for everyone—from emerging leaders to seasoned professionals. Richard Ennis tells the reader, in no uncertain terms, what it takes to make scalable breakthroughs in the investment industry.

— John W. Rogers, Jr., Founder, Ariel Capital Management