Trades Taken

Opportunistic within market neutral universe

Role of United States

Historically varies from one-third to two-thirds of portfolio

Role of Technology

Immaterial

Role of Private Equity

Immaterial

Role of Macro

Immaterial

Allocates to Other Managers

Yes

Risk Management

Net Exposure

Longs typically matched with shorts

Hedging Technique

Each individual position is hedged; in addition, entire portfolio has volatility options overlay; able to move to cash daily

Maximum Leverage

Not predetermined, but unlikely to exceed 5:1

Memorable Loss

1998

Risk Management

Diversification by strategy and number of managers; proprietary internal risk management system

Background Information

Initial Spark

Summer job at brokerage firm

Professional Background

Convertible bond trader

Education

New York University, undergraduate and MBA

Motivation/Satisfaction

Professional respect; intellectual stimulation; pride in a job well done

Age

54

Free Time

Children, philanthropy, environmental causes, sailing, modern art