Lapey joined the firm in 2001 from Credit Suisse First Boston where he served as an equity research analyst covering the housing and furniture industries. His investment strategy falls in line with Whitman�s, which is referred to as �aggressive conservative.� Both conduct heavy research on specific companies � known as bottom-up analysis in fund jargon � instead of looking at the overall market and industry sectors. When this kind of value investing is done correctly, it can uncover companies with hidden assets or stories that will eventually lead them to outperform their competitors.
Although he named a successor, Whitman didn't say he was leaving. Nick Lanyi, executive editor of Louis Rukeyser� Mutual Funds, said he believes the handover will occur later than sooner. The announcement is more about easing the minds of shareholders who wonder about Whitman�s age than actual changes in operations.