Paul Jakubowicz, CEO, is responsible for investment strategy, custom research, and data strategy at NDR.  Paul joined the firm in 2004 and has held several key positions including VP of Investment Research and Director of Custom Research, where he oversaw customized research and was responsible for model development.  He leads the NDR Executive team and is a member of the Delinian Executive team and the firm’s Index Committee, which reviews and approves new investment models as well as enhancements to existing models.

Before joining NDR, Paul spent several years as a Senior Analyst for Wilshire Associates, Inc., where he performed macroeconomic research, asset allocation, and investment product selection for their Investment Consulting division. 

Paul speaks at investment conferences on topics such a tactical asset allocation and quantitative model architecture. 

He holds a Master of Business Administration with a focus in Finance and Quantitative Analysis from the Tepper School of Business, Carnegie Mellon University.  Also, he received his Bachelor of Science degree in Economics from Carnegie Mellon University.  Paul is a CFA charterholder and is a member of the CFA Institute and CFA Tampa Bay.

Paul Jakubowicz PDF Bio

Brian collaborates with advisors, wealth managers, wealth platforms, and ETF/Fund Issuers to deliver solutions including investment models, co-branded collateral, and supportive insights. These Investment Solutions can enhance each partner’s strategy offering, free up their time to engage clients, and help them drive asset flows.

Brian chairs NDR’s Index Committee, consisting of NDR strategists, research analysts, and product specialists. The Index Committee reviews and approves new investment models as well as enhancements to existing models.

Brian’s team developed and maintains NDR’s Stock Selection Service, which provides unique stock screening and portfolio analysis tools, in-depth actionable commentary (including themed baskets), and detailed stock information. Brian writes NDR’s Stock Selection publications, which provide insights into recent factor performance, emerging factor trends, and favorable factors for the macro environment.

Brian received a Master’s degree in Statistics from Columbia University and a Bachelor of Science degree in Mathematics and Economics from Davidson College. Brian is a CFA charterholder and is a member of the CFA Institute.

Brian Sanborn PDF Bio

Andrew Douglas is the Chief Revenue Officer for NDR, responsible for both the Sales and Marketing functions, and is a member of the NDR Executive Committee.  Andrew was appointed CRO in June of 2023.  Andrew has held roles in the Delinian group since 2016, including: Head of Strategy & Corporate Development for the Asset Management Division of Delinian (formerly Euromoney), Global Head of Sales for Institutional Investor and APAC Head of Sales & Marketing for BCA Research & NDR.  Prior to joining Delinian, Andrew worked in client facing roles on the markets desks at Barclays, Daiwa Capital Markets, and Quam Capital and in real estate finance at the Royal Bank of Scotland. Andrew holds a MA Honors degree from the University of Edinburgh in Economics & Chinese and multiple post-graduate qualifications from MIT, CEIBS and the Oxford Said business School. Outside of work, when he is not spending time with his children, Andrew is a keen ultra-marathon runner and cold swimmer.  

Carlos Eduardo (CE) Lopes brings over 20 years of leadership in implementing software solutions. His technical acumen and collaborative approach continually elevate NDR’s capacity to create and disseminate data-driven intellectual property, generating valuable insights for clients worldwide.

CE leads a team of software developers, crafting tools for NDR’s analysts and dynamic content delivered to clients via our website. Simultaneously, he manages NDR’s software platforms, aligning them with the company’s mission while ensuring a secure technical environment for our staff.

​​​​​​With over 20 years of experience in Human Resources, Johanna has built a strong reputation for fostering meaningful relationships with individuals at all levels within an organization. Known for promoting open communication and collaboration between employees, managers, and executives, Johanna embodies an "open door" philosophy that encourages transparency and approachability. This commitment to building trust has played a key role in driving success for clients, employees, and the company as a whole.

Johanna brings a strategic, people-first approach to NDR, offering valuable insights on employee development, organizational culture, and talent management. Her ability to align HR strategies with business goals drives company success while fostering a positive work environment. Holding a Professional Human Resources (PHR) certification, Johanna continues to leverage her expertise to develop effective HR solutions that support both organizational growth and employee satisfaction.

Paul Jakubowicz, CEO, is responsible for investment strategy, custom research, and data strategy at NDR.  Paul joined the firm in 2004 and has held several key positions including VP of Investment Research and Director of Custom Research, where he oversaw customized research and was responsible for model development.  He leads the NDR Executive team and is a member of the Delinian Executive team and the firm’s Index Committee, which reviews and approves new investment models as well as enhancements to existing models.

Before joining NDR, Paul spent several years as a Senior Analyst for Wilshire Associates, Inc., where he performed macroeconomic research, asset allocation, and investment product selection for their Investment Consulting division. 

Paul speaks at investment conferences on topics such a tactical asset allocation and quantitative model architecture. 

