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Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
1
Day I: Monday June 2, 2014
Time Activity Presenter(s) Location
8:00 – 8:25AM Breakfast & Check-in Davis
Auditorium
8:25 – 8:40AM Welcome Address
S. Kachani, G.
Iyengar, E.
Derman, J. Mak,
M. Ross
Davis
Auditorium
8:40 – 9:00AM Overview of Program and Logistics S. Kachani, G.
Iyengar, M.
Haugh
Davis
Auditorium
9:15 – 10:45AM
I.1 Option Theory & Practice, Part I David DeRosa 501 NWC
10:45 – 11:00AM Break
11:00 – 12:30PM
I.2 Option Theory & Practice, Part II
Tim Leung 501 NWC
12:30 – 2:00PM
I.3
Lunch & Key Note Speaker:
My Life as a Quant
Emanuel Derman Carleton Lounge
2:00 – 2:15PM Break
2:15 – 3:45PM
I.4 Risk Management, Part I
Martin Haugh 501 NWC
3:45 – 4:00PM Break
4:00 – 5:30PM
I.5 Risk Management, Part II
Martin Haugh 501 NWC
5:45 – 6:45PM Cocktail Reception Bistro Ten 18
6:45PM Dinner Bistro Ten 18
Bistro Ten 18
1018 Amsterdam Avenue (Corner of 110th
Street)
New York, NY 10025
212-662-7600
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
2
Day II: Tuesday June 3, 2014
Time Activity Presenter(s) Location
8:30 – 9:05AM Breakfast & Check-in Carleton Lounge
9:15 – 10:45AM
II.1 Asset Allocation, Part I
Garud Iyengar 501 NWC
10:45 – 11:00AM Break
11:00 – 12:30PM
II.2 Asset Allocation, Part II
Garud Iyengar
501 NWC
12:30 – 2:00PM
II.3
Lunch & Key Note Speaker:
Bringing back the Gold Standard
James Grant
Carleton Lounge
2:00 – 2:15PM Break
2:15 – 3:45PM
II.4 Fixed Income, Part I: Fixed-
Income Analysis & Derivatives
Martin Haugh 501 NWC
3:45 – 4:00PM Break
4:00 – 5:30PM
II.5 Equity Valuation in Today’s
Economy
Sid Dastidar 501 NWC
5:30 – 6:15PM Wine and Cheese Reception Carleton Lounge
6:15 – 7:00PM Columbia Campus Tour Soulaymane
Kachani, Darbi
Roberts
7:15PM Dinner LeMonde
Le Monde Restaurant
2885 Broadway (Between 112th
and 113th
Streets)
New York, NY 10027
(212) 531-3939
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
3
Day III: Wednesday June 4, 2014
Time Activity Presenter(s) Location
8:30 – 9:05AM Breakfast & Check-in Carleton Lounge
9:15 – 10:45AM
III.1 Fixed Income, Part II: Credit
Derivatives, Theory & Practice
Leon Tatevossian
501 NWC
10:45 – 11:00AM Break
11:00 – 12:30PM
III.2 Using Morningstar Tools to
Measure Risk in Mutual Fund
Portfolios
Shannon
Zimmerman
501 NWC
12:30 – 2:00PM
III.3
Lunch & Key Note Speaker:
Technical Analysis
Fred Meissner Carleton Lounge
2:00 – 2:15PM Break
2:15 – 3:45PM
III.4 Value Investing, Part I Tano Santos 501 NWC
3:45 – 4:00PM Break
4:00 – 5:30PM
III.5 Value Investing, Part II Tano Santos 501 NWC
5:30 – 6:30PM
III.6
Wine and Cheese Reception
Exam Review Session
Martin Haugh,
Garud Iyengar
Carleton Lounge
6:30PM Dinner Carleton Lounge
Dinner is catered by Kefi
Carleton Lounge
Columbia University
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
4
Day IV: Thursday June 5, 2014
Time Activity Presenter(s) Location
8:30 – 9:05AM Breakfast & Check-in Carleton Lounge
9:15 – 10:45AM
IV.1 Foreign Exchange
David DeRosa
501 NWC
10:45 – 11:00AM Break
11:00 – 12:30PM
IV.2 Option Theory & Practice, Part
III
Emanuel Derman 501 NWC
12:30 – 2:00PM
IV.3
Lunch & Key Note Speaker:
Risk Intelligence: A Darwinian Kit
for Surviving and Thriving in the
New Normal
Leo Tilman Carleton Lounge
2:00 – 2:15PM Break
2:15 – 3:45PM
IV.4
Panel Discussion:
From Theory to Practice: What I
learned when I was at Columbia
and how it helped my practice.
