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BRUCE WILCOX
Cumberland Associates.

Enfranchisement—Three Generations Long-Term Value Investor

Cumberland Associates is the only hedge fund that has managed to succeed beyond its first generation. In fact, it is on its third generation and has a 30-year track record. It was founded in 1970 by Don Cecil and Walter Mintz, two veterans of Shearson, Hammill & Co. In 1982, Cecil and Mintz turned management of Cumberland Associates over to Richard Reiss and K. Tucker Andersen. In 1996, when Reiss and Andersen stepped down, the next generation was in place. It converted from a general partnership in 1997 to a limited liability company.

The Cumberland interview was conducted with Bruce Wilcox, current chairman of the management committee and one of the six part-