I am a retired professor who likes to tutor math and some topics in physics and microeconomics. I tutor grade levels from middle school through college - depending on the topic.
I tutor online using Zoom.
If you know of anyone who would benefit from tutoring, please have them contact me at:
Email: Ln2.6931@gmail.com
Phone: 786-897-4573
Here is my CV.
Education:2/87: Ph.D. in Finance and Economics, New York University.
6/83: M.Ph. in Finance and Economics, New York University.
9/59 - 6/60: Ph.D. program in Physics at Cornell University. General Electric Fellowship.
6/59: B.A. in Physics and Mathematics, Columbia College. Woodrow Wilson National Foundation Fellowship Nominee.
Experience:
9/98 – Pres: Tutor.
Subjects include mathematics (grades 5 to college), statistics (high school and college), physics (high school and college), finance, and economics. Schools students attend include Ransom Everglades Preparatory, Gulliver Academy, Gulliver Preparatory, Mast Academy, Country Day School, St. Luis Covenant School, Pinecrest Elementary, Cushman Academy, University of Miami, Columbia University, and Fordham University.
12/04 – 12/13: INTECH, Senior Managing Director.
Senior executive and Principal.
Research in Stochastic Portfolio Theory and Finance and its applications to portfolio management. Marketing and support for institutional portfolio management clients and investment consultants. Messaging and design of materials to convey it. Instrumental in gaining over $2 billion in new assets and retaining clients during intervals of below target performance. In house consulting and education of client interface team. Participation in top level management committees.
9/00 – 9/01.: Barry University, Adjunct Lecturer in Finance.
9/99 – 6/00: Polytechnic University, Adjunct Associate Professor of Financial Engineering.
12/98 – 5/99: Saint Peter’s College, Professor of Economics and Finance.
3/86 – Pres: ATG Enterprises and Axiomatic Systems, Managing Partner.
Various consulting projects in finance, investments, marketing, corporate strategy and policy. Expert witness in Federal Court (damages estimate stipulated to by opposing counsel). Clients included Bankers Trust, The Teamsters, Leland O’Brien Rubinstein Associates, SuperShare Services Corp., Nomura, Templeton Quantitative Advisors, SEI, Inc., State Street Analytics, and INTECH (Prudential).
9/91 – 8/98: Fordham University Graduate School Of Business, Associate Professor of Finance.
9/87 - 6/90: Columbia University School of Business, Adjunct Associate Professor of Finance.
10/88 - 2/91: SuperShare Services Corporation, Vice Chairman, Director.
Played a major role in all phases of creating SSC's SuperTrust. This included product design, obtaining SEC exemptions and approvals, organizing the selling group, arranging for listing of SuperUnits and SuperShares on the American Stock Exchange and the Chicago Board Options Exchange, and developing marketing strategies and materials.
11/82 - 6/90: Leland O'Brien Rubinstein Associates, Executive Vice President.
Active participant in setting firm policy, product development, marketing, marketing support, client support, and general trouble shooting.
Instrumental in obtaining over $5.0 billion of accounts. Key advocate of LOR's licensee approach to marketing. Developed several perpetual type portfolio insurance strategies, various formulae for analyzing the characteristics of option based dynamic hedging programs, and currency protection techniques.
4/78 - 11/82: College Retirement Equities Fund, Vice President.
Supervised a professional team responsible for designing and implementing better investment procedures and educating the CREF staff in their use. Developed and implemented an improved dividend discount model and market plane system. Created a theory of active and passive investing for tax-free institutions and implemented it using the Rosenberg FRMS system. Designed an improved risk model and showed how to use it to estimate betas and extra-market covariance. Managed a $140 million equity portfolio. Helped frame investment policy and procedures and construct trading programs as an unofficial member of CREF's three person investment committee. One of four CREF investment people meeting regularly with the Finance Committee of the Board of Trustees to discuss investment strategy, new and existing investment procedures, and portfolio performance.
2/77 - 4/78: Bradford Trust Company, Vice President.
Responsible for designing and implementing investment performance measurement systems and related products. Supervised project teams and acted as liaison with clients and in-house staff. Exercised strong leadership and technical ability to bring an abortive performance measurement project under control and to produce a superior, workable product. As an active member of the Operating Committee, helped frame future marketing strategy and systems requirements, provided guidelines for integrated decision making across the company's divisions, recommended improvements for a cost accounting system and helped introduce and evaluate acquisition candidates.
