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Stuart Brown has more than forty years of experience as a Wall Street analyst and Research Director. He was a pioneer in researching emerging growth stocks. While at Shearson, Hayden Stone, Stuart was a Corporate Principal and was Director of O-T-C Research and Marketing. At Drexel Burnham, Lambert he served as Supervisory Analyst. Stuart then was Research Director at Spencer Trask. Early in his career, he was an industry specialist covering consumer non-durables. Later he switched to the computer industry, and in general he has focused on areas of high technology. He has a BA in Economics from Brooklyn College. Back to top
Les Childress has more than 21 years experience in providing investment opinions on the value of publicly traded securities. His experience includes, though is not limited to, analyzing energy companies, financials, and special situations. He was an analyst for Schneider, Bernet & Hickman in Dallas, Texas, and went on to cover oil & gas stocks for Composite Mutual Funds and Murphy Favre Securities in Seattle. He was a partner and director of equity research at Harper McLean & Company, also in Seattle. He holds a B.S. degree from the University of Oregon and an MBA from Cox School of Business of Southern Methodist University. He is a member of the Seattle Society of Financial Analysts and the Association for Investment Management and Research, and is frequently and widely quoted in major newspapers, radio, television and business publications. Back to top
John M. Dutton is a member of both the Boston Security Analysts Society and the CFA Society of Sacramento, and a member of the CFA Institute. He served on the 14 member NASDAQ Committee for the Future of the Bulletin Board. Mr. Dutton has been an analyst and director of research at several firms including Moseley, Hallgarten, Estabrook & Weedon and the institutional firm of LH Friend, Weinress, Frankson & Presson. He was president of Corsair Asset Management, an asset management firm, for over 15 years. For seven years he was executive vice president and a member of the board of directors of the international hospital company American Medical International, Inc. He received an A.B. degree from Brown University, and received his MBA from the Wharton Graduate School, University of Pennsylvania.
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Mr. Handley has been engaged as an investment research analyst since 1961, and his career has encompassed broad experience at several Wall Street firms. This has included extensive experience on both the BUY and SELL sides of the Street. His research coverage has focused on many industries and special situations, and in particular virtually all sectors of the healthcare industry. Mr. Handley graduated from Stanford University with a B.S. in Chemical Engineering, and obtained an MBA from Stanford Business School. Thereafter, he joined Morgan Guaranty Trust's investment research department in New York. Then at White Weld & Co., he followed chemical and drug companies. From 1968 - 1979, he was associated with F. Eberstadt & Co., becoming a partner in 1969. The last eight years at Eberstadt involved Eberstadt Asset Management (manager of the Chemical Fund and other assets), where he was an analyst and Director of Research. From 1979 - 1985, Steve was a health care analyst at L.F. Rothschild, where he became a Special Limited Partner, and subsequently was a personal financial consultant to the Chairman of a major Wall Street firm. In 1986, Steve joined Smith Barney, where he initially followed special situations and then was a dedicated health care analyst focusing primarily on small market cap stocks. Back to top
During the past 40 years, Mr. LaKarnafeaux has held senior positions in international and regional investment banking firms as a securities analyst, portfolio manager and director of corporate finance. Mr. LaKarnafeaux is currently providing consulting services to early stage private and public companies in the areas of corporate valuation and capital formation. He has been an active member and officer of regional chapters of The Financial Analyst Society, The Corporate Finance Council and The American Society of Appraisers. Back to top
Wayne Lottinville has provided analysis for a number of small-cap stock research firms including "Show-Me" Research and the original Red Chip Review. In addition, he regularly presented his investment ideas on a Portland, Oregon, radio show. His research spans a variety of industries including biotech and healthcare, staffing and business services, and electronic instruments and component technologies. Lottinville is also founder and chief investment officer of Cascadia Investment Consultants, an independent management firm. He is a member of the CFA Institute and the CFA Society of Portland, holds a B.S. degree from Va. Tech, and has completed additional studies in finance at the University of Oregon. Back to top
