In 1977, Al Frank (pictured below) founded The Prudent Speculator, originally publishing the newsletter from his Santa Monica apartment. His investment philosophy focused on finding undervalued stocks, diversifying portfolios, and having the patience to wait for investments to reach their potential.

In 1987, John Buckingham (pictured on the telephone below) joined Frank while finishing college at USC. He initially helped with computers and research but quickly became a student of Frank's value-investing approach. Buckingham became Director of Research in 1989 and Chief Portfolio Manager in 1990.

Throughout the 1990s, Frank and Buckingham expanded The Prudent Speculator. They launched the Al Frank Fund in 1998, bringing their Value-investing philosophy to a broader group of investors.

When Al Frank passed away in 2002, Buckingham succeeded him as editor of The Prudent Speculator and continued the investment philosophy they had developed together. He emphasized value, dividends, diversification, and long-term discipline through major market events, including the financial crisis and the COVID-19 market turmoil.

From Al's first newsletter in 1977 to the launch of A Patient Prospector in 2026, alive and well is a legacy of investing centered on a three simple ideas: buy quality investments at attractive prices, diversify and remain patient for the long term.

In April 2026, John Buckingham entered a new chapter by building A Patient Prospector with Jason Clark and Chris Quigley. The venture represents a new phase for an investment philosophy developed over decades working alongside Al Frank and relayed through The Prudent Speculator.

The name A Patient Prospector reflects the core principles that have guided Buckingham throughout his career: searching carefully for undervalued opportunities, conducting thoughtful research and allowing time for investments to realize their potential.

Rather than simply looking back at the legacy of Al Frank, Buckingham and team endeavor to use this new chapter to carry those lessons forward. The goal is to combine the discipline of traditional Value investing with modern research, technology and a willingness to look beyond the most obvious opportunities.