James B. "Jerry" Gould co-founded Alder Capital in December 2001 and is the Chief Investment Officer.  Mr. Gould has extensive experience in investment analysis, economic analysis, portfolio management and the building of investment analysis systems.  He leads Alder Capital's macro-economic and strategy research.

Prior to founding Alder Capital, Mr. Gould was founder (in 1982) and Chairman of the Board of StockVal, Incorporated, which designs, develops, and markets computer software systems and databases for use in the institutional investment management industry.  Currently owned by Thomson Reuters, the largest financial information services firm in the world, StockVal and its merged entities are a major supplier of corporate and economic data, together with vast analytical capacities, to many of the largest investment organizations and stock brokerage firms in The United States and Europe.  Mr. Gould's "G-Model", a proprietary, interactive present value model incorporated in the StockVal analytical system, is widely used by investment professionals and is regarded by many to be "the definitive" equity valuation tool.

In addition to his direct experience as an investment analyst, portfolio manager, and director of research, Mr. Gould has served as a consultant to several other investment management organizations, including The Bank of America Investment Management Company (BAIMCO) from 1982 to 1984. There he was retained to develop and implement a comprehensive plan for the analysis of common stocks, evaluation of economic activity, and the conduct of stock market strategy.  At BAIMCO, he worked in tandem and cooperation with Sidney Cottle, the co-author with David Dodd and Benjamin Graham of post-1952 editions of Security Analysis: Principles and Technique, the most widely used textbook in the field of investment analysis.

From 1986 through 1990, Mr. Gould was a Member of the Wells Fargo Investment Management Company Advisory Board.  From 1984-1986, he was a consultant to Montgomery Securities (currently Banc of America Securities) where he wrote stock market strategy papers for the Investment Policy Committee.

In 1981 Arizona Governor Bruce Babbitt appointed Mr. Gould to The Arizona State Retirement System Investment Advisory Board.  As Chairman until 1986, he supervised all aspects of the investment process of one of the largest public employee pension funds in the country.

In 1974 Mr. Gould co-founded Western Investment Counsel, Inc., a subsidiary of Western Financial Corporation (NYSE), then the second largest financial institution in Arizona.  As President and CEO, he directed the building of an institutional money management business which managed corporate profit sharing and pension plans, Taft-Hartley union pension funds, and large individual accounts.  Prior to 1974, he was a Vice President in institutional sales for PaineWebber, and an investment analyst, portfolio manager and economist for The Valley National Bank of Arizona (currently part of J.P. Morgan Chase).

Mr. Gould graduated with a BS degree in Economics from Ohio State University and received an MBA in Finance and Economics from Miami University of Ohio, where he received several academic citations, including The Wall Street Journal Award as the outstanding student in Finance.  He spent three years in The U. S. Air Force as a Statistical Analysis Officer.

Mr. Gould has written many papers and articles on economic analysis, stock market analysis and the investment analysis process.

Michael Licosati 

Michael Licosati co-founded Alder Capital in December 2001 and is the Managing Partner responsible for all operational aspects of the firm.  He leads Alder Capital's company-specific equity research.

Prior to co-founding Alder Capital, Mr. Licosati was a Vice-President in the Investment Banking Division at Morgan Stanley & Co. in New York. His responsibilities at Morgan Stanley included financial analysis, due diligence, strategic advisory, and execution of mergers, acquisitions and financings for corporate clients in the technology industry.  In particular, Mr. Licosati focused on large-cap and emerging growth companies in the enterprise software, telecom equipment and electronic manufacturing sectors.

Prior to joining Morgan Stanley, Mr. Licosati was a Partner in the law firm of Keesal, Young & Logan in Los Angeles, where he specialized in corporate transactions, securities and commercial litigation.

Mr. Licosati graduated with a BA and JD from the University of San Diego and received his MBA in Finance and Accounting from the University of Chicago. He is a Member of the California, New York and Washington D.C. Bars.