He holds a Master of Business Administration with a focus in Finance and Quantitative Analysis from the Tepper School of Business, Carnegie Mellon University.  Also, he received his Bachelor of Science degree in Economics from Carnegie Mellon University.  Paul is a CFA charterholder and is a member of the CFA Institute and CFA Tampa Bay.

Paul Jakubowicz PDF Bio

Brian collaborates with advisors, wealth managers, wealth platforms, and ETF/Fund Issuers to deliver solutions including investment models, co-branded collateral, and supportive insights. These Investment Solutions can enhance each partner’s strategy offering, free up their time to engage clients, and help them drive asset flows.

Brian chairs NDR’s Index Committee, consisting of NDR strategists, research analysts, and product specialists. The Index Committee reviews and approves new investment models as well as enhancements to existing models.

Brian’s team developed and maintains NDR’s Stock Selection Service, which provides unique stock screening and portfolio analysis tools, in-depth actionable commentary (including themed baskets), and detailed stock information. Brian writes NDR’s Stock Selection publications, which provide insights into recent factor performance, emerging factor trends, and favorable factors for the macro environment.

Brian received a Master’s degree in Statistics from Columbia University and a Bachelor of Science degree in Mathematics and Economics from Davidson College. Brian is a CFA charterholder and is a member of the CFA Institute.

Brian Sanborn PDF Bio

Andrew Douglas is the Chief Revenue Officer for NDR, responsible for both the Sales and Marketing functions, and is a member of the NDR Executive Committee.  Andrew was appointed CRO in June of 2023.  Andrew has held roles in the Delinian group since 2016, including: Head of Strategy & Corporate Development for the Asset Management Division of Delinian (formerly Euromoney), Global Head of Sales for Institutional Investor and APAC Head of Sales & Marketing for BCA Research & NDR.  Prior to joining Delinian, Andrew worked in client facing roles on the markets desks at Barclays, Daiwa Capital Markets, and Quam Capital and in real estate finance at the Royal Bank of Scotland. Andrew holds a MA Honors degree from the University of Edinburgh in Economics & Chinese and multiple post-graduate qualifications from MIT, CEIBS and the Oxford Said business School. Outside of work, when he is not spending time with his children, Andrew is a keen ultra-marathon runner and cold swimmer.  

Tim Hayes has been with the firm since 1986. Tim directs NDR’s global asset allocation services, develops strategy and major investment themes, and establishes NDR’s weightings for global asset allocation, presenting his views on the cyclical and secular outlook globally.

Tim’s recommendations, strategies, and timely market commentaries and studies are featured in Global Strategy publications, which focus on global allocation and the most significant global developments.

Tim has been featured many times on CNBC and Bloomberg TV, and his market views are often quoted in The Wall Street Journal and other financial media in the U.S. and internationally. He is author of The Research-Driven Investor, published in November 2000, and he has contributed to several other books. His research articles have appeared in the Journal of Technical Analysis, Technical Analysis of Stocks and Commodities, and other publications.

Tim received his Bachelor of Arts degree from Kenyon College, and he is a Chartered Market Technician. In 2008, the Investorside Research Association honored Tim with its Research Excellence Award for “Exiting Equities in ‘07.” In 1996, the Market Technicians Association awarded Tim the Charles H. Dow Award for groundbreaking research, recognizing an outstanding original work that best expounds on the principles of technical analysis.

Tim Hayes PDF Bio

Joe Kalish has been following and studying financial and economic trends for over 30 years. He and his team are responsible for all of the firm’s bond and economic analysis.

Joe authors several publications. He writes on global and U.S. fixed income strategy and trends twice a week. Joe is a regular contributor to other macro publications, including Featured Reports, the U.S. Economic Focus, and the U.S. Daily Economic Perspectives.

The Macro team also assists the firm’s equity strategists by identifying relevant economic trends and fundamental themes and providing historical market perspectives. They collaborate with the Global Strategy team and provide economic analysis through global and regional commentary. They also work closely with the U.S. Strategy team in helping to formulate the economic outlook for the major sectors of the economy. In recent years, Joe has been particularly focused on credit trends and credit-sensitive sectors of the economy, including residential and commercial real estate, automotive, banking, manufacturing, and trade and has written extensively on these topics.

In addition to the bond and economic analysis, Joe has held a number of other positions since joining the company in July 1986 including: editor of Industry Watch (an analysis of equity group trends), editor of Techno-Fundamental Ranks (a stock screening service), and associate editor of Stock Market Strategy. Joe was also a portfolio manager and trader for an equity mutual fund for five years.

Joe is a member of the National Association for Business Economics. He is regularly quoted and
interviewed by the financial media in the U.S. and internationally, and is a sought-after speaker and presenter.

Joe received his Bachelor of Science degree in Information Systems Management cum laude from the University of Maryland and his Master of Business Administration degree in Finance, with distinction from Stern School of Business of New York University.