Jon Adams, Don
Devitto, Ellis
Moore, Mike
Ross
501 NWC
3:45 – 4:00PM Break
4:00 – 5:30PM
IV.5
Exam (Multiple choice questions) Martin Haugh,
Garud Iyengar
417 IAB
5:45 – 6:30PM Cocktail Reception Bettolona
6:30PM Dinner Bettolona
Bettalona Restaurant
3143 Broadway (Between Tiemann Place and La Salle Street)
New York, NY 10027
(212) 749-1125
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
5
Day V: Friday June 6, 2014
Time Activity Presenter(s) Location
8:30 – 9:05AM Breakfast & Check-in Carleton Lounge
9:15 – 10:45AM
V.1 Behavioral Finance
Phil Maymin
501 NWC
10:45 – 11:00AM Break
11:00 – 11:45AM
V.2 Optimization for Internet
Advertising
Cliff Stein 501 NWC
11:45 – 12:30PM
V.3 Optimization and Simulation for
Presidential Elections
Karl Sigman 501 NWC
12:30 – 2:00PM
Closing Remarks and Ceremony S. Kachani, G.
Iyengar, M.
Haugh, J. Mak,
M. Ross
Faculty House
Garden Room 2
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
6
Faculty Bios (in order of appearance)
Soulaymane Kachani Professor Soulaymane Kachani is Vice Dean at the School of Engineering and Applied Science, in charge
of the School’s undergraduate, graduate, executive, online and global programs. He joined Columbia in
2003 and has served as the Director of Master's Programs and the Director of Executive Education at the
Department of Industrial Engineering & Operations Research since 2008.
Professor Kachani serves on the Columbia University Senate, where he is a member of the University
Senate Executive Committee and the Chair of the University Senate Budget Committee. Prior to joining
Columbia, he worked as a senior consultant at McKinsey & Company.
At Class Day Ceremonies, Professor Kachani was honored with the Columbia Engineering School
Alumni Association 2005 Distinguished Faculty Teaching Award, the 2007 Columbia Engineering
School Kim Award for Faculty Involvement, the 2010 Avanessians Diversity Service Award, and the
2012 Egleston Distinguished Service Award.
Professor Kachani received a Ph.D. in Operations Research from the Massachusetts Institute of
Technology. He also holds a Master of Science in Operations Research from MIT and a Diplôme
d'Ingénieur in Applied Mathematics from École Centrale Paris.
Garud Iyengar Professor Garud Iyengar is the Chairman of Columbia University's Industrial Engineering and Operations
Research Department where he has been a faculty member since 1998. Professor Iyengar teaches courses
in asset allocation, asset pricing, simulation and optimization.
Professor Iyengar’s research interests include convex optimization, robust optimization, queuing
networks, combinatorial optimization, mathematical and computational finance, communication and
information theory. He has published in numerous journals including IEEE Transactions on Information
Theory, Mathematics of Operations Research, Mathematical Programming, IEEE Transactions on Signal
Processing, and IEEE Transactions on Communication Theory.
Professor Iyengar received a Ph.D. in Electrical Engineering from Stanford University. He also holds a
Master of Science in Electrical Engineering from Stanford University and a Bachelor of Technology from
the Indian Institute of Technology.
