Cumberland Advisors – An Introduction and Biographies
I am privileged to have been granted permission to reproduce Cumberland Advisors Market Commentary on a periodic basis. I have been a subscriber to David Kotok’s newsletter for a considerable time, and it’s always proven to be a fascinating journey into plain spoken skillful analysis of markets and macroeconomic snapshots, all interpreted in a lively lucid style. To sign up for their newsletter (not only free of charge, but also free of advertising and self-promotion. You will find the combination refreshing, as well as providing captivating reading!) head over here: http://www.cumber.com/signup.aspx
Disclosure: I am not affiliated personally (as a client) or professionally with Cumberland Advisors. Newsletters are published purely as a reader service.
Please permit me to introduce you to the company and their people. From their website:
Cumberland Advisors is a registered investment advisory firm headquartered in Sarasota, FL (with a branch office in Vineland, NJ). Originally founded in 1973, the firm has clients in approximately 43 states, the District of Columbia and several foreign countries. The firm has a wealth preservation bias and conservative investment orientation to manage both risks as well as returns. The complete investment philosophy and strategy is available under “Investment Strategy” in our website.
The firm manages over $1.4 billion of fixed income as well as equity accounts (using exchange-trade funds only). Our clients are individuals (direct clients as well as managed money through financial advisors), institutions, retirement plans, and government entities. Our stated minimum account size is $500,000 with account sizes that range up to multi-digit millions.
Cumberland Advisors’ portfolio management emphasizes long-lasting relationships and continuous personalized discussion among clients, their consultants, tax advisors and the assigned portfolio management contact at Cumberland.
The value of the firm is rooted in the professionalism, integrity, expertise and intellect of its people. Cumberland’s portfolio managers, research staff and administrative personnel and their biographies are listed in the “Our People” section of our website.
Contributor Profiles:
David R. Kotok: Chairman and Chief Investment Officer
John R. Mousseau: Managing Director and Portfolio Manager
Peter M. Demirali: Managing Director and Portfolio Manager
Bill Witherell: Chief Global Economist
Bob Eisenbeis: Chief Monetary Economist
David R. Kotok co-founded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. He holds a B.S. in Economics from The Wharton School of the University of Pennsylvania, an M.S. in Organizational Dynamics from The School of Arts and Sciences at the University of Pennsylvania, and a Masters in Philosophy from the University of Pennsylvania.
Mr. Kotok’s articles and financial market commentary have appeared in The New York Times, The Wall Street Journal, Barron’s, and other publications. He is a frequent contributor to CNBC programs, including Morning Call, Power Lunch, Kudlow & Company, Squawk on the Street, Squawk Box Asia, and Worldwide Exchange.
Mr. Kotok currently serves as a Director and Program Chairman of the Global Interdependence Center (GIC) (www.interdependence.org), whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. Mr. Kotok chairs its Central Banking Series, a five continent dialogue held in Philadelphia, Paris, Zambia (Livingstone), Hanoi, Singapore, Prague, Capetown, Shanghai, Hong Kong, Rome, Milan, Tallinn and Santiago, Chile.
Mr. Kotok is also a member of the National Business Economics Issues Council (NBEIC), the National Association for Business Economics (NABE), the Philadelphia Council for Business Economics (PCBE), and the Philadelphia Financial Economists Group (PFEG).
Mr. Kotok has served as a Commissioner of the Delaware River Port Authority (DRPA) and on the Treasury Transition Teams for New Jersey Governors Kean and Whitman. He has also served as a board member of the New Jersey Economic Development Authority and as Chairman of the New Jersey Casino Reinvestment Development Authority.
Mr. Kotok hosts an annual Maine fishing trip, where, it is rumored, most of the nation’s important financial and economic decisions are actually made.