1/76 - 2/77: Merrill Lynch, Senior Consultant, Product Development.
Designed, implemented, and marketed an advanced Index Fund Management system that reduced the transaction cost of a typical index fund by more than 50%. Developed the mathematical foundation for a Pension Planning Model. Performed internal and external consulting on investment performance measurement, active portfolio management, and option strategies.
11/68 - 12/75: Baker Weeks & Co., Director of Computer Applications.
Responsible for applying mathematical and computer techniques to investing. Advised top management on business and investment strategy. Forecasted the decline of the institutional research business in conjunction with Mayday. Designed, implemented, and produced a control report for reviewing the recommendations of security analysts. This work resulted in a 50% improvement in investment performance. Initiated the use of econometric models by the investment research department. Designed a computer based portfolio management system that provided investment managers with the current characteristics of portfolios, changes in these characteristics resulting from hypothetical transactions, and suggested transactions for improving these characteristics.
8/65 - 11/68: Citibank, Assistant Vice President.
Developed mathematical investment techniques and made formal presentations to management, security analysts, and portfolio managers explaining how to use computers to improve judgment and forecasting ability. Implemented a package of computer programs that improved the effectiveness of the Bank's security analysts by providing them with better analytical methods. These tools were used to forecast successfully the end of the color TV boom. Directed the work of many of the Bank's security analysts on a project by project basis.
6/59 - 8/65: Model, Roland & Company, Security Analyst/ Portfolio Manager.
Analyzed the securities of technology based companies. Managed individual portfolios with assets of approximately $8.0 million. Developed, and marketed to institutions, an econometric service presented in the form of easily interpreted graphs. Developed the Growth Stock Nomograph as an aid to analyzing growth stocks.
Memberships, awards, etc.:
1998 - 2010: Advisory Board, Journal of Performance Measurement.
1979 - 1990: Associate Editor, Financial Analysts Journal.
1993 - 1996: Advisory Board, SUNY, New Paltz.
1974 - 1975: Chairman of the Board, Institute for Quantitative Research in Finance.
1975: Chairman, Computer Applications committee of the New York Society of Security Analysts.
1998: Best Paper in Applied Investment Management, Southern Finance Association, November 1998.
Various: Three time winner of a Graham and Dodd Scroll for excellence in financial writing.
Beta Gamma Sigma, National Honor Society in Business and Management.
Papers.
“An Example of Early Quantitative Fundamental Analysis: Forecasting Insured Losses Due to Catastrophes”, The Journal of Business and Social Science Review, 2022v3(8), 1-26.
“An Easier Derivation of the Curvature Formula From First Principles”, The Australian Senior Mathematics Journal, 2018, v32(2), 30-36.
“Stochastic Portfolio Theory and the Low Beta Anomaly”, with Anna Agapova and Dean Leistikow, The European Journal of Finance, 2018, v25(5) and online at https://doi.org/10.1080/1351847X.2018.1531901.
“Chasing Performance and Identifying Talented Investment Managers”, The Journal of Investing, 2018, v27(1), 52-64
“Transforming Functions by Rescaling Axes”, The Australian Senior Mathematics Journal, 2017, v31(1), 19-28.
“A Continuous Return Model for the Low Volatility and Low Beta Anomalies”, with Anna Agapova and Dean Leistikow, The Journal of Investing, Fall 2017, v31(1), ?-?.
“What’s the big deal about Risk Parity?”, with Anna Agapova and Dean Leistikow, The Journal of Asset Management, September 2017, v(18)5, 341-346.
“Chasing Performance and Identifying Talented Investment Managers”, with Anna Agapova and Dean Leistikow, The Journal of Investing, Fall 2017, v26(3), 107-120.
“Turbulent Air Penetration”, https://www.researchgate.net/publication/324525027_Turbulent_Air_Penetration, January, 2016.
“Emergency Escape: Flying a Minimum-Radius Turn”, American Bonanza Society Magazine, March 2015, v15(3), 30-32.
“The Dependence of Upside Capture Ratios and Downside Capture Ratios on the Length of the Measurement Interval, Beta, and Alpha”, with Danny Meidan and Joel Rentzler, The Journal of Investment Management, 2014, v12(2), 105-116.