Joe Kalish PDF Bio

Ed Clissold and his team are responsible for the firm’s U.S. equity, style, sector and equity theme analysis. They do so via a combination of a top-down analysis of the macroeconomic and fundamental environments and a bottom-up analysis of factors specific to the asset class, market cap, style, sector, or theme. He and his team also provide in-depth macro research on fundamental topics such as earnings, dividends, and cash flow.

Ed writes several U.S. Strategy publications, which provide an intermediate-term outlook on U.S. markets via a combination of top-down and bottom-up analyses. He also writes a quarterly Benchmarks report, which analyzes the attribution of returns across asset classes, sectors, market cap, and styles.

Ed’s market commentary is often quoted in The Wall Street Journal, Barron’s, and other financial publications.

Ed has held a number of other positions since joining the firm in 2002, including Global Equity Strategist, Senior Global Analyst in the Global Asset Allocation group, and Analyst in the Custom Research Services department. Previously, Ed worked at Strong Capital Management and as a Market Strategist at J.C. Bradford & Co.

Ed is a CFA charterholder, a Magna Cum Laude graduate in Economics from Transylvania University, and has earned his Masters in Business Administration in Finance, with distinction, from Indiana University (Kelley).

Ed Clissold PDF Bio

Alejandra Grindal is the primary person in charge of the firm’s global economic outlook, and is responsible for identifying global economic trends and themes, particularly as they relate to developments in equity, fixed income, commodity, and currency markets. In recent years, Alejandra has been particularly focused on global demographics and labor force trends, China’s economic transition, and Japan’s lost decade. She joined Ned Davis Research Group in 2006.

Alejandra is a member of the National Association for Business Economics, where she has been involved in various committees, such as the International Roundtable and the Business Conditions and Policy Surveys. She is a frequent speaker at professional and investment conferences. Her work has been quoted in national media, including Barron's, Wall Street Journal, CNBC, and TIME, and is a guest on CNBC, Bloomberg TV, and TD Ameritrade Network. 

Prior to joining Ned Davis Research Group, Alejandra taught Microeconomics and Macroeconomics at Florida State University during her graduate studies, and then worked as a full-time professor at Santa Fe College and Edison College. Alejandra also worked in British Parliament as a research assistant, where she participated in policy and constituent research and campaign marketing.

Alejandra received her Masters degree in Economics and a Bachelor of Science degree in Economics and International Affairs, with summa cum laude and Phi Beta Kappa distinction, from Florida State University.

Alejandra Grindal PDF Bio

Amy Lubas works closely with the Head of Investment Solutions, research, marketing, and sales to develop new investment models and signal partnerships. As a member of the Product team, she also helps to develop and promote our investment research offerings and co-authors the monthly Market Digest and NDR Weekly Snapshots publications. She leads NDR’s Advisory Board and is a member of NDR’s Index Committee.

Amy has been working in the investment industry since 1996, with both buy-side and sell-side experience. Amy joined NDR in 2004 and has held several positions, including Sector Analyst and most recently was Director of Wealth Management & Advisory Solutions. 

Prior to NDR, Amy worked in Boston as a Technology Analyst at State Street Research & Management and SG Cowen Securities Corporation, providing research and insights to portfolio managers.

Over the course of her career, Amy’s commentary has been featured in The Wall Street Journal, Barron’s, SmartMoney, Silicon Investor, and other financial and technology publications.

Amy is a CFA charterholder and is an active member of CFA Tampa Bay. She is a cum laude graduate in Finance from Boston College, and earned her Master in Business Administration in Finance from Vanderbilt University (Owen).

Amy Lubas PDF Bio

Lisa Michalski leads a team of analysts who perform quantitative analysis, including portfolio evaluation, equity selection, and asset allocation modeling. Lisa designs and maintains models, including NDR’s flagship Global Balanced Account Model and Global Regional Equity Model. Lisa joined the firm in 2007.

Lisa is a lead model developer and manages several portfolio strategies in NDR’s Investment Solutions (“NDRIS”) division. NDRIS leverages NDR’s market research, data, and quantitative modeling expertise to power ETFs, SMAs, UITs, and mutual funds. Lisa is also a member of NDR’s Index Committee, performing model evaluation and approving new models as well as enhancements to existing models.

Before joining NDR, Lisa was a Vice President in Credit Risk Technology for Goldman Sachs Group, Inc., where she was responsible for quantitative risk measures of derivative portfolios.

Lisa earned a Master of Science degree in Computational Finance from the Tepper School of Business, Carnegie Mellon University. She received her Bachelor of Science degree in Computer Science from the University of Michigan. Lisa is a CFA charterholder and is a member of the CFA Institute and CFA Tampa Bay. Lisa is also a volunteer member of the State College of Florida Foundation’s (SCFF) Asset Management Committee.

