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Mizzou
Finance News
August 1, 2016
Volume 1, Issue 1
News from the Chair
As I write (late June), I am just finishing up 10
months as chair of the department. And what a
year it was! Many readers of this newsletter will
know that it was a year of challenges, both ex-
pected and unexpected. But with those challeng-
es comes the opportunity for reflection and im-
provement.
Importantly, as the different articles in this newsletter show, the past academic year was exciting
and energizing, a year full of accomplishments. I am very fortunate to be surrounded by great
staff and faculty in the department, and a wonderful support team in the college.
Last but certainly not least: our students are bright, high achievers. Over 80% of our graduating
seniors reported at least one full -time offer, graduate/professional school, military or entrepre-
neurial opportunity. Average salary: just short of $48,000. We also had strong placement of our
MBA graduates, and our graduating PhD students all secured desirable jobs.
So here’s the news from the Department of Finance at Mizzou. What’s new with you? Write or
email. And feel free to contact me with questions (or answers) or concerns, or if you’d just like to
chat: [email protected] or call me at 573.882.5357.
Cheers!
John
Inside this issue
RMI Program .................. 2
CFA Involvement ........... 3
Warren Buffet Trip ........ 3
CFA Team ...................... 4
Real Estate ..................... 5
AACE Program ............. 6
FRI .................................... 8
IFM .................................. 9
Finance Department
Highlights ....................... 9
Page 2
From its inception on April 1, 2014, the Trulaske Risk
Management & Insurance (RMI) Program has made
steady progress as a new academic field for Trulaske
students. The RMI Program reached several important
milestones during the 2015-2016 academic year:
Formal approval of an RMI Certificate by the
Missouri Department of Higher Education and the
state Coordinating Board for Higher Education.
15 students who qualified for the RMI Certificate
graduated in May, 2016; three more will graduate
by December, 2016.
RMI students and Actuarial Sciences students from
the Mathematics Department established a Tru-
laske Chapter of Gamma Iota Sigma, the interna-
tional fraternity for Risk Management, Insurance
and Actuarial Sciences.
The Trulaske RMI Certificate requires completion of 15
hours of coursework, including Finance 2000 or 3000;
three core RMI courses; and a BA4500 internship in a
risk management, insurance, actuarial or closely
related role. The three core RMI courses are:
Finance 4630 Introduction to Risk Management
& Insurance
Finance 4632 Principles of Commercial Insurance
Finance 4640 Enterprise Risk Management
Trulaske’s RMI Program continues to grow in size and
interest to students. From 14 students in a single Intro-
duction to Risk Management & Insurance course
taught Spring semester, 2015 to 70 students in three
core RMI courses Spring semester, 2016.
Risk Management is one of the fastest growing fields in
business. Since the Great Recession of 2008-2009,
banks and financial enterprises, international
businesses and organizations of all types have discov-
ered the importance of identifying and managing risk.
New regulatory schemes in the U.S. and Western Eu-
rope are forcing corporate managements and
boards to create formal risk management programs
and hire qualified staffs to run them, or face significant
fines and penalties.
In addition, the insurance industry is facing a hiring
crisis due to imminent retirements and a lack of eligi-
ble replacements. Having failed to interest
“Generation X” in insurance, the impending retire-
ment of nearly 500,000 “baby boomers” threatens to
overwhelm underwriting, claims and account services.
The industry is making a belated effort to identify and
hire recent graduates from the limited pool. The Tru-
laske RMI Program has been aggressively contacting
industry.
To capitalize on the strong job market, the Trulaske
RMI Program has held two “RMI Careers Day” events
featuring panels of executives from various aspects
risk management and insurance. These events drew
hundreds of students and dozens of industry profes-
sionals. A third RMI Careers Day is planned for March
10, 2017. The RMI Program also co-hosted an
Insurance Day event with the Central Missouri Chapter
of CPCU last September that drew more than 100 in-
surance professional from around the state. We are
currently working on the 2016 event schedule for Sep-
tember 8, 2016.
Besides these events, the Trulaske RMI Program has
partnered with a number of local, national and
international insurers, brokers and other industry firms
to offer students internships and permanent positions.
The RMI Program has been able to place virtually all
interested students.
