John Neff was one of the greatest mutual fund managers in history, managing the Vanguard Windsor Fund for 31 years and beating the S&P 500 in 22 of those years. His low P/E, contrarian approach made him a legend among value investors.

Windsor Fund

Neff took over the Windsor Fund in 1964 when it had $75 million in assets. When he retired in 1995, the fund had grown to $11 billion. A $10,000 investment at the start of his tenure would have grown to over $564,000.

Low P/E Investing

Neff was famous for buying stocks with low price-to-earnings ratios that were out of favor with Wall Street. He looked for companies with solid fundamentals that were temporarily depressed due to short-term problems.

Contrarian Approach

Neff often bought stocks that others were selling, including Citicorp during the Latin American debt crisis and Ford during the auto industry's struggles. His willingness to go against the crowd was key to his success.

Quiet Legend

Unlike many star fund managers, Neff shunned publicity and focused on his craft. He was known for his disciplined approach and his refusal to chase hot stocks or trends.