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
7
Emanuel Derman Professor Emanuel Derman joined Columbia University's Industrial Engineering and Operations Research
Department in 2003 where he is the Director of the Financial Engineering Program. Prior to joining
Columbia, he was a managing director at Goldman Sachs, where he was head of the quantitative
strategies group in the equities division, and then head of quantitative risk strategies in firm-wide risk. He
is best known for his work on the Black-Derman-Toy interest-rate model and for developing local
volatility models of the implied volatility smile. He was the IAFE/Sungard Financial Engineer of the Year
in 2000.
Professor Derman's research interests include quantitative finance, financial engineering, derivatives
valuation, volatility models, and risk management. He has published in numerous journals including the
Financial Analysts Journal, RISK, The Journal of Portfolio Management, and the Journal of Derivatives.
His recent memoir, My Life as a Quant: Reflections on Physics and Finance, was published in 2004 and
was selected as one of Business Week's top ten books of the year. His newest book
Models.Behaving.Badly was published by Free Press in October 2011.
Professor Derman studied at the University of Cape Town, and received a Ph.D. in theoretical physics
from Columbia University in 1973, where he wrote a thesis that proposed a test for a weak-neutral current
in electron-hadron scattering.
Martin Haugh Professor Martin Haugh originally joined the Department of Industrial Engineering and Operations
Research at Columbia University in January 2002 after completing his PhD in Operations Research from
MIT. He was a faculty member in the IEOR Department until June 2005 and during this time his
teaching and research focused on financial engineering.
Between 2005 and 2009, Professor Haugh worked in the hedge fund industry in both New York and
London, specializing in equity and credit derivatives. He returned to academia and the IEOR department
in July 2009. His current research interests include financial engineering and risk management. Professor
Haugh also holds Master of Science degrees from the University of Oxford and University College Cork.
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
8
Jenny Mak Dr. Jenny Mak joined Columbia IEOR in 2003, providing leadership to the Department, specifically in
the areas of academic and faculty affairs, financial planning, alumni and employer relations, professional
development, executive education, and human resources. She teaches the IEOR professional development
courses and related workshops for Columbia Engineering.
Dr. Mak is a four time graduate of Columbia University. She received a Doctor of Education in adult
learning and leadership from Teachers College, Columbia University. She also holds a Master of Arts in
Higher and Postsecondary Education, Master of International Affairs, and Bachelor of Science in
Industrial Engineering from Columbia University. Her research interests include intellectual and ethical
development of college students, Asian student development, and adult learning. She conducts research in
and wrote her doctoral thesis investigating the intellectual and ethical development of graduate students
from mainland China.
Prior to joining Columbia, Dr. Mak served as a senior consultant in Deloitte Consulting. She also worked
at D. E. Shaw & Co. as a technology consultant.
Mike Ross A former captain in the U.S. Air Force and California native, Michael Ross takes a disciplined approach
to investing and managing client relationships. In his 25 years at Morgan Stanley Wealth Management
and its predecessors, he has worked with both individuals and institutions and garnered an array of
distinctions for his service to the industry.
Michael joined Smith Barney’s Portfolio Management Program in 1997 and earned his Certified
Investment Management Analyst® designation from the Wharton School of Business in 1999. Two years
later Citigroup Trust Company tapped him for the role of Fiduciary Portfolio Manager. His passion to
create custom portfolios, select securities and monitor performance spurred him to co-found the Portfolio
Management Institute (PMI), of which he is a past president. He is also co-founder of the Academy of
Certified Portfolio Managers and current President. He works extensively on portfolio management
topics with Columbia University. Michael’s outstanding performance has earned him a seat on the
Morgan Stanley Wealth Management President’s Council and the 2009 Bill Eager Award as Portfolio
Manager of the Year from the Portfolio Management Institute based on his dedication and commitment to
the client and passion for the markets. He is also a member of the Chartered Financial Analysts Institute
and the Investment Management Consultant Association.