For the immediate future, we intend to build on the
RMI Program’s successes and solidify its standing at
Trulaske and among its peers. Trulaske’s RMI Program
is one of only about 70 university RMI Programs in the
U.S., providing opportunities to recruit interested stu-
dents who might otherwise look to Missouri State Uni-
versity or Illinois State University, the two closest schools
offering RMI programs. Within the SEC, Mizzou is one
of six—nearly half of member schools— with an RMI
Program, which presents an opportunity for academic
collaboration.
- Fred Travis
Risk Management & Insurance Program
Robert J. Trulaske, Sr. College of Business
Page 3
On November 19 and 20, the Department of Fi-
nance sponsored a trip to Omaha, Nebraska for a
group of twenty students to meet Warren Buf-
fett. This trip is the eleventh annual trip to see Mr.
Buffett and has become a much anticipated de-
partment tradition.
The group began the morning of November 20 with
a tour of Nebraska Furniture Mart, owned by Mr. Buf-
fett’s company Berkshire Hathaway. Next was a two
-hour question and answer session with Mr. Buffett
that included discussions of topics ranging from mar-
ket efficiency to politics and career success. Mr. Buf-
fett then treated the group to lunch at Piccolo Pe-
te’s, one of his favorite local restaurants. Afterwards
came a tour of Borsheims, the famous jeweler and
another of Berkshire Hathaway’s holdings. After a
long bus ride back to Columbia, the students arrived
home more knowledgeable and with a great life
experience none will soon forget.
- Andy Kern
Warren Buffett Trip
In 2007, Mizzou became a CFA Program Partner in
what was then a new initiative of the CFA Institute.
Our status as a CFA Program Partner signals to stu-
dents and employers that our curriculum is closely
tied to the practice of investment management as
outlined by the CFA Institute’s Body of Knowledge,
which emphasizes the highest standards of ethical
behavior in the industry. In addition, our curriculum is
helpful to students preparing for the CFA exams.
Worldwide there are fewer than 150 institutions that
have qualified for Program Partner status.
John Stansfield has been teaching a Level 1 CFA
review since 2003. For most of that time, it was not
an official MU course, but rather a third party offer-
ing from one of the third-party test prep providers
(either Stalla, Becker, or 7City). In the spring of 2015
our CFA Level 1 review course became an official
MU course. This spring we had 31 students enrolled.
At the time of this writing the results of the June 2016
Level 1 CFA exam are unknown. In the December
2015 Level 1 exam, we had five MU students sit for
the exam and four passed. That 80% pass rate about
doubles the overall pass rate of all Level 1 candi-
dates taking the exam world-wide.
Our department also teaches a stand-alone course
on the Ethics of Investment Management, which
closely follows the material on the Ethics portion of
the CFA Body of Knowledge. Since its start more
than 50 years ago the CFA curricula has empha-
sized the highest standards of ethics in the invest-
ment industry.
Our status as a CFA Program Partner also allows us
to award 15 scholarships per year for the Level 1
exam. The number of scholarships available grows
with the number of charterholders on staff and in
that regard we are fortunate to have maxed out the
number of available scholarships. We have four CFA
charterholders teaching for the department: John
Howe, Dominique Badoer, Chris Prestigiacomo, and
John Stansfield.
CFA Involvement at Mizzou For the past two years, our department has worked
with the St. Louis and Kansas City CFA societies to
produce an interesting program in Columbia open
to all charterholders in central Missouri, as well as our
students who are candidates in the CFA program.
Mizzou CFA Research Challenge Team Places among
the Top 10 Schools in the Americas
A group of three students from the University of Mis-
souri recently completed a successful year of
competition in the CFA Institute Research Challenge.
The Mizzou team finished among the top 10 schools in
the Americas Regional Finals competition, which was
held April 13-14 in Chicago. The team consisted of
two MBA students, Dylan Jungels and John Milligan,
and an undergraduate economics major, Tristan
Young. All three students were also participants in the
Investment Fund Management Program during the
2015-16 academic year. The team was advised by
Michael O’Doherty (faculty mentor) and Matt Pitzer
(industry mentor), who is currently a portfolio manager
at Shelter Insurance and a recent Crosby MBA alum.
The Research Challenge is a competition spanning
the full academic year that focuses on equity analyst
research. Approximately 1,000 universities from
around the world sponsored teams in the 2015-16
competition. Each team of 3-5 students is assigned a
target company, prepares an extensive analyst re-
port, and presents their research to a group of indus-
try experts. The research process features broad eco-
nomic and industry analysis, visits with company exec-
utives, financial analysis, and valuation modeling.
