2008 Speaker Faculty

Bill Gruzynski
Senior Portfolio Manager
Emerald Strategies LLC
 

Dan Shaffer
President and Head Trader
Shaffer Asset Management
 
Daniel S. Shaffer is the head trader/owner of Shaffer Asset Management. Mr. Shaffer began his career in 1983 as a floor trader on the New York Futures Exchange (NYFE). Through the 1980’s, he was with Bear Stearns, Coopers & Lybrand, and Hambrecht & Quist. In 1991, Mr. Shaffer began the development of computerized trading systems based on price and time parameters to quantify psychology of the markets. In 1999, he began trading individual managed commodity accounts under his firm, Shaffer Asset Management, which is registered as a CTA and CPO with the NFA and CTFC. In 2003, Mr. Shaffer introduced the Shaffer Foreign Exchange trading program utilizing the same computerized trading systems that he applies to the commodity futures markets. Shaffer Asset Management is also the General Partner and Trading Advisor to the Shaffer Partners, LP Fund which is comprised of both the Commodity-II and Foreign Exchange Programs. Mr. Shaffer is a frequent guest speaker on the subject of non-emotional and systematic trading.

Darin Newsom
Senior Analyst
DTN

As DTN's senior analyst, Darin Newsom provides DTN customers with market insight, analysis and advice on an hourly, daily and weekly basis and oversees all of DTN's market commentary. He is also the creator and guiding force behind DTN's Six Factor Marketing Strategies.

Newsom has 20 years' experience analyzing commodity markets and developing risk-management strategies. He focuses on explaining how the structure of a market -- both technical and fundamental -- and the price relationship between contracts indicates what type of market exists and therefore which strategies are appropriate.

His commentary is also consistently featured on CNBC’s “Morning Call”, The Wall Street Journal MarketBeat Online and multiple newspapers and radio stations throughout the country. Newsom is also a regular guest on the Iowa Public Television Program "Market to Market".

Prior to joining DTN, Newsom was a producer risk-management consultant for FCStone and a grain merchandiser at the Great Bend, Kansas, Cooperative.


David Mousseau
Principal and Head Trader
Lone Wolf Investments
David Mousseau is a Principal and Head Trader for Lone Wolf Investments LLC, a Chicago-based Commodity Trading Advisor. Mr. Mousseau has 23 years experience trading both physical and financial futures and options. Prior to starting Lone Wolf Invesments, Mr. Mousseau served as a Director of Electricity Trading at two large North American utility companies. Mr. Mousseau trades the Carbon Financial Instrument Program for Lone Wolf Investments. This managed futures product is designed to provide specific exposure to the global carbon market. Mr. Mousseau is a Chartered Alternative Investment Analyst (CAIA) and is a member of the CAIA Association.

  Dr. Craig Pirrong
Professor of Finance, Director of Global Energy Management Institute
University of Houston
 

Dr. Pirrong previously was the Watson Family Professor of Commodity and Financial Risk Management, and Associate Professor of Finance at Oklahoma State University. He joined the faculty of the Bauer College of Business at the University of Houston as Professor of Finance and the Energy Markets Director for Global Energy Management Institute in January, 2003. He has also served on the faculty of the University of Michigan Business School, the Graduate School of Business of the University of Chicago, and the Olin School of Business of Washington University in St. Louis. He holds a Ph.D. in business economics from the University of Chicago.

Professor Pirrong's research focuses on the economics of commodity markets, the relation between market fundamentals and commodity price dynamics, and the implications of this relation for the pricing of commodity derivatives. His recent research is concentrated on the power markets. He has created a power derivatives pricing model that links observable fundamentals (e.g., temperature, loads) to power derivatives prices. Professor Pirrong has also published extensively on the economics of financial exchanges. He has published 30 articles in professional publications and is the author of three books. Professor Pirrong has consulted widely. His clients have included electric utilities, major commodity processors and consumers, and commodity exchanges around the world.


  Ed Durkee
Chief Investment Officer and CEO
Portfolio Overlay Advisors
 

Ed Durkee has overall responsibility for investment results, investment research, business planning and staffing. He has spent over thirty years in the asset-management business, the last twenty of them as chief investment officer of three innovative alternative investment managers. For the last fifteen years he has specialized in portfolio overlay management, using “portable alpha” techniques, for large institutional clients in the U.S. and Europe.

Ed developed the risk-management and alpha-generation methodology offered by POA, including the statistical modeling techniques and the software essential to execution of the process. His long industry experience provides him with a list of relationships critical to the firm's success. Ed has an MBA from Harvard, and a BA from Princeton, magna cum laude.


