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Prior to joining Dutton Associates, Mr. Archibald was the Director of Research at Reed Global Advisors, LLC, a research and private equity firm. Mr. Archibald served as the Director of Research at The Robins Group LLC and as a Director and Senior Vice President of its parent company, Crown Point Group. Mr. Archibald joined Crown Point Group in 2002 after serving as Managing Director of Research and VP of the RedChip Review. In addition he served as Branch Manager of the Portland office for Digital Offering, a broker-dealer subsidiary of Red Chip Companies, LLC. Prior to joining the RedChip Review in 1999, Mr. Archibald was a Senior Portfolio Manager and Vice President for US Trust Company, N.A. where he managed both taxable and not-taxable equity and fixed income portfolios for ERISA, high net worth and charitable clients. Mr. Archibald previously was employed as a Bond Manager and Equity Analyst for The Crabbe-Huson Company, Trust Investment Manager for WestOne Bank, Trust Investment Officer and Equity Analyst for Oregon Bank and as an economic consultant for A. B. Laffer Associates. Mr. Archibald graduated from Claremont McKenna College in 1978 with a B.A. in Political Science and Economics. He currently holds NASD Series 7, 63, 86 and 24. Back to top
Prior to joining Dutton Associates, Stuart Brown had 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 BrooklynCollege. Back to top
Piyali Chakravarty has equity and credit research experience with banks and independent research firms. As an equity research analyst at Argus Research, she analyzed electric utilities companies and authored two major flagship publications. Ms. Chakravarty has also been a corporate credit analyst with Credit Lyonnais Bank, where she evaluated the creditworthiness of Fortune 500 clients. Also Ms. Chakravarty has been part of the Canadian Equity Research Team at Fundamental Research Corp, where she analyzed Junior Mining companies. She has also worked on projects where she analyzed private commercial real estate, REITS, and micro cap stocks in the biotech and specialty pharmaceuticals space. Ms. Chakravarty is a CFA Level 3 Candidate with an MBA in International Business and a BA in Economics. Also she has a Post-Masters Advanced Professional Certificate in accounting as well as being a member of the CFA Institute and The New York Society of Security Analysts. Back to top
John M. Dutton is President and Chief Executive Officer of Dutton Associates. He is a member of both the Charter Financial Analyst Societies of both Boston and Sacramento, and a member of the CFAI. John Dutton also served from 1998-2001 on the 14 member NASDAQ Committee for the Future of the Bulletin Board. Mr. Dutton has been a money manager, analyst and director of research and capital markets at several firms. These firms included 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 14 years. For eight years he was executive vice president and a member of the board of directors and the executive committee of the international hospital company American Medical International, Inc. (now Tenet Healthcare Corporation). At AMI, he was responsible for its worldwide development and expansion programs, as well as management of its pension and captive insurance investments. He received an A.B. degree from Brown University, and received his MBA from theWharton Graduate School, University of Pennsylvania. Back to top
Mr. Fischer has 20 years experience on both buy-side and sell-side equity research, primarily as a generalist and in the healthcare sector. Most recently, he is a generalist providing institutional research for First Honolulu Securities. Previously, he worked as the sole equity analyst at the Knights of Columbus and their internally invested funds, a Senior Analyst and Co-Portfolio Manager with responsibility for the healthcare sector at the mutual fund group at Phoenix Investment Partners and as an analyst for a hedge fund in New York City. Mr. Fischer began his career writing institutional research for 13D Research Inc. in 1987. He earned a BS in Marine Transportation from the U.S. Merchant Marine Academy and an MBA from the University of Connecticut. Mr. Fischer is a Chartered Financial Analyst and a member of the New York Society of Security Analysts. Back to top
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 Niehuser founded 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
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
Mr. Resnik has over 35 years of experience in the investment industry. He is a principal analyst at Dutton Associates. 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
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 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
James Sterling serves as an energy sector advisor to portfolio managers and has a long history in the energy business. Most notably, he was Chairman and CEO of PrimeEnergy Corporation, Inc (PNRG) in Stamford, CT where he laid a foundation for a 8000% stock price appreciation building a company that currently operates approximately 1600 wells and has interests in over 700 additional wells in 13 states and the Gulf of Mexico. As CEO of PrimeEnergy, he managed the Sterling Asset and Income Funds, rated as the highest paying funds of their kind for a period of 3 years by Stanger & Associates. Mr. Sterling also managed over 60 public and private partnerships and unit trusts with approximately 9,000 investors. Mr. Sterling attained a Bachelor of Science in Physics from the University of Houston in Texas and received his MBA in Finance from Columbia University in New York. Back to top
Robert S. Stoklosa has over twenty years of investment industry experience. He has been Senior Technology Analyst at Lord, Abbett & Company, Vice President of Research at Palisade Capital Management, LLC, and Mitchell Hutchins Institutional Investors, with responsibility for technology investment strategy for small cap stock funds. Mr. Stoklosa was the head of the Corporate Strategy & Development Office for Hitachi America / Hitachi, Ltd. from 1989 â 2000. In this position, he reported to the President and Board Members in Japan. Mr. Stoklosa managed venture programs at Hitachi and Sperry Corporation with Patricof & Co, and has participated in over $5 billion in corporate transactions. He holds a MBA from the Wharton Graduate School, University of Pennsylvania, a MS in Engineering from The University of Pennsylvania, and a BS in Engineering from Northeastern University. Back to top