The first phase of the Research Challenge for each
team is a local competition. This year, the University of
Missouri participated in an event hosted by the CFA
Society of St. Louis. The subject company assigned to
each of the teams was Huttig Building Products, Inc.
(NASDAQ: HBP), a distributor of building materials
used in residential construction. The Mizzou team
spent much of the fall semester analyzing the compa-
ny and constructing their 36-page research report.
The students ultimately issued a “buy” recommenda-
tion on Huttig, given the company’s recent operating
initiatives and competitive positioning, as well as the
team’s positive outlook on the U.S. housing market.
The Mizzou team presented their research on
Huttig to a panel of industry experts at the local
competition, which was held at the Edward Jones
corporate headquarters in St. Louis in February. They
placed first among seven teams, including Washing-
ton University, St. Louis University, and the University of
Missouri—St. Louis. The judges indicated that the Miz-
zou team earned the top average score on both their
research report and their oral presentation.
As the winner of the St. Louis competition, the Mizzou
team was invited to participate in the Americas Re-
gional in Chicago. The participants in this event
included 50 champions from local competitions
across North and South America.
Page 4
Continued on page 5.
The Finance Department’s team of Real Estate stu-
dents, sponsored by the Jeffrey E. Smith Institute of
Real Estate, took second place in the 6th Midwest Re-
al Estate Challenge in Chicago on April 9, 2016. The
team of five students, three MBAs and two from the
BSBA in Real Estate program, was the first that Mizzou
has sent to compete in the annual competition.
Teams from nine Midwest universities each analyzed a
proposed commercial real estate development pro-
ject on Chicago’s south side. They visited the site
(which borders a Whole Foods store currently under
construction) in January, prepared and submitted a
written proposal with their ideas at the end of March,
and traveled to Chicago to present their proposals to
a panel of judges on April 9.
The Harold E. Eisenberg Foundation of Chicago or-
ganizes and sponsors the competition. The Founda-
tion supports university-level education in real estate
and funds research in gastrointestinal cancer. In addi-
tion to the competition, the Foundation hosts an an-
nual Career Day for university real estate students and
funds several scholarships.
Professors Dan French and Joe Hegger served as fac-
ulty advisors for the team. In addition, the Foundation
assigned two Chicago real estate professionals, Bruce
Kamp (The Private Bank) and Tracy Larrison (PNC Real
Estate), to assist. Dan French, Jeffrey E. Smith Missouri
Professor of Finance, was named to the foundation’s
Real Estate Education Faculty Advisory Board and
stated, “I am very proud of our team’s performance.
We were honored to receive and accept the invita-
tion to enter this year’s competition and are excited
to begin planning for next year’s event.”
Indiana University placed first and garnered the
$5,000 award for scholarships, and Roosevelt Universi-
ty tied Mizzou for second. Other teams were from De-
Paul, Illinois (Chicago), Illinois (Urbana-Champaign),
Loyola, Marquette, and Notre Dame.
Kerri Hogan, Event Coordinator for the Smith
Institute, who organized the team’s meetings in Co-
lumbia and travel to Chicago, said “Their presenta-
tion was professional and right on target, and the
judges liked the mix of commercial and community-
oriented construction in the proposal.”
Mizzou students who participated were Ben Beussink,
Cole Cameron, Meghan Carnot, Trent Keal, and
Joshua Vaslie.
Mizzou Real Estate Students Take 2nd Place in Competition
Pictured from left: Kerri Hogan, Ben Beussink, Trent Keal, Meghan Carnot, Joshua Vaslie, Cole Cameron, Dan French and Tracy Larrison
Robert J. Trulaske, Sr. College of Business
Page 5
The students spent a number of hours preparing for
the event by updating their analysis on Huttig and
rehearsing their presentation. The Mizzou group had a
fantastic showing in Chicago, as they placed first in
their initial pool of five teams and advanced to the
Regional Finals. They eventually finishing in a tie for
third place behind the University of Waterloo and the
University of Georgia. The University of Waterloo
subsequently won the Global Finals.
- Mike O’Doherty
Continued from page 4.
