Board of Directors

{David Tice}

Board Director

David Tice was the founder of David W. Tice & Associates, LLC, an investment management and research firm. In 1996, DWT&A started the Prudent Bear Fund to give individual investors the chance to protect themselves against a declining stock market. This fund has been structured with the flexibility to make short sales and to be "net-short" the US stock market. The Prudent Global Income Fund, opened in February 2000, was designed to benefit from a weakening U.S. dollar and rising gold prices and was launched near the peak of the US dollar relative to other currencies. Tice recently served as the Funds' Chief Investment Strategist from December 2008 to December 2010, following the sale of both funds to Federated Investors, a NYSE listed company based in Pittsburgh.

Tice is a Chartered Financial Analyst. He graduated from Texas Christian University in 1976 with a BBA in Accounting and continued at TCU to receive his MBA degree in Finance in 1977. After graduation, Tice worked for three years with Atlantic Richfield Company. He then spent four years with ENSERCH Corporation, a diversified energy company, where he evaluated all acquisitions and corporate finance options that required approval from the Board of Directors. Tice then joined Concorde Financial Corporation where he spent four years as Director of Investments and was responsible for launching an equity mutual fund. In 1988, Tice began publishing Behind the Numbers, an investment research service that focused on "Quality of Earnings Warnings and sell recommendations" for more than 100 money managers who collectively managed more than $2 trillion.

His work has gained national recognition through several Barron's articles he wrote, and from Tice's appearances on business television. He has appeared on the Nightly Business Report, Wall Street Journal Report, Wall Street Week and The O'Reilly Factor, and remains a frequent guest on CNBC and Bloomberg TV. Tice has taken the role of a Cassandra to warn investors about the dangers of investing near the end of a secular bull market and the problems with relying on credit growth to expand the economy, and he has debated nearly every bullish Wall Street strategist. In September 1999, Tice hosted the New York symposium, "The Credit Bubble and its Aftermath" to alert the media, investors and policy makers about the risks created by the historic expansion of credit. In June 2001, Tice testified before Congress regarding conflicts of interest of Wall Street and the consequences of capital markets that lack integrity.

Since his role at Federated, Tice currently serves as President of Tice Capital and executive producer and financier of a major motion picture entitled Soul Surfer, released in 2011. He also started a significant charity, TrueSpark, which hopes to inspire millions of children to learn character development from great movies.

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