Doug has 25 years of investment management experience. With 16 years at the Prudent Bear Fund, which followed nine years working with short-biased hedge funds, Doug has deep expertise in all aspects of managing short exposure. After beginning as a trader, Doug worked as an analyst, portfolio manager, senior PM and then senior VP and head of alternative equities management at Federated Investors. Doug was also PM for the Prudent Dollar Income Fund, with broad experience in fixed income, currencies and commodities. Doug graduated summa cum laude from the University of Oregon (accounting and finance) and received his MBA from Indiana University. Prior to investment management, Doug was a Price Waterhouse CPA, and Treasury Analyst at Toyota USA. Doug has been a long-time student of macro economics, assisting with The Richebacher Letter (1996-2001) and authoring the Credit Bubble Bulletin since 1999.