The Allen Angel Capital Education (AACE) Program
AACE is a student group of id Missouri
investors. Through ss disciplinary collaboration, stu-
dents enable entrepreneurs to grow th ou h a ful
anal sis of business plans.
Students invest in hi h o h sta up companies by
cultivating deal flow, performing prescreening duties,
o pl in du diligence, and structuring inv s nt
ont a s. f an equity position is taken, the pro-
gram will monitor portfolio holdings and harvest in-
vestments.
The AACE Fund leverages significant resources to
teach students about angel investing,
including strategic partnerships with other
entrepreneurship organizations at Mizzou and
membership in Centennial Investors. One of the major
advantages AACE can offer to entrepreneurs is a
connection to faculty at the University who can aid in
research and other aspects of their growing business.
CE also travels to St. Louis, Kansas City and beyond
to connect with entrepreneurs, attend conferences
and meet other angel investors th ou hou h ar.
Some of our successful investments:
October 2012 – Elemental Enzymes: from the
lab to a successful start-up
Elemental Enzymes is a true MU
success. Founders Brian and
Katie Thompson created the
company as a result of their discovery while doing
postdoctoral work at the University of Missouri. The
company specializes in enzyme manufacturing. En-
zymes make the world go round, and allow our bod-
ies to function. For this reason, Elemental Enzymes has
the ability to expand into many industries. The firm’s
unique advantage is rooted in its lo cos production
method that yields lon las in enzymes.
Currently, Elemental Enzymes is focusing on the agri-
cultural market, but the core technology of the
company an also be used in bio-energies
pharmaceuticals, and environmental remediation.
The AACE Fund invested $30,000 in Elemental En-
zyme’s seed round.
In September 2015, Elemental Enzymes Ag and Turf
LLC announced a research collaboration with Bayer
CropScience. The focus will be to improve crop
productivity to meet growing food challenges,
specifically involving the use of soil microbes. Ele-
mental Enzymes will also have the opportunity to use
the innovations created by the partnership in other
areas of the company. Elemental Enzymes is cash
flow positive and does not foresee need for any addi-
tional funding.
March 2012 – Eternogen: the game changer
for wrinkles
Eternogen is disrupting the dermal
filler market, a cosmetic proce-
dure that temporarily improves the
look of skin. The company is cur-
rently pursuing regulatory approv-
al for its s of th products that will seek to re-
place the standard treatment: Botox.
Founded in 2011 by Crosby MBA graduate Luis
Jimenez, the company has two products: a rapidly
polymerizing collagen (RPC) and a gold nanomatrix
collagen. The RPC provides a lon las in alterna-
tive to the popular hyaluronic acid. Eternogen is cur-
rently pursuing CE Mark approval for this product in
Europe and it hopes to reach this milestone the end of
2016. After successfully commercializing RPC, Eterno-
gen will focus its efforts on bringing its gold nanomatrix
product to market, which will complement its RPC
product and also have applications in the orthopedic
market. The fund secured a $30,000 investment for a
2.5% share of the company.
Page 6
May 2015 – iNovotec: monitoring the health
of a herd
iNovotec is company focusing
on an environment monitoring
system that delivers al ti
data and alerts to dairy managers. The Smart Moni-
toring System uses pH, temperature and climate sen-
sors, which wirelessly transmit data to a base station,
measuring the health of a herd.
Ruminal pH levels determine the digestion feed com-
ponents in a cow’s rumen, including protein and fat
composition. Optimal digestion means efficient feed
utilization, health, productivity and profitability.
Monitoring the health of the heard through iNo-
votec’s technology can also reduce the risk of the
Sub-Acute Ruminal Acidosis, which if untreated, can
result in the death of the animal. AACE Fund invested
$50,000 in iNovotec.
iNovotec experienced slower market penetration in
2015 than previously anticipated, however a strong
foundation has led to a substantial pipeline for 2016 in
Brazil, U.S. and the U.K. The company added key
personnel during 2016 including two dairy industry
experts to the management team, a two person sales
team in Brazil, and the company is actively recruiting
for sales specialists in the Northeast and Midwest por-
tions of the U.S.
