James A. Bianco is President of Bianco Research, L.L.C., an Arbor Research & Trading, LLC affiliate. Since November 1990, he has been producing fixed income commentaries with a circulation of hundreds of portfolio managers and traders. Jim's commentaries are primarily devoted to the fixed income markets with special emphasis on: money flow characteristics of primary dealers, mutual funds, hedge funds, futures traders, banks, and institutional investors. Other topics he has researched include: the effects of commodity prices on bond yields, how the ratio of the equity market's capitalization as a percentage of nominal gross domestic product affects price performance of the stock market, the role government regulation plays in determining inflation, how market performance affects mutual fund investors, the role politics plays in setting interest rates, and measuring the stock and bond markets from a total-return perspective.

Jim produces unique and original insights into movements in the financial markets and has been a featured speaker at many investment conferences. He is regularly featured in the following investment publications: The Wall Street Journal, The New York Times, Barrons, US News And World Report, BusinessWeek, Forbes, Fortune, The National Review, Euromoney, and Grant's Interest Rate Observer in addition to the Dow Jones, Reuters, Knight-Ridder and Associated Press newswires. He has also written for Technical Analysis of Stocks and Commodities, Financial Trader and Futures Magazine and has appeared numerous times on CNBC, CNN, Bloomberg and Fox News.

Prior to joining Arbor and Bianco Research, Jim spent five years in New York City with several prominent investment banking firms. He was a Market Strategist in equity and fixed income research at UBS Securities and Equity Technical Analyst at First Boston and Shearson Lehman Brothers. He is a Chartered Market Technician (CMT) and a member of the Market Technicians Association (MTA), where he served as a national Vice-President and Chairman of the MTA's 1996 annual seminar.

Mr. Bianco is married with four children and resides in Chicago. He has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Howard Simons

Howard L. Simons, Strategist to Bianco Research, has a broad and deep background in financial markets. He most recently was the Special Academic Advisor to NQLX, known formerly as Nasdaq Liffe Markets, where he directed the development of equity market derivatives. He simultaneously had been a clinical professor of finance at the Illinois Institute of Technology's Center for Law & Financial Markets, where he directed at various times the Center's fixed income, energy and trading tracks. Mr. Simons began his career as an economist with the Amoco Corporation, and then was the managing consultant for energy with Data Resources, Inc. He began designing econometric trading systems for crude oil traders and providing fundamental analyses for financial market traders. He returned to Amoco to design and run its hydrocarbon price risk management program, and then moved to the commodity brokerage side of the industry as the director of research for FIMAT USA.

He is the author of The Dynamic Option Selection System: Analyzing Markets & Managing Risk (John Wiley & Sons, 1999).

Mr. Simons' educational background includes as BA in international relations from the Johns Hopkins University, a MA in international economics from the Johns Hopkins School of Advanced International Studies, and a MBA in finance and econometrics from the University of Chicago.

Gregory Blaha

Gregory Blaha, Research Analyst, graduated from the University of Notre Dame in May 2001. While there, he majored in both Finance and Computer Applications. He is responsible for product layout and delivery, database management and the daily operations of maintaining the web site. He is also responsible for the production of certain weekly, monthly, and quarterly reports, the production of Daily Newsclips, and assists with the research/analysis involved with the Commentaries.

Ryan Malo

Ryan Malo, Research Analyst, graduated from DePaul University in June 2005. He received a Bachelor of Science degree in Finance. He is responsible for the product layout and delivery, database management and the daily operations of maintaining the web site. He also is responsible in the production of certain weekly, monthly, and quarterly reports.