While his distinctions are impressive, Michael’s clients report that it’s his personal attention and
determination to meet their financial goals that sets him apart. He traces his winning attitude back to his
high school football career, after which he was recruited to play for the U.S. Air Force Academy Falcons.
Michael holds a Bachelor of Science Degree from the U.S. Air Force Academy, Colorado Springs,
Colorado, and a Master of Arts Degree from State University of New York.
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
9
David DeRosa David DeRosa is president of DeRosa Research and Trading, Inc. He is an Adjunct Associate Professor
of Finance at Columbia University’s Fu Foundation School of Engineering and Applied Science where he
teaches courses in financial modeling and derivatives. He has also served as an Adjunct Professor of
Finance and Fellow of the International Center for Finance at the Yale School of Management (1996-
2010). He received his Ph.D from the Graduate School of Business of the University of Chicago in
finance and economics and his A.B. in economics from the College of the University of Chicago.
David is the author of Options on Foreign Exchange, 3rd
edition (Wiley 2011), Central Banking and
Monetary Policy in Emerging Markets Nations (2009), In Defense of Free Capital Markets / The Case
Against A New International Financial Architecture (Bloomberg Press 2001), Managing Foreign
Exchange Risk (Irwin 1996), and is the editor of Currency Derivatives (Wiley 1998). He serves on the
boards of directors of Rubicon Fund Management, BlueCrest Capital International, the Children’s
Investment Fund, Pendragon Event Driven Fund, and GSA Capital Management.
Tim Leung Tim Leung joined Columbia University's IEOR Department in July 2011. He's also an affiliated faculty
member of The Center for Financial Engineering and Institute for Data Sciences & Engineering.
Previously, he had been an Assistant Professor of Applied Mathematics & Statistics at Johns Hopkins
University since September 2008. His research area is Financial Engineering, with focus on the valuation
and hedging of complex financial derivatives, such as employee stock options and exchange-traded fund
(ETF) options.
Professor Leung's research has been funded by the National Science Foundation (NSF), and published in
journals, such as Finance & Stochastics, Mathematical Finance, Quantitative Finance, and SIAM Journal
on Financial Mathematics. He has also given talks at numerous universities, conferences, investment
banks and hedge funds.
At Columbia University, Professor Leung teaches the core courses for the M.S. program in Financial
Engineering (MSFE), including IEOR E4706: Foundations of Financial Engineering and IEOR E4703:
Monte Carlo Simulation. He also teaches the MSFE elective IEOR E4710: Term Structure Models.
He received a B.S. in Operations Research & Industrial Engineering from Cornell University and a Ph.D.
in Operations Research & Financial Engineering from Princeton University, where he was awarded the
Charlotte Procter Honorific Fellowship. During 2003-2004, he was a consultant associate at Novantas, a
Manhattan-based management consulting firm.
James Grant James Grant, financial journalist and historian, is the founder and editor of Grant’s Interest Rate
Observer, a twice-monthly journal of the investment markets. Among his books is the newly published
Mr. Speaker! The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster (Simon &
Schuster). He is, in addition, the author of five books on finance and financial history: Bernard M.
Baruch: The Adventures of a Wall Street Legend (Simon & Schuster, 1983), Money of the Mind (Farrar,
Straus & Giroux, 1992), Minding Mr. Market (Farrar, Straus & Giroux, 1993) and The Trouble with
Prosperity (Times Books, 1996), and Mr. Market Miscalculates (Axios Press, 2008). His John Adams:
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
10
Party of One, a biography of the second president of the United States was published in March 2005 by
Farrar, Straus & Giroux.