December 2015 – APSE: RNAi sequence production
Apse, Inc. is a startup company
out of St. Louis exploring the cost
efficient production of RNA for
uses in agriculture. These RNA sequences are discov-
ered by major agriculture companies, and Apse
plans to license its manufacturing technology to
companies in exchange for license fees and royal-
ties. RNA Interference (RNAi) is a form of gene ex-
pression, and can be used as a way to bring out cer-
tain genetic traits and benefits without complete
gene modification of an o anism. i can be ap-
plied topically for crop protection and improvement.
With market opportunities such as using RNAi to com-
bat resistant weeds, beetles and citrus greening,
Apse will be able to expand into many different
spaces within the agriculture industry. AACE first
looked at Apse in the spring of 2015, and again in fall
2015 before investing $50,000.
- W.D. Allen
Follow the further adventures of AACE 2015
Web: allenacefund.org
Email: [email protected]
Twitter and Facebook: allenacefund
Robert J. Trulaske, Sr. College of Business
Page 7
The Allen Angel Capital Education (AACE) Program
Page 8
The Financial Research Institute (FRI) is pleased to report
several accomplishments. The first is the successful com-
pletion of the 2015 Public Utility Symposium entitled,
“Issues in Infrastructure: Replacement, Resilience and
Regulation.”
The focus was on utility infrastructure and the challenges
associated with its replacement and modernization, the
extent to which resiliency and sufficiency exists within the
utility industries, and how to design more effective regu-
latory or business models.
In addition to three panels, the Symposium featured a
CEO Panel with Lynn Good, president and chief execu-
tive officer of Duke Energy, Pierce Norton, II, president
and chief executive officer of ONE Gas, Inc., and Susan
Story, president and chief executive officer of American
Water serving as the panelists.
We received a tremendous amount of positive feed-
back from Symposium attendees confirming that the
program was a success.
The 2016 FRI Symposium marks the 25th year of the event.
For the past 10 years, the Symposium attendance has
been at capacity and with the strength of this year’s
program we expect to sell out again. Online registrations
for the event launched on 4 May 2016 and as of 1 June
2016, 90% of the seats have been sold.
This year’s Symposium activities begin on the evening of
20 September, with a reception for speakers, panelists
and advisory board members. The FRI Advisory Board
Meeting and Symposium take place the following day,
21 September at the University of Missouri.
The theme for the Symposium is, “Managing the Triple
Threat to Public Utility Profitability: Safety, Reliability, &
Affordability.” The program will examine the manage-
ment challenges of balancing the modern public utility’s
need for profitability with the requirement of providing
customer service that is safe, reliable, and affordable.
The Symposium will feature a Commissioner Spotlight,
three panels, and two keynote speakers - Travis Kavulla,
President of the National Association of Regulatory Utility
Commissioners and Bradford Willke, Chief of CSA Field
Operations & Supervisory Cyber Security Advisor for the
Office of Cybersecurity & Communications for the U.S.
Department of Homeland Security.
In addition to the Symposium, Hot Topic Hotline (HTH)
continues to be successful. The HTH is an opportunity for
FRI Advisory Board Members to discuss 'hot' issues via bi-
monthly webinars. The FRI Advisory Board views this pro-
gram as very useful for achieving its educational objec-
tives. Topics from the past year included presentations
on pipeline safety, electrical distribution rate design, the
Clean Power Plan, and distributed generation.
During the 2016 fiscal year, advisory board membership
efforts were focused on growth and retention. To help
accomplish this, the FRI team attended two major indus-
try conferences. As a direct result, the FRI’s footprint ex-
panded into four new states and we
welcomed new board members.
Lastly, the FRI is excited to announce that Edison Electric
Institute's Senior Vice President of Energy Delivery and
Chief Customer Solutions Officer, Phillip D. Moeller is the
2016 recipient of the FRI Crystal Award for Distinguished
Contribution. The FRI Crystal Award was created to rec-
ognize an individual who has made outstanding and
sustained contributions to the design, implementation or
analysis of public utility regulatory policy. Formal presen-
tation of the award to Mr. Moeller will take place during
the 2016 FRI Symposium on 21 September.
About FRI
The Financial Research Institute (FRI) was
established in 1988 within the Robert J. Trulaske, Sr.
College of Business at the University of Missouri to pro-
mote education, research and service across various
areas of finance. Today, the FRI, through its public utility
division, provides a neutral environment for stakeholders
in the regulated public utility industry to come together
to examine, understand and debate current issues relat-
ing to public utility policy. Visit www.fri.missouri.edu to
learn more about the institute.
