Alden Toevs (pronounced Taves) has a Ph.D. with honors from Tulane University. He has also done postdoctoral work at MIT. He began his professional career as a Professor of Economics at University of Oregon. Then he joined Morgan Stanley and Company in 1983 and became a principal of that firm. In 1990 he joined the First Manhattan Consulting Group (FMCG) and is currently Executive Vice President and heads FMCG's risk management, MIS, and mortgage banking practices. In addition, he is an integral part of FMCG Capital Strategies, which focuses on M&A valuation and merger integration. Alden has been published in many of the leading finance and business journals. He has authored or co-authored several books and has lectured at major universities. He has served as keynote speaker for over ten national and international banking conferences. Two of his articles were recently republished in Streetwise, a collection of the best practical finance articles appearing in the Journal of Portfolio Management in the last 25 years (Peter Bernstein and Frank Fabozzi, editors). In 1982 Alden was selected as a Federal Reserve Bank Visiting Scholar. In 1983 he received a similar honorary appointment in the Federal Home Loan Bank System. Other honors include an Institutional Investor All-American Research Team award for Mortgage Research and a Graham and Dodd Scroll from the Financial Analysts Society. He serves or has served on the editorial boards of the Financial Analysts Journal, Journal Of Portfolio Management, and the Journal Of International Securities Research.