“Carry Costs and Futures Hedge Calculations”, with Dean Leistikow and Steven Raymar, Advances in Investment Analysis and Portfolio Management, 2014, v6, 1-34.
“Chicken Little Gets It Wrong Again”, with Anna Agapova and Dean Leistikow, The Journal of Portfolio Management, Spring 2014, v40(3), 77-86.
“Market Diversity and the Performance of Actively Managed Portfolios”, with Anna Agapova and Jason Greene, The Journal of Portfolio Management, 2011, v38(1), 48-59.
“Arithmetic and Continuous Return Mean-Variance Efficient Frontiers”, with Dean Leistikow, Susana Yu, The Journal of Investing, Fall 2009, V18(3), 62-69.
“The Effect of Value Estimation Errors On Portfolio Growth Rates”, with Dean Leistikow, Joel Rentzler, Susana Yu, The Journal of Investing, Summer 2009, v18(2), 69-75.
“Trading Strategy on EVA and MVA: Are They Reliable Indicators of Future Stock Performance”, with Joel Rentzler, Susana Yu, The Journal of Investing, Winter, 2006, v3(4), 2-8.
“Does Economic Value Added (EVA) Improve Stock Performance Profitability?”, with Joel Rentzler, Susana Yu, The Journal of Applied Finance, Fall/Winter, 2005, 101-113.
“Looking Back: Quantitative Analysis Before Computers”, with Lawrence Ferguson, Joel Rentzler, and Susana Yu, The Journal of Applied Finance, 2004, Spring/Summer.
“Closed-End Fund Discounts and Expected Investment Performance” , with Dean Leistikow, The Financial Review, 2004, v39, 179-202.
“Long-Run Investment Management Fee Incentives and Discriminating Between Talented and Untalented Managers”, with Dean Leistikow, Journal of Investment Management, 2003, v1(4), 1-26.
“Is the Insurance Business Viable?”, with Dean Leistikow and John Powers, The Financial Analysts Journal, 2003, v59(3), 30-41.
“Valuing Active Managers, Fees, and Fund Discounts”, with Dean Leistikow, Financial Analysts Journal, 2001, May/June, v57(3), 52-62.
“Problems With Health Insurance with Dean Leistikow, Financial Analysts Journal, 2000 November/December, v56(6), 14-29.
“Futures Hedge Profit Measurement, Error-Correction Model vs. Regression Approach Hedge Ratios, and Data Error Effects”, with Dean Leistikow, Financial Management, Winter 1999, v28(4), 118-125.
“A New Kind Of Index Fund That Beats Its Index”, with Robert Fernholz, The Journal of Performance Measurement, 1998/1999, v3(2), 35-49.
“Winning the Performance Game Without Really Trying”, with Joel Rentzler, Journal of Performance Measurement, 1999 Summer, v3(4), 59-66.
“Estimating Beta When the CAPM Is True” , with Yusif Simaan, The Journal of Performance Measurement, Summer 1998, v2(4).
“Are Regression Approach Futures Hedge Ratios Stationary?” , with Dean Leistikow,, The Journal of Futures Markets, 1998, v18(7), 851-866.
“A Comparative Analysis of Several Popular Term Structure Models”, with Steve Raymar, Journal of Fixed Income, 1998, v7(4), 17-33.
“The Search for the Best Financial Performance Measure: Basics Are Better”, with Dean Leistikow, The Financial Analysts Journal, 1998, v54(1), 81-85.
"Where Investment Performance Comes From", The Journal of Performance Measurement, 1997, V1 (4), 44-56.
"Investment Management Fees: Long-Run Incentives", with Dean Leistikow, The Journal of Financial Engineering, 1997, V6, 1-30.
“Making the Dividend Discount Model Relevant for Financial Analysts”, Journal of Investing, 1997, V6(2), 53-64.
“Unearned Performance Fees”, with Dean Leistikow, Journal of Business Finance & Accounting, 1996, v23(7), 1033-1042.
“Assured Active Management”, with Dale Berman, Journal of Investing, 1996, v5(3), 42-50.
“Portfolio Composition and the Investment Horizon Revisited”, with Yusif Simaan, The Journal of Portfolio Management, 1996, v22(4), 62-67.
“On the Risk of Stocks in the Long Run: A Comment”, with Dean Leistikow, Financial Analysts Journal, 1996, v52(2), 67-68.