David H. Talbot has over 30 years of experience as a leading healthcare analyst. Before Dutton Associates, his career has taken him to almost every corner and aspect of the industry both U.S. and abroad. Through an LLC, Mr. Talbot provides consulting services to various groups and organizations. Most recently, he had been a Senior Advisor to SMH Capital (a division of Sanders Morris Harris Group), helping this firm expand its healthcare investment banking activities. He is a Director of privately-held Next Image Medical, Inc., a radiology practice service company with big plans for expansion. From 1994-2006, Mr. Talbot served as a Managing Director of the investment advisory firm of Melhado, Flynn & Associates, Inc., where he founded HealthReform Partners, Inc., a subsidiary specializing in healthcare research and investment management. From 1988 to 1994, he was a Senior Healthcare Analyst at Arnhold and S. Bleichroeder, Inc., where he specialized in European-based drug companies. During 1975-86, Mr. Talbot followed a number of fields at Drexel Burnham Lambert and his research on the medical supply and the hospital management sectors earned him Institutional Investor All-Star poll rankings for eleven consecutive years. He began his healthcare research career in 1969-71 as a drug analyst at F. Eberstadt & Company which was followed by a four-year stint at William D. Witter, Inc. where he was one of the first Wall Street analysts to follow and publish research reports on the large medical supply companies. Mr. Talbot holds a Bachelor of Arts degree from Brown University and a Master of Business Administration from Kellogg Graduate Business School. Back to top
Prior to joining Dutton Associates, 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. Wilson was most recently an analyst with Reed Global Advisors where he covered technology, telecommunications, and healthcare. Previously, he had been an analyst and portfolio manager with Smith Barney Asset Management and Qualivest Capital Management. He received a B.A. in Biology from the University of Colorado and an M.B.A in Finance from the Leeds School of Business at the University of Colorado.
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Mr. Wolfe has been a securities analyst covering both equity and fixed-income securities since 1990, previously serving as Senior Equity Securities Analyst with Zacks Investment Research and as Director, Corporate Securities with Unum Corp. Earlier, he was Senior Analyst with Moody's Investors Service and an analyst with MBIA Corp. Coverage has included industrials, financials, telecom and energy/mining companies. Investment style focuses on fundamentals and features extensive quantitative work, construction of corporate cash-flow models, and industry/product economic studies, including, most recently, analysis of North American natural gas supply and demand. His education includes degrees from Michigan State University (BA with Honors) and New York University (MBA in Finance) as well as the International Management Certificate of Ecole des Hautes Etudes Commerciales, Paris, France. Mr. Wolfe is registered as an investment adviser in the state of Maine and has served as a U.S. Peace Corps Volunteer. 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
Prior to joining Dutton Associates, Rafael Kapelinski was Vice President, Equity Research at Credit Suisse First Boston (CSFB) in London, England. At CSFB, his coverage universe encompassed data networking, enterprise, and communication software, where he ranked third in the 2001 Institutional Investor survey. He began his career with CSFB in Zurich, Switzerland, initially with its 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 United States 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 MA 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
Prior to joining Dutton Associates, Stanley Ng had nearly 20 years of research experience in the 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
James Darcel has broad experience in portfolio management, financial analysis, and consulting. Mr. Darcel before joining Dutton Associates was an independent equity research analyst and was recently appointed to the board of Newcastle Minerals Ltd. From 2003 to 2007, he was portfolio manager, investment counsel, and chief compliance officer for Regenesis Capital Management, Inc. His work history includes being a financial analyst at Manitoba Public Insurance, a business development consultant at CFG Canada Ltd., and an investment counsel/portfolio manager at D.V. McQueen Ltd. From 1986 to 1990, before moving to Winnipeg, Mr. Darcel worked at the Toronto Stock Exchange. He is a Chartered Financial Analyst and a Fellow of the Canadian Securities Institute. Back to top
Paul G. Meeks has 19 years of experience in equity analysis and portfolio management. In addition to Dutton Associates, he is also currently the Equity Research Director of a $500 million family office and consultant to the largest purchaser and manager of distressed debt. He has served as portfolio manager or research analyst at NMH Advisors (fundamental analysis on technology and healthcare candidates); Meeks & York (advised portfolio managers on technology industry weightings and equity transactions); Davis Skaggs Investment Management (advised portfolio managers for Smith Barney Small-Cap and Fundamental Value Funds on technology sector and industry allocations and equity transactions); Merrill Lynch Investment Management (managed over $7 billion in six funds); Jurika & Voyles (responsible for recommending purchase and sale of $1 billion in technology stocks); Strong Funds (technology stock recommendations to portfolio managers); and Trinity Investment Management (managed portfolios valued at $300 million). Mr. Meeks is a graduate of the J.L. Kellogg Graduate School of Management of Northwestern University. Back to top
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