Elliot Noma
SVP and CRO
Asset Alliance Corporation

Dr. Noma is the portfolio manager for the BTOP50 fund, a diversified portfolio of managed futures programs. He is a member of the Investment Committee that oversees all fund of funds investments for Asset Alliance. Dr. Noma is also responsible for the risk oversight of Asset Alliance's single- and multi-manager product offerings.

Prior to joining Asset Alliance, Dr. Noma was Senior Risk Analyst, Fixed Income Products, Merrill Lynch Investment Managers (2000-2003). Dr. Noma graduated from Dartmouth College in 1972 with a BA in Mathematics. He received a Ph.D. in Mathematical Psychology in 1982 from The University of Michigan. His research has been published in numerous industry journals and scholarly periodicals.


Emil van Essen
Principal and Trader
Abacus Fund Management

Emil has more than 20 years of experience in the futures industry in the United States and Canada. Additionally, he has been a registered Commodity Trading Advisor since 1997. Previous executive positions held by Emil include Director of Quantitative Futures Analysis at REFCO Global Ltd. LLC, Chicago, and the first Director of Managed Futures for the Bank of Montreal, where he also established the bank's first systematic proprietary trading group while also directing the establishment of the Bank’s portfolio of CTAs.

Emil is currently the President of both Abacus Fund Management LLC, a registered Commodity Pool Operator, and VanKar Trading Corporation, a commodity futures firm Headquartered in Chicago, Illinois.  His CTA Commodity Spread Trading program is one of the hottest and most unique trading programs available in the CTA universe.  The success of the program is based on Mr. Van Essen's ability to accurately predict the affects of the Long Only Commodity Funds on the trading behavior of the commodity markets.

While at Bank of Montreal, Emil began developing a Commodity Trading Advisor ("CTA") Selection Model. Over time, this model would become a revolutionary instrument for predicting expected future performance of CTAs.  Under Emil's leadership VanKar Trading Corp and Abacus have continued to develop and refine this innovative model. 
 
Emil has been a member of Mensa, won Awards for achievement in mathematics, and has authored two books on systematic Futures trading.  Emil studied honors mathematics at the University of Waterloo in Waterloo.


Gregory Davidson
Founder
Dunheath Capital Partners
Gregory E. Davidson is founder of Dunheath Capital Partners, LLC (DCP).  DCP is the investment manager for two commodity focused hedge funds specializing in arbitrage and relative value strategies in the base and precious metals sectors.  DCP is managed from its offices in Greenwich, CT and Shanghai, China.  From 1998 until founding DCP in the fall 2006, Mr. Davidson was employed by the Gerald group, a leading global physical commodities merchant headquartered in Stamford, CT with strategic offices in most major metal production and consumption areas of the world.  During his tenure with Gerald, Mr. Davidson served as Vice President of Trading and Managing Director of Gerald Asset Management, LLC.  Primary areas of responsibility included overseeing Gerald’s proprietary trading strategies as well as developing its derivative strategies for risk management and portfolio optimization.

Jay. R. Feuerstein
Chief Investment Officer
2100 Xenon
Jay R. Feuerstein is the Chief Investment Officer of 2100 Xenon. He is responsible for managing the futures portfolio and directing futures research. He is also the general manager of 2100 Xenon. Prior to founding Xenon, he was a Managing Director and Principal at Bear Stearns & Co. Inc. Prior to Bear Stearns, he served as Senior Vice President for Paine Webber Kidder Peabody and Director of Global Futures Sales and Marketing for Fixed Income, Kidder Peabody. Mr. Feuerstein has published works in The Journal of Futures Markets, Corporate Finance Review, The Family Office Exchange and the MFA Reporter. In addition, he is a frequent industry speaker at events sponsored by such institutions as The Chicago Board of Trade and The University of Chicago. Mr. Feuerstein earned his MBA in finance from the University of Chicago in 1980, and his BS from the University of Illinois at Urbana in 1977. He has 27 years of industry experience.

Jesper Alfredsson
VP of Trading Solutions
Orc Software
Jesper Alfredsson is VP of Trading Solutions for Orc Software.  In this position, he leads a team of specialists working with trading firms and investment banks to help them leverage sophisticated trading solutions, including algorithmic trading strategies. He has worked with both small proprietary trading desks as well as the largest and most recognized banks and serves as a trusted resource to these firms in implementing their trading strategies. During his career at Orc Software, Jesper has held a number of leadership positions including roles in development, support, and sales.  He holds a Masters in Mathematics from Uppsala University.

Kelly Angle
President and Trader
K.D. Angle & Co.
 

Mr. Angle’s unique entrée into the financial markets began while working for his father’s oil and gas exploration and production company in the Midwest where he witnessed him make a little more than a 100 million dollars in the gold bull market of 1979.