Mike Loughran was a founding member of The Robins Group and a leading special situations analyst. His coverage included the pawn shop / payday loan sector, softgoods and specialty retailing. He was awarded StarMine's Five Star analyst rating for earnings accuracy and stock performance. Previously, he was with First Washington, PaineWebber & Dain Bosworth Inc. and Ragen MacKenzie Inc. He was awarded his MBA in finance by the Wharton School, University of Pennsylvania, and received his BA from Princeton University in economics. Back to top
Mike Niehuser is the founder of Beacon Rock Research, LLC which produces research for an institutional audience and focuses on precious, base metals and substitutes, oil and gas, alternative energy, as well as communications and human resources. Mr. Niehuser was previously a senior equity analyst with the Robins Group where he was a generalist and focused on special situations. Previously he was an equity analyst with The RedChip Review where he initially followed bank stocks but expanded to a diverse industry range from heavy industry to Internet and technology companies. Mr. Niehuser is a Level III candidate in the CFA program. He holds a B.S. in Finance from the University of Oregon, and is a graduate from, and now a member of the faculty of the Pacific Coast Banking School, University of Washington. Back to top
Joe Noel is a 27-year veteran of the telecommunications and investment industries. Joe was recently a senior analyst at Pacific Growth Equities where he tracked the communications equipment/services and advanced industrial equipment sectors. Prior to Pacific Growth, he covered both the telecommunications equipment and services industries at Hambrecht & Quist and was employed by Gartner/Dataquest as a communications industry analyst. Before becoming an analyst, Mr. Noel received solid industry experience at a number of telecommunications carriers, including MCI, where he was responsible for the frame relay product marketing launch and British Telecom where he was involved in strategic planning for the companyâs Internet access service. He was also employed by various Bell Operating Companies in both marketing and technical roles for nearly ten years. Joe Noel received his M.B.A. in Finance from Wake Forest University and also holds a B.S. in Business and Economics. A four-time Wall Street Journal All Star Analyst, Joe specializes in emerging growth companies in the communications, Internet and advanced industrial equipment sectors. Back to top
William R. Prather R.Ph., M.D., has had over 17 years of experience in research and investment banking activities for healthcare companies. He has served as a Board Member and Senior Vice President, Finance and Business Development for Boston Biomedica, Inc., a public medical diagnostics company. He has previously held Senior Healthcare positions at Oscar Gruss and Sons, Cruttenden Roth, Inc., Bathgate Capital Partners LLC and Hanifen Imhoff, Inc. Dr. Prather has sat on the Boards of Boston Biomedica Inc., PriMed, a private medical device company, and MdBio, a healthcare venture firm in Maryland. Additionally, Dr. Prather is a co-founder of Panacos Pharmaceuticals, Inc., a public pharmaceutical company and sat on the Advisory Board of MDS Capital Management, a Canadian venture firm. Dr. Prather received his BS in Pharmacy and medical degree from the University of Missouri and completed a clinical fellowship in at Harvard Medical School. Back to top
Barry Raeburn has extensive equity research experience. Prior to joining Dutton Associates, Mr. Raeburn worked as a specialty technology & hardware analyst at Emerging Growth Equities, an investment bank, covering primary small and micro-cap companies within the technology industry. These included Enterprise Hardware, Storage, Networking Products, Semiconductors, Capital Equipment, and EMS. Before joining Emerging Growth Equities, Mr. Raeburn worked at Pilgrim Baxter & Associates, an investment advisor, first as a quantitative analyst responsible for developing and maintaining various stock selection and ranking models and later as technology research analyst identifying, analyzing, and making recommendations on equities within a variety of technology sectors as well as Defense/Aero, Consumer Staples, and Multi-Industry Conglomerates. Mr. Raeburn received his bachelors degree in Finance and Risk Management from Temple University. He also has begun an MBA from Temple with concentration in Finance. Mr. Raeburn is currently a candidate in the CFA program. Back to top
Robert Rebitz has been involved in management consulting, securities analysis, equity valuation, and portfolio management for the past fifteen years. Prior to business school, Mr. Rebitz was in restaurant management for five years working for innovative theme restaurant companies on the West Coast. Post-MBA, he joined Shearson Lehman Brothers as a sell-side equity analyst, covering leisure time, specialty retail, restaurant and special situations stocks. In 1988 he joined HOLT Value Associates, a boutique investment and corporate advisory firm. In 1991, the corporate advisory business merged with the Boston Consulting Group. Mr. Rebitz continued to advise BCG corporate clients using concepts originally developed by HOLT Value Associates, working in North America (out of Chicago and San Francisco 1991-1993) then Asia (Hong Kong and Kuala Lumpur 1993-1997). In 1998, Mr. Rebitz led a joint venture between HOLT and Deloitte Consulting in Europe (London) to provide value-based management consulting services, and then developed the strategy practice for Deloitte Consulting in Asia 2000-2002 (Kuala Lumpur). In 2002 he set up an independent consulting firm in San Francisco to advise a number of hedge funds, venture capital firms, publicly traded corporations, and start-up companies on valuation and strategy. Mr. Rebitz has an MBA from UC-Berkeley, and a BA from Northwestern University. Back to top