Mr. Grant’s television appearances include “60 Minutes,” “The Charley Rose Show,” “CBS Evening
News,” and a 10-year stint on Wall Street Week. His journalism has appeared in a variety of periodicals,
including the Financial Times, The Wall Street Journal and Foreign Affairs, and he contributed an essay
to the Sixth Edition of Graham and Dodd’s Security Analysis (McGraw-Hill, 2009). Mr. Grant, a former
Navy gunner’s mate, is a Phi Beta Kappa alumnus of Indiana University. He earned a master’s degree in
international relations from Columbia University and began his career in journalism in 1972, at the
Baltimore Sun. He joined the staff of Barron’s in 1975 where he originated the Current Yield column. He
and his wife, Patricia Kavanagh M.D., live in Brooklyn. They are the parents of four grown children.
Siddhartha Dastidar
Dr. Siddhartha Dastidar is an Adjunct Professor at the Department of Industrial Engineering & Operations
Research at Columbia University. He teaches courses on capital markets and investments and equity
valuation.
Dr. Dastidar has fifteen years of experience in the financial services industry, both buy-side and sell-side,
across asset classes and regions. As part of the Quantitative Portfolio Strategies team at Lehman and
Barclays, he has advised large institutional clients on portfolio construction, management and risk
budgeting issues. He was also the chief equity derivatives strategist at Newedge, owned by Societe
Generale. At present, he belongs to Brigade Capital, a USD 16 billion credit hedge fund, where he has
been responsible for coming up with portfolio construction, risk and quantitative frameworks. After his
MBA, he has also worked in emerging market private equity for 3 years.
Dr. Dastidar received a PhD in finance from Columbia Business School and holds the CFA charter. He
has published in top journals such as the Journal of Financial Economics and the Journal of Portfolio
Management, and has presented at the National Bureau of Economic Research.
Leon Tatevossian Leon Tatevossian is a senior risk manager at RBC Capital Markets, LLC, where he covers asset-backed
and commercial mortgage-backed securities. Leon is an associate in the Financial Engineering
Program at Columbia's IEOR Department and a fellow/adjunct instructor in the Mathematics in Finance
Program at NYU’s Courant Institute of Mathematical Sciences.
He has twenty-four years of experience in the fixed-income capital markets, including positions as a
trader, quantitative strategist, derivatives modeler, and market-risk analyst. Leon’s previous position was
as a principal/senior trader in an MBS/ABS proprietary-trading group at Banc of America Securities. His
product background also includes US Treasury securities, US agency securities, interest-rate derivatives,
and credit derivatives. Leon received an S.B. degree (mathematics) from MIT and was a graduate student
in mathematics (algebraic number theory) at Brown University.
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
11
Shannon Zimmerman
Mr. Shannon Zimmerman is Associate Director of Active Funds Research for Morningstar. He covers the
Oakmark funds, John Hancock, and Legg Mason’s ClearBridge offerings, among others. He also serves
as director of training for fund research, responsible for overseeing the fund analyst training program and
coordinating efforts among Morningstar's U.S. and international analysts.
Fred Meissner
Fred Meissner, CMT is the founder and President of The FRED Report. His professional career spans 27
years in the investment business. He has a multifaceted background encompassing market analysis,
trading strategies/portfolio management and business development/relationship management in diverse
environments. He is known as a creative and intuitive thinker who leverages extensive knowledge of
financial markets and economic trends to consistently generate significant profits. A team builder and
leader who has a track record of successfully guiding groups towards organizational goals, Fred has high
multicultural awareness and knowledge of international business practices acquired through extensive
travel and education abroad.
Fred’s working career includes senior market analysis positions at The Robinson –Humphrey Company
(at the time, the largest regional brokerage in the United States), Merrill Lynch and Co., Inc. (at the time,
the largest national brokerage in the United States), and four years as President of the Market Technicians
Association (the largest association of professional technical analysts in the world). While President of
the MTA, that organization moved to a new structure encompassing the hiring of professional managers,
and successfully changed Sarbanes-Oxley to include the CMT (Chartered Market Technician) designation
as an exemption to the Series 86 requirement for financial analysts. This effectively placed the CMT on
par with the CFA (Chartered Financial Analyst), thus making Technical Market Analysis and traditional
Fundamental Analysis equal in the eyes of FINRA and in the securities laws of the United States of
America.