Lisa Michalski PDF Bio

Steve Sellers joined the Global Asset Allocation Team as a research analyst in July of 2013, where he assists with product development and global research publications. Prior to his move to the global team, Steve worked as an analyst in NDR’s Custom Research Solutions, where he created complex financial models and a variety of other custom tools and research to help clients meet their investment objectives.

Steve graduated from University of Florida in 1999 with a Bachelor of Science in Finance and Management. After graduation, he began his career in retail banking before joining UBS Financial Services as a Financial Advisor in 2002. Steve joined Ned Davis Research in May of 2007, shortly after he earned his Master of Business Administration from University of Florida.

Steve Sellers PDF Bio

Carlos Eduardo (CE) Lopes brings over 20 years of leadership in implementing software solutions. His technical acumen and collaborative approach continually elevate NDR’s capacity to create and disseminate data-driven intellectual property, generating valuable insights for clients worldwide.

CE leads a team of software developers, crafting tools for NDR’s analysts and dynamic content delivered to clients via our website. Simultaneously, he manages NDR’s software platforms, aligning them with the company’s mission while ensuring a secure technical environment for our staff.

Jim is the Director of Market Data and CCO and heads NDR’s Data and Compliance teams.

Jim’s Data Team responsibilities include procuring, maintaining, and delivering high quality data to NDR’s Research Team, ensuring NDR staff can meet the high-quality data analysis needs of our clients.  The Compliance Team ensures that NDR adheres to all regulatory requirements associated with being a Registered Investment Adviser.

Jim has worked in the financial services industry for a couple of decades.  Initially starting as a software developer, Jim then moved into technical team management, ultimately focusing on market data.  Before joining NDR, Jim has worked for State Street Bank, CITCO, Datek Online and Ameritrade (now Schwab), gaining experience supporting business related to brokerage, custody, settlement, fund services, and research.

Serving as NDR’s Chief Compliance Officer since 2020, Jim holds the IACCP designation (Investment Adviser Certified Compliance Professional).

Jim received his BSEE degree, with a focus on computer engineering, from Worcester Polytechnic Institute and received an MBA, with a focus on finance and information systems, from Babson’s F.W. Olin Graduate School of Business.

Rob Anderson is responsible for U.S. sector analysis as well as sector allocation, recommending sector weights across all 11 GICS sectors. Rob authors weekly Sector Focus and monthly Sector Update publications

Prior to joining NDR in 2018, Rob was a Derivative Valuation Consultant at Northern Trust in Chicago, IL. He was responsible for creating and maintaining valuation models for OTC derivative products that were used to value client portfolios. Prior to Northern Trust, Rob worked as a Securities Operation Service Specialist for Wells Fargo Advisors in St. Louis, MO.

Rob earned his Bachelor of Science degree in Banking and Finance from the University of Missouri and received a Master of Business Administration degree from Webster University in St Louis, MO. Rob is a CFA charterholder and is a member of the CFA Institute.

Rob Anderson PDF Bio

Matt Bauer, CFA, Matt Bauer is responsible for NDR’s Commodity Strategy and contributes to NDR’s Thematic Opportunities covering commodity, natural resource, and energy transition themes. 
Matt joined NDR in 2012 as a Research Analyst in the Custom Research Group conducting bespoke research for the firm’s clients. In 2020, Matt assumed responsibility for NDR’s ETF Tools and strategy publications. 
Prior to joining NDR, Matt worked as an Option Specialist for Charles Schwab’s Private Client Investment Advisory, where he developed and implemented strategies to generate income, hedge equity risk, and monetize concentrated single-stock positions. While at Schwab, Matt also worked as an option trader and registered representative.
Matt is a graduate of Regis University with a bachelor’s degree in finance. Matt is a CFA charterholder and a member of the CFA Institute, CFA Society Colorado, and the CMT Association.

Matt Bauer PDF Bio

Ed Clissold and his team are responsible for the firm’s U.S. equity, style, sector and equity theme analysis. They do so via a combination of a top-down analysis of the macroeconomic and fundamental environments and a bottom-up analysis of factors specific to the asset class, market cap, style, sector, or theme. He and his team also provide in-depth macro research on fundamental topics such as earnings, dividends, and cash flow.

Ed writes several U.S. Strategy publications, which provide an intermediate-term outlook on U.S. markets via a combination of top-down and bottom-up analyses. He also writes a quarterly Benchmarks report, which analyzes the attribution of returns across asset classes, sectors, market cap, and styles.

Ed’s market commentary is often quoted in The Wall Street Journal, Barron’s, and other financial publications.

Ed has held a number of other positions since joining the firm in 2002, including Global Equity Strategist, Senior Global Analyst in the Global Asset Allocation group, and Analyst in the Custom Research Services department. Previously, Ed worked at Strong Capital Management and as a Market Strategist at J.C. Bradford & Co.