Mr. Resnik has over 35 years of experience in the investment industry. He is Director of Research at Dutton Associates. Â He is also currently the principal of Resnik Asset Management Co., Inc. (RAMCO), a registered investment advisor providing equity portfolio management to high net worth individuals. Prior to founding RAMCO in 1995, he held executive positions in portfolio and securities analysis and investment strategy at major investment firms including Merrill Lynch, Paine Webber, E.F. Hutton, Shearson Lehman Brothers and Smith Barney. At E.F. Hutton, Mr. Resnik created the firm's Equity Research Marketing Department. In this position, he provided investment guidance to the firm's representatives and, at public seminars across the country, to individual investors. At Lehman Brothers, Mr. Resnik was a member of the highly rated Equity Research Department's Investment Policy Committee which, in addition to working with securities analysts in determining common stock investment ratings, selected the firm's well-known annual "Uncommon Values" list. His professional designations include Chartered Financial Analyst and Registered Supervisory Analyst. He is a member of the CFAI. Back to top
Denise Resnik's career in the pharmaceutical industry has spanned over 30 years. For the past 24 years, she has consulted to large, global pharmaceutical companies and emerging biotechnology companies in the area of new drug development. She co-developed a training program for physicians entering the field of clinical research and has taught the program to physicians around the US and abroad. Most recently she is liaising between a large pharmaceutical company and government health agencies to develop public-private partnerships to the benefit of both entities. Prior to her consulting activities she worked in pre-clinical research at Harvard Medical School and subsequently in pre-clinical and clinical research for large pharmaceutical companies. Ms. Resnik holds a master's degree in pharmacology and a bachelor's degree in biology. Back to top
David Riedel covered staffing, facilities management, corporate information management and human resources outsourcing for Salomon Smith Barney. Throughout his career in equity research, Mr. Riedel has covered a variety of industries and companies. Mr. Riedel has published on telecommunications companies (both fixed wire and wireless), small-cap stocks and business services. His telecommunications experience was in Southeast Asia for Salomon Brothers while he was based in Bangkok for four years covering telecoms in Thailand, Malaysia, Singapore and India. While in Bangkok, Mr. Riedel also served as the Head of Thai Research for Salomon Brothers supervising a 12-person research team. From 1998 - 2000, Mr. Riedel was a senior member of Salomon Smith Barney's II-ranked Emerging Growth Stock Research Team covering a range of stocks as well as publishing weekly commentary and monthly quantitative research on the small-cap investment universe. Direct company coverage at this time included auto retail, auto parts retail, auto rental, motor sports and commercial printing. Mr. Riedel has a BA from the University of California, Berkeley and an MBA from Chulalongkorn University (Bangkok, Thailand). Back to top
Gerald A. Rothstein, CFA has over 30 years of expansive investment experience. Most recently Mr. Rothstein consulted to Fairfield Greenwich Group and Straits Lion Asset Management on their joint venture Asian multi strategy hedge fund. Mr. Rothstein spent 28 years with Oppenheimer and Co., Inc. (now CIBC World Markets). He began his career as a capital goods analyst and held successive positions as Director of Domestic Research, Director of International Research, Managing Director, and General Partner. During his involvement in equity research, Mr. Rothstein was recognized in most industry surveys, was chosen 14 times for Institutional Investor All-America Teams (both U.S. and Latin America), and received significant media coverage in U.S., Latin America, and Europe. He also served as Chair of their Due Diligence Committee and was a member of the Management and Commitment Committees. After the acquisition of Oppenheimer by CIBC World Markets, Mr. Rothstein was a co-portfolio manager of Oppenheimer Emerging Markets Hedge Fund and Managing Director, overseeing investment activities of the firm's private equity funds in Argentina, Australia, Brazil, Eastern Europe, India, and Israel. Mr. Rothstein holds a Bachelor's degree in Finance from City College of New York and MBA in Finance from The Wharton School, University of Pennsylvania. Mr. Rothstein is a CFA charterholder.