Fred holds a BS degree in Business Administration (with a minor in Economics) from Trinity University
in San Antonio, Texas, and an MA degree from The University of California, Los Angeles (UCLA) in
Latin American Studies encompassing an interdisciplinary curriculum of International Business, History,
and Sociology. Currently Fred publishes The FRED Report, a consulting service for financial advisors, as
well as speaking extensively on markets and market analysis around the world.
Tano Santos
Professor Tano Santos is the David L. and Elsie M. Dodd Professor of Finance at the Columbia Business
School, which he joined in 2003. He is the co-director, with Bruce Greenwald, of the Heilbrunn Center
for Graham and Dodd Investing. From 1996 to 2003 he was at the finance group of the Graduate School
of Business of the University of Chicago (now the University Of Chicago Booth School Of Business). He
is member of the National Bureau of Economic Research (NBER) and the Centre for Economic Policy
Research (CEPR) as well as of all the major professional organizations. Professor Santos obtained his
Ph.D. from the Department of Economics of the University of Chicago. His thesis was concerned with the
economic determinants of financial innovations as well as the effect that these have on the credit quality
of market participants and of pre-existing financial markets.
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
12
Professor Santos’s research is divided in three areas. A first area of interest is concerned with the role of
financial intermediaries in markets. Specifically Professor Santos has studied whether intermediaries,
such as derivatives exchanges, competing for volume June drive the credit quality of market participants
below or above optimal levels and thus whether regulatory intervention is required to restore efficiency.
His recent work in this area focuses on the role of the private provision of liquidity in financial crisis and
the role and efficiency of the public provision of liquidity.
Professor Santos’s research extends also to the fields of asset pricing and organizational economics. His
work on asset pricing focuses on understanding the determinants of the value premium and its relation to
fundamental economic forces. Organizational economics is a recent addition to Professor Santos’s
research portfolio. Here the emphasis has been on the understanding of the determinants of specialization
in the organization of production when firms face standard trade-offs between adaptation and
coordination.
Leo Tilman
Leo M. Tilman is President of Tilman & Company, a strategic advisory firm that serves corporations,
financial institutions, governments, and institutional investors worldwide. Through thought leadership and
actionable solutions, Tilman & Company helps its clients create lasting value for the benefit of all
stakeholders. Prior to founding the firm, he held senior positions with BlackRock and Bear Stearns, where
he was Chief Institutional Strategist and Senior Managing Director.
Mr. Tilman teaches finance at Columbia University and is the author of three books translated into
foreign languages: Financial Darwinism (2009), Asset/Liability Management (2003), and Risk
Management (2000). In 2010, in collaboration with the Nobel economist Edmund Phelps, he co-authored
a Harvard Business Review proposal to create the First National Bank of Innovation – a novel financial
institution dedicated to financing innovative entrepreneurial projects and fostering economic dynamism.
In a 2012 European Financial Review article, he redefined risk intelligence and designated it a new
essential competence for companies and investors who aspire to contribute to economies and societies.
Mr. Tilman has been profiled as a Business Visionary by Forbes, a distinction given to “influential
authors, decision makers, and thought leaders in the field of business.” He is a contributing editor of The
Journal of Risk Finance and a Fellow of the Foreign Policy Association. Mr. Tilman serves on the board
of directors of Atlantic Partnership and advisory boards of the Center on Capitalism and Society at
Columbia University and British American Business. He was honored by the World Economic Forum
among a select group of executives, public figures and intellectuals recognized for “their professional
accomplishments, commitment to society and potential to contribute to shaping the future of the world.”
Mr. Tilman received B.A. and M.A. degrees in mathematics from Columbia University and executive
education in leadership and public policy from the Kennedy School of Government at Harvard
University.
