Scott Richard is currently a Practice Professor of Finance at the Wharton School of the University of Pennsylvania. In November 2008 he retired after 13 years as a Managing Director and Fixed Income Portfolio Manager at Morgan Stanley Investment Management. For the five years prior to MSIM, Scott was a partner at Miller, Anderson and Sherrerd, an investment management firm located in suburban Philadelphia. His other prior experience includes five years at Goldman Sachs & Co. where he was Head of Mortgage Research. Before G.S., Scott was a Professor of Financial Economics at the Graduate School of Industrial Administration (now the Tepper School) at Carnegie-Mellon University from 1972 to 1986. In the academic year of 1986-1987 he was Visiting Professor of Finance at the Sloan School of Management at the Massachusetts Institute of Technology. He currently serves on the Board of the Opera Company of Philadelphia and of the Buck and Doe Conservancy and on the Academic Advisory Board to Kepos Asset Management, a quantitative hedge fund. Scott holds a B.S. degree in Electrical Engineering from M.I.T. and a Doctor of Business Administration from Harvard University.