I obtained a BA degree from the University of the South and an MBA from the University of North Carolina. After a 35 year career as a financial analyst on Wall Street, I have retired to a small town on the Eastern Shore of Maryland. During my time on Wall Street, both as an employee of several brokerage firms (e.g., Drexel, Lehman, Paine Webber) and head of my own consulting firm, Investment Analytics, I wrote a number of articles (and/or research papers) relevant to the stock market on both the practical and theoretical sides.
Since retirement, I've continued to write and have now compiled a considerable inventory of "papers," only three of which have been submitted for publication. One of these, "Earnings Expectations and Security Prices," was published in the Financial Analysts Journal and has often been cited by other writers in the field of financial analysis. The other two were conditionally accepted by the Financial Analysts Journal and The Journal of Portfolio Management. I did not pursue publication of them because of personal considerations around the time of their acceptance when all of my energies were devoted to starting my consulting firm.

Lately, however, I have had time to do a great deal of writing and the opportunity to enhance my existing group of papers. I feel now is an appropriate time to place them in a website under the sweeping banner Science versus Reality on the New York Stock Exchange, which is the overriding theme of this research.

It is hoped the site will put a new perspective on several of the issues surrounding Modern Portfolio Theory, the Efficient Market Hypothesis and the Capital Asset Pricing Model. At the same time the site provides some empirical research in defense of quantitative stock selection strategies.

A key objective of this website is to shore up behavioral finance by giving as many practical examples as possible to show that John Maynard Keynes (not to mention the father of security analysis, Benjamin Graham) were as right about what drives the stock market in their assessments made years ago as they are today. And if those two were correct, then Modern Capital Market Theory is mistaken about many things.