Intrigued with the opportunities of the futures markets, Mr. Angle started an alternative market newsletter in 1985 which was eventually reported in Forbes Magazine as being one of the best market letters in commodities during 1987.

Mr. Angle relocated to Connecticut in 1991 to be closer to New York City and Europe and eventually expanded his business into designing systematic computerized trading strategies. This effort evolved into asset management using the major markets traded on the major futures exchanges around the world.

Angle, a registered Commodity Trading Advisor who is a member of the National Futures Association and registered with the Commodity Futures Trading Commissions has owns two asset management companies, Kelly Angle Inc. and Keck Capital Management LLC, each with their own systematic trading strategy with an 8 and 4 year track record, respectively. Both are designed to produce high absolute rates of return and to provide his clientele with non-correlated performance as compared to stock and bond markets.

Angle is currently designing a short term trading product which will be the back bone of a proprietary trading business he plans to develop and operate in Dublin, Ireland.


  Mack Frankfurter
Chief Investment Strategist, Managed Account Research and Managing Director, Chief of Operations
Cervino Capital Management
 
MACK FRANKFURTER started his career in the financial services industry in 1989 with Bank of America. In 1991 he joined The Echelon Group, Inc. as vice president in charge of operations of Echelon’s $250 million managed futures business. As an Associated Person, he was involved with the startup, accounting, client services, compliance, backoffice and marketing of multiple joint venture commodity trading advisors (CTAs) including Dreiss Research Corporation, Jackson Grain Management, and Range Wise. Mr. Frankfurter was also involved in activities related to the establishment of other Echelon-related ventures including Dignity Partners, Inc., a viatical settlement business. Dignity Partners institutionalized the viatical settlement industry by successfully completing a private placement of $50 million in securitized notes (voted 1995 Private Deal of the Year by Investment Dealers Digest), and a subsequent initial public offering in 1996. In January 1999 he left Echelon and consulted for investment bank FleetBoston Robertson Stephens before joining Capco in 2000 as a senior consultant. While with Capco he worked on a variety of long-term projects for Scudder Kemper/Thomas Weisel, Commerzbank and Bank of Montreal. Mr. Frankfurter was hired by UBS Financial Services, Inc. in 2004, and in 2005 left to rejoin NextStep Strategies, LLC, a consultancy company he established in 2002. In July 2005 he co-founded Cervino Capital Management LLC, a commodity trading advisor and registered investment adviser where he serves as managing director, chief of operations. In September 2007, Mr. Frankfurter also became associated with Managed Account Research, Inc. as chief investment strategist where he performs research on the commodity futures markets and managed futures investing.

  Michael Hinton
Chief Marketing Officer
Allegro Development
Michael Hinton is Chief Marketing Officer of Allegro. He is responsible for increasing market and brand awareness across the industry while leveraging Allegro's marketing resources to enable the field in increasing market share and competitive effectiveness. In addition, he serves as a senior customer spokesman to our market, including the press, industry analysts and partners communities.
Since joining Allegro in 1997, Hinton has held a number of significant cross functional roles in sales, services and management. Most recently, as Vice President of Product Marketing, he led a global team in support of Allegro's field operations. Prior to joining Allegro, Hinton had held General Management positions with Independent Gas Companies (IGC), and Skelgas, Inc.

Paul Samano
Principal and Head Trader
Lake II Trading
Paul Samano has been involved in the derivatives industry for over 25 years, trading futures and options as a member of the Chicago Board of Trade where he served as Chairman of the Treasury Options Pit Committee. Paul is responsible for the dynamic allocation strategies in the Long Commodities Fund.

  Rob McAndrew
Senior Vice President
Chicago Climate Exchange
Rob McAndrew is a Senior Vice President for the Chicago Climate Exchange and is responsible for developing liquidity and increasing trading on CCX and CCFE markets through recruitment of financial sector participants.  Prior to joining CCX, Rob had a 10 year career as an institutional equity sales trader at Donaldson Lufkin & Jenrette and ABN AMRO.  Rob is also a licensed attorney and practiced law for 3 years as a litigation associate for Tyler, Cooper & Alcorn in Hartford, CT.  A Rhode Island native, Rob received both his Juris Doctor and Bachelor of Science degrees from Boston College.

  Robert Hagler
Principal and CEO
Forestedge International

Robert W. Hagler established ForestEdge International LLC in 2007 to provide timberland investment portfolio advisory services, and third party transaction evaluations to institutional and high net worth timberland investors. Prior to that, Mr. Hagler held the position of Director for International Investment Strategies and Economic Research at Hancock Timber Resource Group (HTRG), the largest Timber Investment Management Organization in the world.