Financial Research Institute
Robert J. Trulaske, Sr. College of Business
Page 9
The Mizzou Investment Fund Management (IFM) class capped
off another successful academic year with their end-of-semester
luncheon on Friday, May 13th at the Reynolds Alumni Center.
The program included presentations by three IFM students – Ben
Beussink (CEO), Dylan Jungels (Economist), and Tianyuan Ren
(Portfolio Manager) – on the performance of the fund during the
Spring 2016 semester. Students answered questions from mem-
bers of the fund’s advisory board and finance faculty on the
strategy implemented by the management team. The event
concluded with student awards. Two student analysts, John Milli-
gan and James Malke, were specifically recognized for their
exceptional work in covering firms from the Consumer Discre-
tionary and Materials sectors, respectively.
The IFM Program represents a unique opportunity for students in
the Trulaske College of Business to participate in the manage-
ment of a portion of the University’s endowment portfolio. The
Program is open to both undergraduate and MBA students, and
a new group of managers is selected prior to each semester
through a competitive application process. Students formally
enroll in FINANC 4820/7820, and the first five weeks of this course
look much like a typical class. The lectures focus on equity re-
search methods, sources of market data (e.g., Bloomberg), fi-
nancial analysis, and applied valuation models.
Then, students apply this material in managing the Mizzou Invest-
ment Fund, a $1.4 million equity portfolio. Each student is as-
signed to cover a sector and prepare three analyst reports over
the course of the term. Class meetings involve research presen-
tations and stock recommendations, which are followed by stu-
dent-led discussion on the merits of potential investments. Stu-
dent managers also elect an executive team that is responsible
for implementing a top-down strategy for the portfolio.
Many of the participants in the IFM Program will move on to
promising careers in equity analysis or portfolio management.
The IFM course routinely includes guest lectures from investment
professionals. This year, the class hosted Mindy McCubbin and
Matt Pitzer from Shelter Insurance and Brett Castelli from Tortoise
Capital Advisors. These presentations exposed the students to
alternative perspectives on investing to develop a broad out-
look on the capital markets.
Recent management teams have maintained a fairly conserva-
tive strategy. The IFM portfolio has positions in 28 securities and is
anchored by large-cap names such as Berkshire Hathaway, Inc.
(BERK-B) and Apple, Inc. (AAPL). The Spring 2016 class also elect-
ed to take targeted risks in small-cap companies including Lend-
Investment Fund Management Highlights RMI continues to grow in interest to students.
From 14 in the Introduction to Risk Manage-
ment & Insurance course taught Spring 2015 to
70 in three core Spring 2016 RMI courses.
In the December 2015 Level 1 CFA exam, we
had 5 students sit for the exam — 4 passed.
That 80% pass rate doubles the overall pass
rate of all Level 1 candidates taking the exam.
In November, 20 students had the chance to
meet Warren Buffett, ask him questions and
tour his companies in the eleventh annual
Warren Buffett trip.
Out of approximately 1,000 universities, MBA
students Dylan Jungles and John Milligan
helped the Mizzou place in the top 10 of
schools in the Americas in the CFA Challenge.
This past semester, the IFM portfolio outper-
formed its benchmark, the S&P 500 Index, by
15 basis points.
A team sponsored by the Jeffrey E. Smith Insti-
tute of Real Estate took 2nd place in the 6th
Midwest Real Estate Challenge in Chicago in
April. The team of was the first from Mizzou.
AACE, a student group of mid-Missouri inves-
tors, invested $50,000 this past fall in APSE: RNAi
sequence production. Apse, Inc. is a startup
company exploring the cost efficient produc-
tion of RNA for uses in agriculture.
FRI successfully completed the 2015 Public
Utility Symposium, “Issues in Infrastructure: Re-
placement, Resilience and Regulation.” For 10
years, attendance has been at capacity.
ingClub Corporation (NYSE: LC), a provider of
internet financial services, and Portola Pharma-
ceuticals, Inc. (NASDAQ: PTLA), a developer of
pharmaceutical products. This year, the IFM
portfolio outperformed its benchmark, the S&P
500 Index, by 15 basis points. The IFM Program
will welcome a completely new group of 15 stu-
dents to the management team in the fall.
- Mike O’Doherty
