Deflating the Credit Bubble
Douglas C. Noland
Market Strategist at David Tice & Associates
August 25, 2007
Douglas C. Noland, financial markets strategist at David Tice & Associates, has ten years investment experience as a trader, analyst and portfolio manager. He posts a weekly column on the PrudentBear.com website called the Credit Bubble Bulletin. He worked seven years for Gordon Ringoen, a hedge fund manager in San Francisco. His analytical focus has been on the financial system and the crucial role of credit. For the past three years he has also been an analyst and contributing writer for The Richebächer Letter, an international economics and financial markets newsletter. Prior to his work in investments, Mr. Noland worked in the treasury department at Toyota and was a Price Waterhouse CPA. Mr. Noland graduated suma cum laude from the University of Oregon and received his MBA from Indiana University.
David W. Tice & Associates, Inc., is an investment research and management firm based in Dallas, Texas that publishes Behind the Numbers, an institutional research service that provides quality of earnings warnings and "sell" recommendations to more than 200 money managers who collectively manage more than $2 trillion. Behind the Numbers is utilized by mutual funds and hedge funds around the world to help identify companies which are unlikely to fulfill Wall Street's lofty expectations and which have resorted to accounting chicanery. David W. Tice & Associates employs ten full-time analysts who currently spend their time searching for overvalued stocks. The firm's analytical expertise ranks among the strongest independent research boutique organizations in the country. The firm prides itself on staff retention, as only two analysts have left the firm since its inception. The firm's analysts have discovered and identified many accounting scandals including Mercury Finance and Sunbeam.
In December, 1995 Tice & Associates started the Prudent Bear mutual fund to give investors another alternative to the more than 5,000 equity mutual funds in the marketplace. This fund has been structured with the flexibility to make short sales and to be "net-short" the US stock market. This fund is the only known mutual fund in the country to be "net short" an actively managed portfolio of individual common stocks.
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