A group headlined by Derek Jeter is nearing a deal to buy the Miami Marlins for $1.2 billion, according to a report from the New York Post.
Editor’s note: This story was originally published on Dec. 29, 2009. It was one of a series of articles about people and issues that were in the news in 2009.
It’s been less than a year since Bruce Sherman retired as the chairman and chief investment officer of Naples-based Private Capital Management.
Since leaving the wealth management company in March, he’s been busy handling his family’s investments, spending time with his grandchildren and planning for the 2011 Naples Winter Wine Festival.
He and his wife, Cynthia, will co-chair the 2011 wine festival, which every year raises millions for children’s charities in Collier County.
“That’s a lot of work for an extraordinary cause,” he said.
While the three-day festival has been recognized as one of the most successful charity wine auctions in the world, raising the money is getting tougher.
“It’s more challenging to raise money now through philanthropy because of what’s happened more broadly in the economy,” Sherman said.
In 2007, he headed up a grants committee for the festival, helping to decide how the money was spent that year. He’s currently a vice chairman for the Naples Children & Education Foundation, which founded the festival in 2001.
The 2010 festival is fast approaching.
“This will be our 10th anniversary and we have no intention of resting on our laurels,” Sherman said.
To date, the festival has raised more than $74 million for children in need.
Sherman is involved with a few other philanthropic organizations in Collier County.
“That’s where I live,” he said. “That’s where I want to raise money.”
He retired at 60.
A few days before his retirement, he said it was a good time to be invested in U.S. stocks.
At one time, Private Capital Management was the largest independent money management firm in the Southeastern U.S. At year-end in 2008, the company’s assets under management had shrunk to $2.4 billion, excluding cash.
Sherman blamed that primarily on the market going down.
“I was pleased that the stocks recovered as well as they did at my previous firm,” he said. “I was obviously responsible for picking them.”
“The market is up 50 percent since the lows,” Sherman said. “That’s one of the largest recoveries in post-war America.”
He’s set up an office in his home to manage his own investments.
“My outlook going forward is more cautious,” he said.
He’s golfed a little more in his retirement.
“My golf handicap has not improved,” he said with a chuckle, noting that it continues to be 27 like it has been “forever.”
He’s enjoying spending more time with his grandchildren. For Christmas, he decided to take a Disney cruise with them. It’s a trip that would have been tougher for him to make if he hadn’t retired.
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