Founded in 1993, Fuller & Thaler Asset Management has pioneered the application of behavioral finance in investment management.


Primarily focused on U.S. small-cap equities, our strategies have historically delivered exceptional results. More importantly, our process differs significantly from traditional equity managers.


We believe our unique perspective and unconventional approach can provide meaningful diversification to our mutual fund and separate account clients. 

The crazy thing is thinking humans act logically all the time.

- Dr. Richard Thaler, Principal, Fuller & Thaler Asset Management
The Big Short (2015)**

Behavioral Finance

/bəˈhāvyərəl fīnans/

1. The combination of cognitive psychological theory and conventional finance to provide explanations for why people make irrational investment decisions. 

Investors Make Mistakes.

We Look For Them.

At the individual stock level, we search for events that suggest investor misbehavior.

Raife Giovinazzo, PhD, CFA

Partner, Portfolio Manager

Ray 2019.jpg

Raymond Lin, CFA

Partner, Portfolio Manager

David Potter, CFA

Partner, Portfolio Manager

Frederick Stanske, CFA

Partner, Portfolio Manager



Russell Fuller, PhD, CFA

Founder, CIO

Dr. Daniel Kahneman

2002 Nobel Prize Winner

Dr. Richard Thaler

2017 Nobel Prize Winner, Principal

Gary Chea

Associate Trader

Yining Tung, CFA, FRM

Partner, Head of Risk Management 

Fernando Villegas

Partner, Director of Trading

Tom Fuller


Ed Stubbins, CFA


Hanna Zanoni, 


Partner, Chief Financial, Legal, and Compliance Officer

Benjamin Johnson

Associate Director

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Copyright 2018 Fuller & Thaler. All rights reserved.

The Behavioral Edge


Fuller & Thaler Asset Management, Inc.

411 Borel Avenue, Suite 300

San Mateo, CA 94402