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David L. Smith was recently Sr. VP and senior analyst of Aperion Group in Dallis, TX covering several industry sectors, including energy, energy services, building materials and consumer retail. Prior to this, he was Sr. VP of The Stanford Group analyzing the nation's major media corporations from a financial and operating perspective. He previously served as Associate Professor and Director of the School of Journalism and Electronic Media, The University of Tennessee at Knoxville, Knoxville, Tennessee. He was associated with Royal Bank of Canada (and its predecessor firms, including Rauscher Pierce Refsnes & Co., Dain Rauscher, and Dain Rauscher Wessels), where he was Senior Securities Analyst and Director, U.S. capital markets arm of Royal Bank of Canada. He holds a M.A. in Economics from Francisco State University, a M.S. in Journalism from The University of Tennessee, and B.A. in Journalism from The University of North Texas. Back to top
David P. Soetebier, CFA was Vice President, Senior Industry Analyst, Bank of America Capital Management where he was responsible for fundamental analysis of large and medium capitalization stocks in technology. He covered all areas of technology for Bank of America (i.e., semiconductors, computer hardware, software, data and telecommunications). Previously, he was Vice President, Senior Industry Analyst at A.G. Edwards and Sons Inc.. At A.G. Edwards, his sector coverage included all areas of technology. He is a graduate of the University of Missouri at Columbia with a BS in Finance. He holds a CFA designation and is a licensed Supervisory Analyst. Back to top
Robert S. Stoklosa most recently was Vice President of Research (technology) of Palisade Capital Management, LLC, with responsibility for technology investment strategy for 4 funds (large and small cap, value and growth). From 2000 - 02, he was Senior Equity Analyst (Technology) for Lord, Abbett & Company. From 1989-99, he was Senior Director - Corporate Strategy & Development for HITACHI AMERICA, LTD. / HITACHI, LTD. In this position, he reported to President and Board Memeber in Japan. He holds a MBA from the Wharton Graduate School, University of Pennsylvania, a MS in ENgineering from The University of Pennsylvania, as well as a BS in Engineering from Northeastern University. Back to top
Ms. Wallick has spent nearly 25 years as an analyst in the research departments of Alex. Brown & Sons and Legg Mason Wood Walker in Baltimore. Most recently, she was Managing Director with Legg Mason Wood Walker following leisure, retail, and consumer companies. Prior to Legg Mason, she was with Alex Brown for 15 years following retail, consumer, and transportation companies. She received her B.A. degree from the College of William and Mary, Williamsburg, VA, and her MBA from Loyola College, Baltimore, MD. Back to top
Richard W. West, CFA, has a range of experience extending over 40 years in securities analysis and investment management. Following three years as a broker with Stein Bros. & Boyce, he moved into investment management and research in the early 1970's with Delaware Management and, from 1974 to 1983, with Brittingham, Inc., where his responsibilities included management of the U.S. portfolio of the Nobel Foundation, one of the premier growth portfolios of its time. Mr. West formed an investment management and research firm in the mid-1980's specializing in small-cap growth stock analysis and investment publishing, following which he served as research director with Gaines Berland, an investment firm specializing primarily in growth stocks and special situations. He has been independently engaged since 1998 in corporate finance and private research activities. Mr. West is a graduate of the Wharton School, University of Pennsylvania (1960), served four years (1954-58) as a Navy pilot, and remains active as a pilot and Master Swimmer. Back to top
Mr. Wolfe has been an analyst in the energy field since 1986. He was securities analyst covering energy and utilities with Bond Investors Guaranty, Moody's Investor Services, and Zacks Investment Research. His areas of focus have included all energy industry sub-sectors, with focus on independent companies in exploration/production, oilfield services and energy transportation. Recently, his particular has included analysis of North American natural gas supply and demand, and covers independent exploration and production companies in the U.S. and Canada. He received a BA from Michigan State University and holds a MBA, Finance from New York University. Mr. Wolfe was awarded his CFA designation. Back to top