Before joining HTRG, Mr. Hagler was the International Portfolio Manager for Prudential Timber Investments. In 1987, he founded Wood Resources International Ltd., to provide consulting services to the international forest products community. Mr. Hagler also worked as a senior consultant with Arthur D. Little Inc., and has led and participated in a wide range of professional work in the forest products industry worldwide. Mr. Hagler has provided consulting and timber investment services within the global forest products industry for 27 years, and is uniquely qualified to provide timberland investment advisory services to potential investors worldwide.


Scot S. Billington
Co-Founder
Covenant Capital Management
Scot Billington is the co-founder of Covenant Capital Management (CCM). CCM has had over a 28% annual compounded rate of return from January of 2002 through the end of February 2008. The largest drawdown during this period was 16.31%. 

  Shailu Verma
President and Founder
Lanworth, Inc.
Mr. Verma is President and Founder of Lanworth Prior to co-founding Lanworth (formerly Forest One, Inc.) he worked at General Motors(GM) and McKinsey & Co. At GM, he worked in design and operations supervision and was awarded six patents. Shailu serves on the board of Forest Resource Association. He received his undergraduate degree in Mechanical Engineering from the Indian Institute of Technology, Kharagpur, an MS in Mechanical Engineering from the University of Maryland, and a Master of Management degree from the Kellogg School of Management, Northwestern University.

Stephen Bruel
Analyst, Securities and Capital Markets
TowerGroup

Stephen Bruel is an Analyst in TowerGroup's Securities & Capital Markets practice. He focuses on the strategic impact of technology in the capital markets industry, addressing technology, operations, and business issues. His current research and analysis examines the dramatic changes affecting the investment banking business, including regulatory, client, and technological pressures.

Stephen joins TowerGroup from State Street's Wealth Manager Services (WMS) group, where he focused on supporting and expanding the suite of technology solutions for the firm's global wealth management clients. Stephen's experience at State Street included people, process, and project management, as well as client and technology implementation.

Prior to State Street, Stephen held a variety of management positions in the Global Transaction Services division of Citigroup. His responsibilities included managing offshoring projects, designing process improvements, and implementing new customer relationship management technologies.

Stephen holds a Bachelor of Arts degree in Political Science from Trinity College.


Thomas B. Winmill
President and Portfolio Manager
Midas Funds

Thomas B. Winmill has served as the portfolio manager of Midas Fund (MIDSX) since 2002 and has been president of the Fund’s investment manager since 1995. He serves as president and director for the Funds, and has served as a member of the investment manager’s Investment Policy Committee since 1990. As the current Chairman of the Investment Policy Committee, he helps establish general investment guidelines.

A graduate of Yale (B.A. Political Science and Economics, 1981) and the University of Washington, Condon School of Law (J.D., 1985), he is a member of the bars of Washington and New York States, the SEC Rules Committee of the Investment Company Institute and the New York Section member society of the American Institute of Mining, Metallurgical, and Petroleum Engineers, Inc.


  Walter Nasdeo
Managing Director, Director of Research
Armour Capital Investments
 
 

Yu-Dee Chang
Principal and Head Trader
ACE Investment Strategists
Yu Dee Chang is the chief trader and sole principal of ACE Investment Strategists, a trading advisor that studies financial markets with the goal of consistently delivering positive investment returns, compared with the major stock indices, by implementing strategies which are uniquely designed to succeed in all market environments, whether trending or consolidating. Mr. Chang began his financial career in 1987, and throughout the years has acted as head trader and owner of several investment companies. Hands on-experience and the discipline from his engineering background, has aided in Mr. Chang developing his unique trading style and innovative strategies. All told, he is responsible for the day-to-day supervision of over $175 million dollars of customer equity. His favorite motto: “Always invest your time, before you invest your money.”, and for years, he has remained a popular host of many radio and TV investment shows.

  Zachary D. Scott
Vice President, Marketing
Allegro Development
Zachary D. Scott, "Zach" is Vice President of Marketing. In this role, Zach is responsible for lead fulfillment sales enablement and all market communications.
With extensive knowledge and experience in energy trading, Zach served as Vice President of ERCOT trading for Bear Energy, and oversaw strategic management, term trading, cash trading, and real-time desks. In addition, Zach helped grow Bear Energy's business across the United States to an organization capable of managing 6,000MWs of generation in California ISO (CALISO), New England ISO (ISO-NE), and New York ISO (NYISO).
Previously, he served as manager of power operations and trading at Calpine Corporation, and was responsible for desk P&L management, staffing, systems, and optimization of ancillary services, energy, and fuel within the company's ERCOT portfolio.

 

 



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