“An Intuitive Procedure to Approximate Convertible Bond Hedge Ratios and Durations”, with Robert Butman, Hans Erickson, and Steven Rossiello, Journal of Portfolio Management, 1995, v22(1), 103-111.
“Myth and Reality in the World of Factors”, with John Moffatt, Journal of Investing, 1995, v4(2), 52-55.
"The Danger of Leverage and Volatility," Journal of Investing, 1994, v3(4), 52-56.
"Some Formulae For Evaluating Two Popular Option Strategies," Financial Analysts Journal, 1993,v49(5), 71-76.
"How To Get Rich Quick Using GAAP," with Neal Hitzig, Financial Analysts Journal, 1993, v49(3), 30-34.
"On Crashes," Financial Analysts Journal, 1989, v45(2), 42-52.
"How to Get Rich Quick Without Losing Sleep," with Roken Ahmed, Financial Analysts Journal, 1988, v44(4), 68-75.
"What To Do, Or Not Do, About The Markets," Journal of Portfolio Management, 1988, v14(4), 14-19.
"A Comparison of the Mean-Variance and Long Term Return Characteristics of Three Investment Strategies," Financial Analysts Journal, 1987, v43(4), 55-66.
"The Trouble With Performance Measurement," Journal of Portfolio Management, 1986, v12(3), 4-9.
"How To Beat The S&P500 Without Losing Sleep," Financial Analysts Journal, 1986, v42(2), 37-46.
"In Defense of Technical Analysis," with Jack Treynor, The Journal of Finance, 1985, v40(3), 757-773.
"A Security Market Plane Approach to Stock Selection," with Richard Lynn, Financial Analysts Journal, 1984, v40(5), 75-80.
"An Efficient Stock Market? Ridiculous!," Journal of Portfolio Management, 1983, v9(4), 31-38.
"Pulling Rabbits Out of Hats in the Oil Business - and Elsewhere," with Philip Popkin, Financial Analysts Journal, 1982, v38(2), 24-27.
"Performance Measurement Doesn't Make Sense," Financial Analysts Journal, 1980, v36(3), 59-69. This article received the Graham and Dodd award.
"Where are the Customers' Yachts?," Financial Analysts Journal, 1979, v35(2), 56-62.
"Do Market Inventory Funds Really Make Sense?," Financial Analysts Journal, 1978, v34(3), 38-44. This article received the Graham and Dodd award.
"An Investor's Guide to the Index Fund Controversy," with Walter Good and Jack Treynor, Financial Analysts Journal, 1976, v32(6), 27-38.
"Active Portfolio Management - How to Beat the Index Funds," Financial Analysts Journal, 1975, v31(3), 63-72.
"Unbundling: No More Analysts at a Discount.," Journal of Portfolio Management, 1975, v1(3), 44-48.
"A Nomograph for Valuing Growth Stocks," Financial Analysts Journal, 1961, v17(3), 29-34. This article received the Graham and Dodd award.
Short papers, editorials, etc.
“Delusions of Grandeur”, The Journal of Portfolio Management, Fall 2013, V(40)1, pp 6-7.
“Counting Ballots”, The Journal of Performance Measurement, Winter 2000/2001, v5(2), 6-8.
“Saving Social Security”, Financial Analysts Journal, 2000 January/February, v56(1), 13-16.
“Company Cross-Holdings and Investment Analysis: The Finance Version.”, with Neal Hitzig, The Financial Analysts Journal, 1999.
“The Search for the Best Financial Performance Measure: Basics Are Still Better”, with Dean Leistikow, The Financial Analysts Journal, .
“A Challenge to the Performance Measurement Profession”, Journal of Performance Measurement, 1999, Fall.
“Lessons From the Beardstown Ladies”, Journal of Investing, 1998, Winter.
“Performance Fee Incentives: Perception Versus Reality”, with Dean Leistikow, IQRF Proceedings, 1995, Spring.
"How to Find Next Year's Best Performing Stock", Financial Analysts Journal, 1994, March/April, 10.
“Fama and French: The Data Win.”, with Christopher Blake and Sris Chatterjee, IQRF Proceedings, 1993, Fall.
"The Savings and Loan Story," Financial Analysts Journal, 1991, March/April.
"The Plight of the Pension Fund Officer," Financial Analysts Journal, 1989, May/June.