Ed is a CFA charterholder, a Magna Cum Laude graduate in Economics from Transylvania University, and has earned his Masters in Business Administration in Finance, with distinction, from Indiana University (Kelley).

Ed Clissold PDF Bio

Ned Davis founded NDR, in 1980. Ned has been professionally involved in the stock market for over 50 years. While arguing that forecasting reliably (“Being Right”) is impossibly difficult, he espouses a philosophy that he feels can consistently win (“Make Money”) through a disciplined strategy of following the weight of objective indicator evidence. Because he also believes flexibility (ability to adapt) is crucial, Ned Davis Research Group also produces many sentiment indicators warning investors to be wary at crowd extremes, and helping them to be open-minded about potential trend changes. A self-proclaimed risk manager, Ned dedicates his research to avoiding major mistakes, cutting losses short, and letting profits run.

Ned is the author of Being Right or Making Money and The Triumph of Contrarian Investing. He
has been the subject of numerous featured interviews in Barron’s, and has been a featured guest many times on the late Lou Rukeyser’s Wall Street Week. NDR is widely quoted by various media and Wall Street sources.

Ned is a Phi Beta Kappa graduate of the University of North Carolina at Chapel Hill. He attended the Harvard Business School.

Ned Davis PDF Bio

Veneta Dimitrova  is the primary person responsible for formulating the U.S. economic outlook and identifying macroeconomic trends, particularly as they relate to developments in U.S. fixed income and equity markets. Veneta’s focus in recent years has been on trends in the labor market, productivity growth, and income inequality.

Veneta is the author of several publications, including the U.S. Daily Perspectives, which analyzes daily economic reports and events and their impact on the macro environment; U.S. Economic Focus, a comprehensive monthly piece which summarizes our current stance on the economy and near-term outlook; and U.S. Economic Comment, an intra-month publication which adds perspective on the impact of specific events or macro developments. Veneta has also written several Featured Report publications, which give an in-depth analysis and discussion of a single economic topic of interest.

Prior to joining NDR in 2009, Veneta was an operations research analyst at Miami-based Bayview Lending Group, which is a small-balance commercial real estate originator. She also worked as a research analyst for a global macro hedge fund at Nikko Securities Co. Int’l and for CDC Investment Management Co., both in New York City. Veneta also taught economics and assisted with research at the University of South Florida, while completing the coursework toward a Ph.D. in Economics.

Veneta is a member of the National Association for Business Economics. She received her Masters degree in Economics with honors from the University of South Florida in Tampa, FL, and a Bachelor of Arts degree in Economics and Mathematics from Eckerd College in St. Petersburg, FL.

Veneta Dimitrova PDF Bio

Alejandra Grindal is the primary person in charge of the firm’s global economic outlook, and is responsible for identifying global economic trends and themes, particularly as they relate to developments in equity, fixed income, commodity, and currency markets. In recent years, Alejandra has been particularly focused on global demographics and labor force trends, China’s economic transition, and Japan’s lost decade. She joined Ned Davis Research Group in 2006.

Alejandra is a member of the National Association for Business Economics, where she has been involved in various committees, such as the International Roundtable and the Business Conditions and Policy Surveys. She is a frequent speaker at professional and investment conferences. Her work has been quoted in national media, including Barron's, Wall Street Journal, CNBC, and TIME, and is a guest on CNBC, Bloomberg TV, and TD Ameritrade Network. 

Prior to joining Ned Davis Research Group, Alejandra taught Microeconomics and Macroeconomics at Florida State University during her graduate studies, and then worked as a full-time professor at Santa Fe College and Edison College. Alejandra also worked in British Parliament as a research assistant, where she participated in policy and constituent research and campaign marketing.

Alejandra received her Masters degree in Economics and a Bachelor of Science degree in Economics and International Affairs, with summa cum laude and Phi Beta Kappa distinction, from Florida State University.

Alejandra Grindal PDF Bio

Tim Hayes has been with the firm since 1986. Tim directs NDR’s global asset allocation services, develops strategy and major investment themes, and establishes NDR’s weightings for global asset allocation, presenting his views on the cyclical and secular outlook globally.

Tim’s recommendations, strategies, and timely market commentaries and studies are featured in Global Strategy publications, which focus on global allocation and the most significant global developments.

Tim has been featured many times on CNBC and Bloomberg TV, and his market views are often quoted in The Wall Street Journal and other financial media in the U.S. and internationally. He is author of The Research-Driven Investor, published in November 2000, and he has contributed to several other books. His research articles have appeared in the Journal of Technical Analysis, Technical Analysis of Stocks and Commodities, and other publications.

Tim received his Bachelor of Arts degree from Kenyon College, and he is a Chartered Market Technician. In 2008, the Investorside Research Association honored Tim with its Research Excellence Award for “Exiting Equities in ‘07.” In 1996, the Market Technicians Association awarded Tim the Charles H. Dow Award for groundbreaking research, recognizing an outstanding original work that best expounds on the principles of technical analysis.

