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.




Daniel Kahneman, PhD

2002 Nobel Prize Winner


Richard Thaler, PhD

2017 Nobel Prize Winner, Principal

Raife Maybe Best minus 15 brightness squ

Raife Giovinazzo, PhD, CFA

Partner, Portfolio Manager

Ray good 2 square.jpg

Raymond Lin, CFA

Partner, Portfolio Manager

Dave good2 square.jpg

David Potter, CFA

Partner, Portfolio Manager

Fred square.jpg

Frederick Stanske, CFA

Partner, Portfolio Manager

Gary good square.jpg

Gary Chea

Associate Trader

Yining maybe square.jpg

Yining Tung, CFA, FRM

Partner, Head of Risk Management 

Fernando maybe square.jpg

Fernando Villegas

Partner, Director of Trading

Ed square.jpg

Ed Stubbins, CFA


Hanna good square.jpg

Hanna Zanoni, CFA, JD, CPA

Partner, CFO and CCO

Ben maybe 3 square.jpg

Benjamin Johnson

Associate Director

Tom darker2.jpg

Tom Fuller


Cam square.jpg

Cameron Cooperider

Sales Associate

This website is directed only to US institutional investors. Fuller & Thaler may only transact its investment advisory business in states where it is notice-filed as an investment adviser or otherwise exempt from state requirements. The information on this website is neither an offer to sell nor a solicitation of an offer to buy any product or service in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful. Nobel Prize is a trademark of the Nobel Foundation.

Copyright 2018 Fuller & Thaler. All rights reserved.

The Behavioral Edge


Fuller & Thaler Asset Management, Inc.

411 Borel Avenue, Suite 300

San Mateo, CA 94402