“Stabilizing Forwards: For A More Stable Market”, Journal of Portfolio Management, 1988, v14(4), 4.
“Comparative Returns From Portfolio Insurance: Compound and Multiple Investment Options.”, IQRF Proceedings, 1985, Fall.
"Two Approaches to Asset Allocation," Pensions and Investment Age, September 19, 1983.
"Integrating Quantitative and Judgmental Analysis in the Investment Firm," Financial Analysts Journal, 1981, November/December.
“Why Portfolio Performance Measurement Doesn’t Make Sense”, IQRF Proceedings, 1980, Spring.
“The Pricing of Hakansson Certificates and European Options”, IQRF Proceedings, 1977, Spring.
Books.
“The Trouble With Performance Measurement”, Chapter ?, Streetwise: The Best of The Journal of Portfolio Management, Princeton University Press.
“How to Beat the S&P500 (Without Losing Sleep)”, Chapter 5, Portfolio Insurance: A Guide to Dynamic Hedging, Wiley.
Other papers and manuscripts.
"Graphical Methods of Investment Analysis," January, 1992.
"The Pricing of Hakansson Certificates and Generalized European Options," with Joel Rentzler, January 1977.
"Understanding Seasonal Analysis," December 1972.
"The Sensitivity of Security Returns to Those of the Market," December 1970.
"Early Quantitative Fundamental Analysis Forecasting Insured Losses Due to Catastrophes," December 1969.
"A Note on the Impact of Equity Financing on the Growth Rate of Per Share Earnings," November 1964.
"Some Effects of Depreciation Policy and the Rate of Growth on the Equilibrium Profit Margin of Leasing Operations," June 1963.
Selected presentations.
“Valuing Investment Management Fees, Active Portfolio Management, and Closed-End Fund Discounts”, presented at the November, 1998, Southern Finance Association conference. This paper received the Best Paper award in applied investment Management.
“The Search For the Best Financial Performance Measure”, presented at the April, 1998, New York Society of Security Analysts Economic Value Added Seminar.
“Estimating Beta When the CAPM is True”, presented at the April, 1997, Eastern Finance Association meeting.
“Assured Active Management”, presented at the April, 1996, INQUIRE conference.
“Assured Active Management”, presented at the April, 1996, Eastern Finance Association meeting.
“Investment Performance Fees: Perception vs Reality”, presented at the March, 1995, Institute For Quantitative Research In Finance conference.
“The Growth vs Value Furor”, presented at the March, 1995, Nicholas-Applegate investment conference.
“One-Period and Long-Run Performance Fee Incentives”, presented at the November, 1994, Southern Finance Association meeting.
“An Intuitive Procedure to Approximate Convertible Bond Hedge Ratios and Durations”, presented at the March, 1994, DAIS La Quinta seminar.
"Seminar on Portfolio Management", presented in Warsaw, Poland, November 1993, at the request of the Centre For Privatisation.
"Fama and French: The Data Win.", presented at the October, 1993, Institute For Quantitative Research In Finance Conference.
"Fama and French: The Data Win.", presented at the August, 1993, Columbine Conference.
"Myth and Reality in the World of Factors", presented at the August, 1993, Columbine Conference.
"Seminar on Portfolio Management", presented in Warsaw, Poland, May 1993, at the request of the Centre For Privatisation.
"Unearned Performance Fees", presented at the April, 1993, Eastern Finance Association meeting.
"How To Get Rich Quick Using GAAP", presented at the March, 1993, Institute For Quantitative Research In Finance meeting.
"Accounting Measures And How They Affect Performance Attribution", presented at the 1992, IIR conference "Performance Measurement For Derivatives".
"Some Formulae For Evaluating Two Popular Option Strategies," February, 1992. Presented at the April, 1992, Eastern Finance Association meeting.
"Comparative Returns From Portfolio Insurance And Compound Portfolio Insurance," Presented at the October, 1985 The Institute For Quantitative Research In Finance, meeting.
"Active and Passive Portfolio Management for Taxable and Tax Free Investors," Presented at a seminar sponsored by the Institute for Management Science, at Bowdoin College. July 1979.
"The Role of Simulation in Measuring Investment Performance," Presented at the Seminar on Security Prices, at the University of Chicago, November 1969.
"Tutorial in Basic," Presented at a seminar sponsored by the Associated University Bureaus for Business and Economic Research, at the University of Colorado, August 1969.
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