top of page

Our Firm

Foundation Resource Management (FRM) is an investment management firm founded by Greg Hartz in 1992.  Since our founding, we have focused exclusively on managing value-oriented portfolios of publicly traded stocks and bonds for a variety of institutional and family clients.  We invest directly in publicly-traded stocks and bonds, saving our clients a second layer of annual fees from investment products like mutual funds or ETFs.  Our research and security analysis is wholly unbiased and is performed by highly trained and qualified Chartered Financial Analyst charterholders (CFAs) and Certified Public Accountants (CPAs). Our firm is employee-owned and the fees our clients pay directly to us are our only source of income.  As an SEC-registered investment adviser (RIA), we accept a fiduciary duty to put our clients' interests first.  Our team owns only the same securities as our clients - only transacting after our clients.  We also strive for performance and fee transparency in our client reporting.

Our Legacy


Lee Bodenhamer (l) and Harold Dulan (r)

The FRM approach to investing has a long legacy.  Our firm’s principals were beneficiaries of decades of mentorship and teaching in the practice of value investing by two humble and original thinkers, Harold Dulan and Lee Bodenhamer.  Harold Dulan was a professor at the University of Arkansas from 1946 to 1982 and mentored our founder, Greg Hartz, in the practice of value investing.  Dulan also mentored another value investor, Lee Bodenhamer, who eventually hired Mark Millsap and mentored him.  We believe we have been fortunate to have been given a legacy of integrity and discipline from Harold and Lee.  We have been building upon their heritage since our firm’s founding in 1992. Additionally, we have a plan in place for our firm’s ownership to eventually transition to the next generation of owner/managers committed to the continuation of our value-based approach to portfolio management.

Our Name

Our firm name, Foundation Resource Management, originates from the agricultural term of art, the foundation seed, a genetically pure seed from which commercially viable seed is propagated.  Foundation seed has strict quality requirements given its role as the long-term resource from which many millions of crop acres will descend.  Similar to the high standards required of foundation seed growers, we view ourselves as stewards of our clients’ foundational resources.  Our clients have accumulated capital for use in funding future liabilities, fulfilling a charitable mission, providing for a comfortable retirement or passing wealth to a future generation.  It is our mission to be responsible stewards of that capital.  For like foundation seed, we view our clients’ foundational resources as irreplaceable.

Soybeans (1).png
bottom of page