He shared office space with Tom Bailey, founder of Janus Funds and the man with the clearest vision of how to create a large mutual-fund company based in Denver. First, a series of major gifts to The Denver Art Museum and The Denver Foundation that will make the city a more liveable place even as we deal with sprawl and pollution. In the years before his death, he collected 500 works of British paintings that may turn out to be a treasure trove for the museum. Second, a series of lessons that people who've been fortunate enough to spend time with Bill have taken to heart. That's because over just about any measurable period of history, markets tend to appreciate.
Earnings growth is key.
Companies that can grow their earnings over a sustained period can achieve huge valuations. Microsoft, for example. Berger's mantra was that all stocks suffer setbacks. Tennis balls bounce back while eggs splatter on the floor. Berger wasn't afraid to look to countries that were embracing capitalism for growth-stock opportunities.