Tm Hayes PDF Bio

Joe Kalish has been following and studying financial and economic trends for over 30 years. He and his team are responsible for all of the firm’s bond and economic analysis.

Joe authors several publications. He writes on global and U.S. fixed income strategy and trends twice a week. Joe is a regular contributor to other macro publications, including Featured Reports, the U.S. Economic Focus, and the U.S. Daily Economic Perspectives.

The Macro team also assists the firm’s equity strategists by identifying relevant economic trends and fundamental themes and providing historical market perspectives. They collaborate with the Global Strategy team and provide economic analysis through global and regional commentary. They also work closely with the U.S. Strategy team in helping to formulate the economic outlook for the major sectors of the economy. In recent years, Joe has been particularly focused on credit trends and credit-sensitive sectors of the economy, including residential and commercial real estate, automotive, banking, manufacturing, and trade and has written extensively on these topics.

In addition to the bond and economic analysis, Joe has held a number of other positions since joining the company in July 1986 including: editor of Industry Watch (an analysis of equity group trends), editor of Techno-Fundamental Ranks (a stock screening service), and associate editor of Stock Market Strategy. Joe was also a portfolio manager and trader for an equity mutual fund for five years.

Joe is a member of the National Association for Business Economics. He is regularly quoted and
interviewed by the financial media in the U.S. and internationally, and is a sought-after speaker and presenter.

Joe received his Bachelor of Science degree in Information Systems Management cum laude from the University of Maryland and his Master of Business Administration degree in Finance, with distinction from Stern School of Business of New York University.

Joe Kalish PDF Bio

Mark Phillips is responsible for NDR's European Equity Strategy. Mark joined NDR in 2016.

Prior to joining NDR, Mark was a fund manager for Forester Life, a life insurance and savings business, where he co-managed £1.7bn of direct equity and fixed income investments. At Forester Life, he implemented a quantitative stock selection process, conducted fundamental equity and credit research, and traded equity and fixed income securities. Before working as a fund manager, he produced asset allocation and manager research for a multi-family office, programmed portfolio management systems for a long short emerging market equity hedge fund, and lectured Masters students in statistical modelling.

Mark earned an MSC with distinction in Social Research with a focus on quantitative research from Surrey University, a BSc in Actuarial Science from City University and a postgraduate Diploma in African Studies. He is a CFA Charterholder, and a member of the CFA Institute and the CFA UK Society.

Mark Phillips PDF Bio

Pat leads Thematic Opportunities, NDR's most actionable investment research product. Pat authors Theme Initiation, Thematic Focus, and On the Radar publications, which provide recommendations and insights on unique, emerging macro-driven trends. Pat also provides investment recommendations based on NDR strategist high-conviction overweight recommendation.

Prior to the Portfolio Strategist role, Pat served as NDR's U.S. Sector Strategist for four years, and Consumer Strategist for 10 years. Pat began his investment career covering Consumer Staples for Bank of America Capital Management in St. Louis, MO. Subsequently, Pat worked as a Senior Equity Analyst at RCM Capital Management in San Francisco, CA, covering Consumer Discretionary and Consumer Staples industries. He joined Ned Davis Research Group in 2006.

Pat has been featured as a guest on CNBC and Bloomberg television in addition to being quoted by The Wall Street Journal. Pat earned his Master of Business Administration from the University of Chicago Booth School of Business and has a Bachelor of Science in Computer Science from Illinois State University. Pat is a CFA charterholder and is a member of the CFA Institute. He is also a Chartered Market Technician and a member of the Market Technicians
Association.

Pat Tschosik PDF Bio

Steve Sellers joined the Global Asset Allocation Team as a research analyst in July of 2013, where he assists with product development and global research publications. Prior to his move to the global team, Steve worked as an analyst in NDR’s Custom Research Solutions, where he created complex financial models and a variety of other custom tools and research to help clients meet their investment objectives.

Steve graduated from University of Florida in 1999 with a Bachelor of Science in Finance and Management. After graduation, he began his career in retail banking before joining UBS Financial Services as a Financial Advisor in 2002. Steve joined Ned Davis Research in May of 2007, shortly after he earned his Master of Business Administration from University of Florida.

Steve Sellers PDF Bio

Patrick T. Ayers is a member of NDR’s Macro Team. He works closely with NDRG’s Senior International Economist to identify international economic trends and themes. He also develops and maintains charts and reports for the firm’s Global Economic, U.S. Economic and Fixed Income products. Patrick joined the firm in 2014.

Patrick received a Master of Science in Finance from the Chapman Graduate School of Business at
Florida International University and dual Bachelors of Science in Economics and Political Science,
magna cum laude, from Florida State University.

