of Business at the University of Southern California and a Senior Fellow of the Wharton Financial Institutions Center, where he studied survivorship and predictability in mutual fund performance. He has published in the Journal of Finance and the Review of Financial Studies and referees articles for publication in various academic and practitioner finance journals. Carhart received a B.A. from Yale University in 1988, Chartered Financial Analyst designation in 1991, and a Ph.D. from the University of Chicago Graduate School of Business in 1995. Kent A. Clark, Managing Director, is the Chief Investment Officer of Global Portfolio Management at the Hedge Fund Strategies Group. Prior to that, Clark spent eight years managing the $32 billion U.S. and Global Equities portfolios for the Investment Management Division's quantitative equity management team. In this capacity, he developed and managed equity long/short and market neutral programs. Clark joined Goldman Sachs from the University of Chicago, where he achieved candidacy in the Ph.D. program and received an MBA. He holds a Bachelor of Commerce degree from the University of Calgary. Clark has had research published in the Journal of Financial and Quantitative Analysis and in Enhanced Indexing. He is a past President of the New York Society of Quantitative Analysts and a member of the Chicago Quantitative Alliance. Giorgio De Santis, Managing Director, joined the Quantitative Strategies group of Goldman Sachs Asset Management in June 1998. Prior to joining Goldman Sachs, he was an Assistant Professor of Finance at the Marshall School of Business at USC. He has published articles in the Journal of Finance, the Journal of Financial Economics, the Journal of International Money and Finance, and other academic and practitioner journals in finance and economics. He also contributed chapters to several books on investment management. His research covers various topics in international finance, from dynamic models of risk in developed and emerging markets to optimal portfolio strategies in the presence of currency risk. De Santis received a B.A. from Libera Universita' Internazionale degli Studi Social! in Rome in 1984, an M.A. in Economics from the University of Chicago in 1989, and a Ph.D. in Economics from the University of Chicago in 1993. Jason Gottlieb, Vice President, is a Senior Investment Strategist in the Global Manager Strategies (GMS) group. He is responsible for oversight of the risk management function within GMS, which includes risk and performance analysis and reporting across GMS products. He is also responsible for identifying, evaluating, and monitoring external managers for all fixed income products. He joined Goldman Sachs in January 1996 and spent four years in the Firmwide Risk Department. Gottlieb received his MBA in Finance from Fordham University and his B.S. in Finance from Siena College. Barry Griffiths, Vice President, is the Chief of Quantitative Research for the Private Equity Group, and began working with the group in 1996. Prior to joining Goldman Sachs, he was Chief Scientist at Business Matters, Inc., a software firm specializing in business planning software, and previously a Director in the Technology Development Organization at Synetics Corporation, an aerospace research firm.