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John Mousseau, CFA – John manages approximately $ 900 million in the Cumberland Advisors Tax-Free Bond Portfolios . From 1993 to 2000 John was Portfolio Manager and Director of Municipal Bond Investments for Lord Abbett & Company. Prior to that he served as First Vice President and Director of Municipal Portfolio Analysis for Shearson Lehman Brothers and a predecessor firm, E.F. Hutton, from 1981 to 1993. His comments and analysis have appeared in The Bond Buyer, a publication of the municipal bond industry, as well as Barron’s, The Wall Street Journal, Bloomberg, Reuters, Dow Jones and The Nevada Star Ledger. In addition, he has appeared on Bloomberg Radio and Television and CNBC for commentary on fixed income markets.
Mr. Mousseau holds an AB degree in Economics from Georgetown University and an M.A. degree in Economics from Brown University. A holder of the Chartered Financial Analyst designation, he is a member of the Philadelphia Chapter of Business Economists and also a member of the New York Society of Securities Analysts where he serves on the Society’s High Net Worth Investors Committee. Mr. Mousseau is a member and past chairman of the Municipal Bond Buyers Conference and a member of the National Federation of Municipal Analysts. In addition, he has served as an instructor at the New York Institute of Finance and Bond Market Association. Mr. Mousseau resides with his wife and three daughters in Maplewood, NJ where he is active in community affairs and a board member for the local YMCA and Rotary Club.
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Mr. Demirali joined Cumberland Advisors in 2002 as portfolio manager for Cumberland Advisors Taxable Bond style.
Prior to that, Peter was a Senior Portfolio Manager at Smith Barney Asset Management from 1990 to 1999. In that position, he initiated a corporate bond component for taxable fixed income portfolios. From 1999 to 2002, he was a partner in Anval, Inc., a commercial real estate brokerage company where he successfully developed new territories and clients for his firm. He traded zero coupon bonds at Yamaichi International, a Japanese securities dealer from 1987 to 1989. Peter began his career at Chemical Bank from 1983 to 1987. At Chemical, he traded short and intermediate zero coupon bonds and Treasuries.
His comments and analysis have appeared in Bloomberg Business News, Barron’s, The Wall Street Journal, and The Bond Buyer. He has appeared on CNBC, Fox Business News as well as Bloomberg Television.
Mr. Demirali holds a Bachelor of Science in Business Administration from Georgetown University. He is a member of the Philadelphia Council of Business. Peter resides in Mendham, New Jersey with his wife and son.
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Bill Witherell joined Cumberland Advisors as Chief Global Economist in November 2005 and became a Portfolio Manager in December 2005. He also is a Senior Consultant for Finance and Corporate Governance to the Organization for Economic Cooperation and Development (OECD). From 1989 through September 2005 he was OECD’s Director for Financial and Enterprise Affairs. He joined the Secretariat of the OECD in Paris, France, in 1977.
Dr. Witherell is a graduate of Colby College and holds an M.A. and a Ph.D. in Economics from Princeton University. Dr. Witherell began his career as a business economist with Exxon and Esso Eastern (1967-73), where he held positions in the economics, treasury and corporate planning functions. He moved to the international economic and financial relations field in 1973 with positions first in the U.S. Department of State and then in the Department of the Treasury (1974-77) as Director of the Office of Financial Resources and Energy Finance.
Dr. Witherell currently resides in North Grafton, MA. He is a past Chairman of the International Roundtable of the National Association for Business Economics, a member of the Boston Economic Club and the Westborough MA Rotary
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Dr. Robert A. Eisenbeis has joined Cumberland Advisors as Chief Monetary Economist. In that capacity, he will advise Cumberland’s asset managers on developments in US financial markets and the domestic economy and their implications for investment and trading strategies.
Dr. Eisenbeis was formerly Executive Vice President and Director of Research at the Federal Reserve Bank of Atlanta where he advised the bank’s president on monetary policy for FOMC deliberations and was in charge of basic research and policy analysis. Prior to that he was the Wachovia Professor of Banking at the Kenan-Flagler School of Business at the University of North Carolina at Chapel Hill. He has also held senior positions at the Federal Reserve Board and FDIC. He is currently a member of the Shadow Financial Regulatory Committee and Financial Economist Roundtable and a fellow of the National Association of Business Economics. He has a BS degree from Brown University and masters and Ph D degrees from the University of Wisconsin-Madison.
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