Patrick Ayers PDF Bio

Owen Haffey provides technical writing services for NDR publications. Owen joined Ned Davis Research Group in 2022.

Prior to joining NDR, Owen worked as a financial editor for Hedgeye Risk Management where he published investment research and managed social engagement for a global network of clients.

Owen has earned a Bachelors in English from Fordham University.

Owen Haffey PDF Bio

Philippe Mouls is a member of the Thematic Opportunities Team and assists in developing the team’s products and services. Philippe joined Ned Davis Research in 2023.

Before joining NDR, Philippe worked for Morgan Stanley where he was responsible for portfolio management for high-net-worth clients.

Philippe graduated cum laude from Wright State University with a Bachelor of Science in Finance and Accounting dual major. He is a CFA charter holder and is a member of CFA Institute and the CFA Tampa Bay Society.

Philippe Mouls PDF Bio

Anoop Nath is a member of the Global Asset Allocation Team and assists in developing the team’s products and services. Anoop also contributes to the firm’s Global Strategy publications by performing research on global markets.

Prior to joining the Global Asset Allocation Team, Anoop was an analyst in NDR’s Custom Research Solutions Team, where he worked on custom research and projects to meet client needs.

Anoop received a Bachelor of Science degree in Quantitative Finance and Economics from James Madison University in 2012.

Anoop Nath PDF Bio

Thanh Nguyen, CFA, Senior Quantitative Analyst, develops mathematical models using statistical techniques and quantitative tools at NDR. Along with conducting research in the Research and Development department, Thanh works closely with other departments on special quantitative projects. Before joining NDR in 2006, Thanh was a Quantitative Performance Analyst at Everest Capital hedge fund, where he performed statistical analysis of the fund performance. Thanh earned his Master’s degree in Financial Mathematics from Florida State University and a Bachelor of Science degree in Finance from the University of Central Florida with Magna Cum Laude honors.

Thanh Nguyen Bio PDF

London Stockton, Research Analyst, is a member of NDR’s Analyst Team. London primarily works with Ned Davis, the firm’s Founder and Senior Investment Strategist, creating indicators, models, and studies, as well as building and maintaining charts and reports.  London joined the firm in 2010, working first with the Market Data group, before moving to his current role as a Research Analyst in 2013. London graduated cum laude from the University of South Florida, where he earned a Bachelor of Science degree in Finance.

London Stockton PDF Bio

Lisa Michalski leads a team of analysts who perform quantitative analysis, including portfolio evaluation, equity selection, and asset allocation modeling. Lisa designs and maintains models, including NDR’s flagship Global Balanced Account Model and Global Regional Equity Model. Lisa joined the firm in 2007.

Lisa is a lead model developer and manages several portfolio strategies in NDR’s Investment Solutions (“NDRIS”) division. NDRIS leverages NDR’s market research, data, and quantitative modeling expertise to power ETFs, SMAs, UITs, and mutual funds. Lisa is also a member of NDR’s Index Committee, performing model evaluation and approving new models as well as enhancements to existing models.

Before joining NDR, Lisa was a Vice President in Credit Risk Technology for Goldman Sachs Group, Inc., where she was responsible for quantitative risk measures of derivative portfolios.

Lisa earned a Master of Science degree in Computational Finance from the Tepper School of Business, Carnegie Mellon University. She received her Bachelor of Science degree in Computer Science from the University of Michigan. Lisa is a CFA charterholder and is a member of the CFA Institute and CFA Tampa Bay. Lisa is also a volunteer member of the State College of Florida Foundation’s (SCFF) Asset Management Committee.

Lisa Michalski PDF Bio

Since joining the firm in 1993, Rico Font has worked exclusively in the Custom Research Solutions Department, assisting clients by performing technical analysis, economic studies, technical indicator models, market forecasting, and advanced quantitative methods. Rico assists Ned Davis with studies for Ned’s publications and works directly with  enhancing research and tools on the NDR website.

Rico has been previously associated in programming capacities with Miami-Dade Community College and Omega Research

.Rico Font PDF Bio

Trey Johnson builds custom asset allocation models, macroeconomic factor models, and quantitative equity selection models for the firm’s clients. Trey joined NDR in 2010.

Prior to joining NDR, Trey worked as an independent trader, developing trading models that incorporated technical and statistical methods. He also worked as a Financial Advisor for Morgan Stanley.

Trey earned a Master of Business Administration degree with a focus in Finance and Risk Management from the University of Georgia. He also received a Bachelor of Business Administration in Economics from the University of Georgia.

Trey Johnson PDF Bio

Dan Chin conducts quantitative investment analysis on behalf of NDR’s clients. He joined the firm in 2014.

Before joining NDR, Dan was an Assistant Professor of Economics at Methodist University in North Carolina. Prior to that, he was a Senior Quantitative Analyst and Associate Portfolio Manager with Kenwood Capital Management where he designed quantitative stock selection models. He was also a Research Analyst at the Federal Reserve Bank of Minneapolis with primary responsibilities in macroeconomic forecasting.