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
13
Jon Adams
A former business owner and a 28-year veteran of the financial services industry, Jon enjoys taking a
hands-on approach to meeting clients’ complex financial needs and long-term objectives. In serving high-
net-worth and ultra-high-net-worth clients, as a Certified Private Wealth Advisor® (awarded by the
Investment Management Consultants Association (IMCA®)), Jon is especially skilled at developing
disciplined and enduring strategies for asset accumulation, preservation and wealth transfer. He also
works closely with private foundations, trusts and endowments.
Jon came to Merrill Lynch in 1984 and has been recognized as a leader within the firm and the
community. His designations as a Certified Portfolio Manager and PIA Portfolio Manager enable him to
use his discretion in making timely investment decisions and adjustments for clients. Jon graduated from
Millersville University with a Bachelor of Science degree in Business Administration. He's a longtime
resident of the Linglestown area where Jon and his wife, Kelly, have three children and one grandchild.
Besides spending time with his family and being involved with his church, Jon stays quite active – with
martial arts, other fitness routines and riding his motorcycle.
Don DeVitto
Don DeVitto has been in the investment business since 1983. In 1996, he began managing equity
accounts on a discretionary basis and currently a Senior Portfolio Manager in the Portfolio Management
Program at UBS. During his career, he has witnessed many bull and bear markets in stocks and bonds.
More than anything else it is that experience which guides his day to day decision making. He
understands the importance of risk management and his goal is to preserve clients' hard earned money and
grow those assets in a prudent, disciplined manner.
Ellis Moore
Ellis is a founding member of The Westchester Group at Morgan Stanley Smith Barney. He is primarily
responsible for discretionary portfolio management and overall investment policy planning and research.
Ellis began his career in financial services in 1970 on the institutional corporate bond desk of Smith
Barney, a predecessor firm of Morgan Stanley Smith Barney’s. Prior to his 1981 decision to focus
exclusively on individual investors, Ellis served as an institutional corporate bond salesman and sales
coordinator and as head corporate bond trader at both Smith Barney and Shearson Hayden Stone,
predecessor firms of Morgan Stanley Smith Barney. He was the founder and first manager of Smith
Barney’s Corporate Bond Research Department and authored its weekly “Corporate Bond Comments” for
several years.
In 1990, Ellis joined the Portfolio Management Group and as of September 2010 managed or helped to
advise some $200 million of client assets for the Westchester Group. Ellis integrates financial planning
into his investment process to assist in setting risk tolerance and return targets for clients. He continues
his written client communications through a publication called “One Moore View.” Ellis was a founding
member of the board of the Portfolio Management Institute, a not-for profit association of Morgan
Stanley Smith Barney portfolio managers and served as its first secretary/treasurer from 2004-2010. He
was also a member of Morgan Stanley Smith Barney’s proxy voting committee for managed accounts.
During the 1970’s and 1980’s, Ellis became quite active in community service, first as a member of the
Board of Appeals and later its Chairman, and thereafter as a member of the Board of Trustees of the
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
14
Village of Pelham Manor, NY, his home town. He was also President and a member of the Board of
Governors of the Shenorock Shore Club of Rye, NY. A Rotarian, Ellis was named a Paul Harris Fellow
and has served as President and on the Board of Directors of the Rotary Club of the Pelhams. He has been
an active member of the service organization since 1981 and currently chairs the club’s scholarship
committee.
A 1970 graduate of Princeton University, Ellis played varsity football for three years and captained the
university’s 1969 Ivy League Championship team. He is on the Board of Directors of the Ivy Football
Association and currently serves as an advisor to the Princeton Football Association. Ellis earned a
Bachelor of Arts degree in history. Ellis resides in Yorktown Heights, NY, and Raymond, ME, with his
wife, Marilyn. They have four children: Jon, also a member of the Westchester Group, Carrie, Michael
and Nikki; and three grandchildren, Leo, Maxwell and Nathan. In their leisure time, the Moore’s enjoy
reading, travel, and exercise.