Rita Zanella Benson, CFA has more than six years of equity research experience covering the media, entertainment and publishing sectors at Gruntal and Co. and Kemper Securities, Inc. During that time, Ms. Zanella was a Wall Street Journal All Star Analyst ranking number one in both stock selection and estimate accuracy for the publishing sector. Prior to her equity research experience, Ms. Zanella traded a range of derivative financial instruments primarily for Credit Agricole and Index Futures Group. Ms. Zanella received her Bachelor of Science from Southern Methodist University and her MBA in finance and statistics from the University of Chicago. She is currently a member of the Los Angeles Society of Financial Analysts and the CFAI. Back to top
Until recently, Mr. Ziegler covered the specialty retail sector for Deutsche Bank Securities. He had joined Solomon Brothers (later becoming Salomon Smith Barney and Deutsche Bank Alex Brown) after establishing his reputation of covering specialty retailers at Sutro & Co. His career as a securities analyst has been largely focused on the west coast having joined the West Coast Research Department of Merrill Lynch in Century City as a special situations analyst. He later joined Sutro & Co., a regional firm in San Francisco also covering special situations. During a three-year period at the Dean Witter Reynolds West Coast Research Department in the mid-eighties, his coverage shifted to specialty retailers which coverage continued upon rejoining Sutro. Mr. Ziegler holds a B.S. in Economics from the Wharton School of the University of Pennsylvania and an M.B.A. in Finance from Harvard Business School. Back to top
Emre Yigit has more than 14 years experience in providing investment analysis and opinions on the value of publicly traded or privately held companies. His experience includes, though is not limited to, analyzing conglomerates, consumer durables and perishables companies, oil&gas companies, construction and related companies, chemicals, textile and steel companies, as well as financials. He has worked as an analyst for Union Bank of Switzerland and Warburg Dillon Read in London, and has been head of research at Global Securities and Finansinvest in Istanbul. In 1992, he convinced the CFAI to start a CFA exam program in Turkey and has remained involved since. He has also acted in an official capacity in drawing up and suggesting legislation and regulations covering insider trading and professional standards. Emre Yigit is a graduate of the University of Oxford, with a degree in Philosophy, Politics and Economics. Back to top
Rafael Kapelinski most recently was Vice President, Equity Research at Credit Suisse First Boston, London, England. At CSFirst Boston, his coverage universe encompassed data networking, enterprise, and communication software, where he ranked #3 in the 2001 Institutional Investor survey. He began his career with CSFirst Boston in Zurich, Switzerland, initially with their asset management group. While with CSFB in London, he organized an annual Israeli Growth Conference in New York attended by approximately 75 institutional investors from the U.S. and Europe. He received an MBA from the University of Washington, attended The Swiss Banking Institute, University of Zurich, Switzerland as an Exchange Scholar, and received his M.A. in American and English literature from University of Nicholas Copernicus, Torun, Poland. Prior to his graduate studies, he was head of the Festival Office, International Film Festival Camerimage, Poland. Back to top
Stanley Ng has nearly 20 years of research experience in Hong Kong, China and Japan stock markets with foreign and HK listed stockbrokers. He has been Head Of Research for several brokerage firms in the city. Most recently he served as research director for Universal Investment (HK) Ltd., and his prior firms included Tung Tai Securities Limited, Drake & Morgan/Rexcapital Securities, and Standard Charter Securities Ltd. He holds a BSc from Tennessee Tech University, and a MSc from Texas Tech University. Back to top
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