Dan earned his PhD in Economics from the University of South Florida. He has also received a Master of Business Administration with a concentration in Finance from the University of Minnesota, a Master of Science in Public Management and Policy from Carnegie-Mellon University, and Bachelor of Arts degrees in Mathematics and Economics from the University of Rochester.

Dan Chin PDF Bio

Stephanie O’Brien performs in-depth analysis, including portfolio evaluation, equity selection, and asset allocation modeling, as well as builds custom studies, dashboards, and reports.

As a member of NDR Investment Solutions (“NDRIS”), Stephanie manages several portfolio strategies, including the flagship U.S. Stock Market Model. NDRIS leverages NDR’s market research, data, and quantitative modeling expertise to power ETFs, SMAs, UITs, and mutual funds.

Stephanie previously reported to Ned Davis, the firm’s Founder and Senior Investment Strategist, developing indicators and studies for equity markets and the economy, as well as building and maintaining charts and reports for the Ned’s Insights product. Stephanie joined the firm in 2008.

Stephanie graduated from the University of South Florida with a Bachelor of Science degree in Economics.

Stephanie O'Brien PDF Bio

Kiersten Engel applies quantitative methods to provide clients with a broad scope of analysis, including economic studies, and custom reporting and modeling. Kiersten joined Ned Davis Research Group in 2014.

Kiersten graduated magna cum laude from the University of Alabama at Birmingham (UAB) with a Bachelor of Science degree in Applied Mathematics and a minor in Finance. She has also been featured in UAB Magazine for her work in mathematics and her career as a ballet dancer with the Alabama Ballet Company.

Kiersten is a summa cum laude graduate from the Georgia Institute of Technology (Georgia Tech) with a Master of Science in Analytics focusing on Computational Analytics (machine learning).  She continues her research by leading NDR’s partnership with Georgia Tech’s MS in Analytics Program to sponsor research projects for graduate students.  She designs data science projects that apply the latest machine learning techniques to financial markets and serves as an advisor to 50+ graduate students.  She also serves as a Head of Teaching Assistant for Georgia Tech's Business Fundamentals for Analytics Masters course.

Kiersten Engel PDF Bio

Tim Frazer performs quantitative investment analysis for NDR clients. Tim joined Ned Davis Research Group in 2023. Prior to joining NDR, Tim worked as an Investment Research Analyst for a Pittsburgh-based financial advising office where he constructed and managed client portfolios, and he was the lead researcher for potential investment opportunities.

Additionally, Tim has middle office experience as a Trade Analyst at BNY Mellon. Tim is a graduate of the University of Pittsburgh with a Bachelor of Science degree in Economics and a minor in United States History.

Tim Frazer PDF Bio

Kevin is NDR’s Product Specialist for EMEA and APAC. He is a member of the Product Team, working across Research and Sales to provide guidance on strategy and product development for NDR’s institutional client base. He also presents regularly on NDR’s research offering to investors, delivering seminars on the firm’s value proposition, investment process and current market views. Kevin originally joined NDR in 2012, initially in Client Service before progressing into Account Management covering clients in Europe and Asia. From 2016 he worked for IRP fintech Substantive Research and later MUFG in Fixed Income Sales, before returning to NDR in 2019. Kevin received his Bachelor of Arts degree from the University of York (U.K.) and is an IMC charterholder.

Kevin Bates Bio

Robert C. Schuster, CFA, CMT, is an NDR Product Specialist. Rejoining NDR in 2024, Robert works directly with NDR’s clients, prospects, and sales team to service client needs and provide solutions to client questions. Robert helps clients identify NDR content that best suites their investment process. 
Since joining the firm in 1989, Robert has held various positions including, Chief Product Officer (2018), Senior Director, Research Content and Investment Solutions (2017), and Chief Operations Officer (2004-2016). In these capacities Robert oversaw new product innovation and strategy, as well as the quality and usability of NDR research publications and content across market segments. Robert launched and led the NDR product innovation program which developed new content and products; as well as improving the packaging and promotion of existing content and products. Robert founded the NDR Investment Solutions department and directly involved with cultivating new innovative investment solutions and bringing products to market. Additionally, Robert was Managing Director of Custom Research Solutions (1995-2004) and was a Research Analyst for the Bond/Economic service and Custom Research Solutions (1989-1995).
Robert Graduated with honors from the University of Illinois with a Bachelor of Science in Finance. Robert is a CFA charterholder and Chartered Market Technician. He is also a member of the CFA Institute, CFA Tampa Bay Society, Market Technicians Association (MTA. His paper on “S&P Group Lead Time Analysis” was published in the Market Technicians Association Journal. 

Robert Schuster Bio