Philip Maymin
Professor Philip Maymin is Assistant Professor of Finance and Risk Engineering at the NYU School of
Engineering. He is also the founding managing editor of Algorithmic Finance. He holds a Ph.D. in
Finance from the University of Chicago, a Master's in Applied Mathematics from Harvard University,
and a Bachelor's in Computer Science from Harvard University. He also holds a J.D. and is an attorney-
at-law admitted to practice in California.
Professor Maymin has been a portfolio manager at Long-Term Capital Management, Ellington
Management Group, and his own hedge fund, Maymin Capital Management. He has also been an award-
winning journalist, a policy scholar for a free market think tank, a Justice of the Peace, a Congressional
candidate, a columnist, and the author of several books. He was a finalist for the 2010 Bastiat Prize for
Online Journalism. He has also been a consultant for several NBA teams and is the co-founder and co-
editor-in-chief of the Journal of Sports Analytics. Professor Maymin’s popular writings have been published in dozens of media outlets ranging from
Bloomberg to Forbes to the New York Post to American Banker to regional newspapers, and his research
has been profiled in dozens more, including The New York Times, Wall Street Journal, USA
Today, Financial Times, Boston Globe, NPR, BBC, Guardian (UK), CNBC, Newsweek Poland, and
others. His research on behavioral and algorithmic finance has appeared in Quantitative Finance, Journal
of Wealth Management, Journal of Applied Finance, and Risk and Decision Analysis, among others, and
his textbook Financial Hacking was recently published by World Scientific.
Columbia University Department of Industrial Engineering & Operations Research
Certified Portfolio Manager (CPM®) Program
15
Cliff Stein Professor Clifford Stein he has been a faculty member since 2001 in the Department of Industrial
Engineering and Operations Research. He also holds an appointment as Professor of Computer Science at
Columbia. His research interests include the design and analysis of algorithms, combinatorial
optimization, operations research, network algorithms, scheduling, algorithm engineering and internet
algorithms. Prior to joining Columbia, he spent nine years as a professor in the Dartmouth College
Department of Computer Science.
Professor Stein has published over 60 scientific papers and occupied a variety of editorial positions
including the journals ACM Transactions on Algorithms, Mathematical Programming, Journal of
Algorithms, SIAM Journal on Discrete Mathematics and Operations Research Letters. He has been the
recipient of an NSF Career Award, an Alfred Sloan Research Fellowship and the Karen Wetterhahn
Award for Distinguished Creative or Scholarly Achievement. He is also the co-author of two textbooks,
Introduction to Algorithms, with T. Cormen, C. Leiserson and R. Rivest and Discrete Math for Computer
Science, with Ken Bogart and Scot Drysdale. Introduction to Algorithms is currently the best-selling
textbook in algorithms and has been translated into eight languages.
Professor Stein earned his B.S.E. from Princeton University in 1987, a Master of Science from The
Massachusetts Institute of Technology in 1989, and a PhD also from the Massachusetts Institute of
Technology in 1992.
Karl Sigman Professor Karl Sigman joined Columbia University’s Industrial Engineering and Operations Research
Department in 1987. Professor Sigman was the recipient of the Distinguished Faculty Teaching Award
both in 1998 and in 2002. He teaches courses in stochastic models, financial engineering, and queueing
theory. Before joining Columbia, Professor Sigman was a postdoctoral associate at the Mathematical
Sciences Institute at Cornell University. As of July 2011, Professor Sigman is currently the Director of
Undergraduate Programs.
Professor Karl Sigman’s research interests include queueing theory, stochastic networks, point processes,
insurance risk, and economics. He has published in numerous journals including Stochastic Processes and
Their Applications, Queueing Systems, Journal of Applied Probability, and Mathematics of Operations
Research.
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