Joel Balbien, CFA, Ph.D. has over 30 years of cross-industry expertise, applying his quantitative skills within a number of different corporate environments, ranging from tech start-ups to Fortune 500 companies. Joel’s expertise in financial management (including financing arrangements) asset valuation, microeconomic forecasting, and financial reporting complements his deep industry knowledge in the semiconductor, materials/energy (especially clean technologies), public utilities, healthcare, biotechnology, cybersecurity and e-commerce sectors. Joel is currently a consultant at TechNavi, LLC, assisting global Fortune 1000 specialty chemical companies in identifying market trends and leveraging critical technology. He is also a Principal Advisor at the Larta Institute, which helps entrepreneurs and federal agencies like the U.S. Department of Energy to commercialize new technologies. Joel co-founded Olympus Sky Global, an IoT cybersecurity company, and Smart Technology Ventures, a venture capital fund. Joel is a CFA charterholder. He earned his Ph.D. (Economics) and MS (Social Science) from the California Institute of Technology and his BA from UCSD. Joel is an Adjunct Professor of Economics at California Lutheran University where he teaches graduate level microeconomics, including courses on market structure and game-theory.
David Hinman, CFAhas over 25 years of fixed income asset management experience. His expertise includes trading and managing portfolios of credit derivatives, investment grade and high yield corporate bonds, bank loans, emerging market debt, and CLOs. He has also participated in numerous corporate debt restructurings and served on workout creditor committees. In several instances he has been deposed. Most recently, David was head of fixed income at Salient Partners. He joined Salient in 2015 when it acquired SW Asset Management, an asset management firm specializing in emerging market corporate debt that David co-founded and where he served as CIO. In his role at SW, David created and executed the investment process, including trade execution and portfolio structuring and risk management. Prior to co-founding SW Asset Management, David held roles overseeing the credit business at Drake Management where he helped the firm navigate its way through the financial crisis, and before that as head of Ares Management’s capital markets group, where he managed the Ares Total Value Fund. David began his investment management career at PIMCO, where he served for nearly 10 years as a portfolio manager, credit analyst and product manager, creating among other things a closed-end fund group as well as a dedicated bank loan desk. David is a CFA charterholder. He holds a BS (Corporate Finance and Investment Management) from the University of Alabama and an MBA (Finance) from the Wharton School at the University of Pennsylvania.
Marc Joffe specializes in municipal and sovereign credit issues and also has a background in public policy as well as credit assessment technologies. In his nine years at Moody’s, Marc worked on a variety of software development projects benefiting both the Analytics and Ratings franchises. Prior to joining Moody’s, Marc had technology roles at CIBC, Dresdner Kleinwort and a number of other money center banks. In 2011 he researched and co-authored Kroll Bond Rating Agency’s inaugural Municipal Bond Default study – gathering data on thousands of defaults dating back to 1920. Marc’s research, and the development of his open-source credit model, has been funded by grants and honorariums from The Macdonald-Laurier Institute, Fraser Institute, Mercatus Center, National University of Singapore's Risk Management Institute, the California State Treasurer's Office and the Pew Charitable Trusts. Marc’s work is widely cited and his op-eds have appeared in Bloomberg View, The Guardian, The Fiscal Times and RealClearMarkets. Marc has an MBA in Finance from NYU’s Stern School of Business and an MPA from San Francisco State University.
Steve Lindo has over 30 years of financial markets experience, spanning risk management, banking, asset management, insurance, and mortgage finance. In his prior roles, he was Director of Treasury Management and Mortgage Risk at Fifth Third Bancorp, where he oversaw treasury and mortgage limits, risk metrics, and risk monitoring. Prior to that, he was VP for Risk Capital Management at Ally Financial (formerly GMAC), and spent 12 years as a VP/Risk Manager at Cargill Financial Services, designing and implementing market, credit and reputation risk measurement and reporting systems. Before that, Steve spent 9 years as an international risk and credit manager at JPMorgan Chase (formerly First National Bank of Chicago), where he managed international credit exposures to support the bank’s emerging market bond trading and trade finance desks. Steve has Masters and Bachelors degrees from Oxford University and served his industry peers for 2 years as Executive Director of the Professional Risk Managers International Association (PRMIA) from 2008-2010.
Terry Marsh, Ph.D. consults to PF2 on complex technical engagements, including in the context of cryptocurrency markets and other financial market dynamics. Terry is also CEO of Quantal International, an analytics company that provides multi-factor portfolio construction tools to investment managers, and is an Emeritus Professor of Finance at UC Berkeley, where he served on the finance faculty at UC Berkeley’s Haas School of Business until 2005. Before joining Berkeley, Terry was an Associate Professor of Finance at MIT. Terry received a Batterymarch Fellowship in 1984 and was a National Fellow at Stanford's Hoover Institution. He has consulted for a variety of institutions — including the New York Stock Exchange, the Options Clearing Corporation, and the former Industrial Bank of Japan — and was a member of the U.S. Presidential Task Force on Market Mechanisms that investigated the October 1987 stock market crash. He sits, among his other memberships, on the Advisory Board for Strike Protocols, which concerns itself with smart settlement for digital assets. He is also on the editorial board of the renowned Journal of Fixed Income. Terry received his MBA and Ph.D. degrees from the University of Chicago and a B.Com (Honors) degree and University Medal from the University of Queensland (Australia).
Gene Phillips is a director at PF2. Gene was previously on the buy-side at a hedge fund within Citigroup Alternative Investments. He began his career in the Derivatives group at Moody’s Investors Service. Gene has written extensive research on debt and credit concerns, including pricing and manipulation in the realm of corporate and structured finance securities; litigation and cultural concerns at financial institutions; and whether credit ratings should be afforded First Amendment protections. More recently, he has concentrated on inefficiencies in market mechanisms. His research and commentary has received numerous press citations in publications such as The Financial Times, New York Times, Wall Street Journal and BusinessWeek. Gene holds a BSc degree in mathematics and applied mathematics, and a BSc Hons degree in the Advanced Mathematics of Financial Derivatives, from the University of the Witwatersrand in South Africa.
Joe Pimbley, Ph.D., FRM specializes in complex financial instruments and the review of banking models and procedures for all purposes including valuation and risk management processes. In his consulting engagements with PF2, Joe has performed or overseen event studies, efficiency analyses, measurements of the impact of trades on market dynamics, and issues pertaining to fees, and asset and trade allocation. He is also regularly involved in matters concerning market structure and electronic trading, including trade executions and order matching systems. He has provided expert reports and given testimony for litigation regarding asset-backed securities (RMBS/CDOs and others), credit default swaps (CDS), asset managers and trustees, credit ratings, bond insurance, and municipal debt. Joe previously served as a lead investigator for the Examiner appointed by the Lehman bankruptcy court to resolve numerous issues pertaining to history's largest bankruptcy -- with his colleagues, he discovered Repo 105 and reported the critical importance of pledged collateral mishaps and mischaracterizations to the Lehman failure. Joe has over 25 years of experience in the financial industry, having held positions at Duff & Phelps, ACA Capital, Sumitomo, FGIC, Moody's and Citicorp. Joe earned his Ph.D. in theoretical physics from Rensselaer Polytechnic Institute.