As the Asian financial crisis triggered volatility in 1997, Manley’s take on the market caught the eye of John Dorfman, then a money manager for Dreman Value Management LLC who also wrote a column for Bloomberg. That quote is likely to resonate with investors dealing with this year’s volatile markets as much as it did back then.
“High valuations may not cause problems, but markets with high valuations are very susceptible to downdrafts based on seemingly minor fundamental problems,” Dorfman quoted a strategy note by Manley, then at Smith Barney. “While the seriousness of Asia’s problems should not be underestimated, the equity market’s recent drop is due, in no small measure, to investors looking for trouble.”
Manley was also a mentor to many young people, an avid reader and a history buff, according to his obituary.
Amy George, who managed Manley’s many media appearances while she was at Wells Fargo from 2011 to 2016, admits the strategist didn’t need much help in getting his message out.
“John was a great storyteller, which is probably why we became fast friends more than just business colleagues,” said George, who now runs her own public-relations firm, By George Communications, in Charlotte, North Carolina. “He was an easy client because he knew everything about the markets and was unflappable.”
“I’ll never work with another like him,” she adds.
John is set to be interred with his parents in Pennsylvania after being cremated. The family is accepting remembrances sent via email to [email protected].
This article was provided by Bloomberg News.