Mr. Kotok co-founded Cumberland Advisors, Inc. in 1973 and has been its chief investment officer since its inception. He holds a B.S. in economics from The Wharton School of the University of Pennsylvania and a M.S. in organizational dynamics from The School of Arts and Sciences at the University of Pennsylvania. His articles and financial market comments have appeared in the New York Times, the Wall Street Journal, Barron's, the Bond Buyer and numerous other publications. He has appeared on CNN, CNNfn and CNBC.

Mr. Kotok currently serves as a director and a program chairman of the Global Interdependence Center (GIC). He is a member of the National Business Economics Issues Council (NBEIC), the National Association for Business Economics (NABE), the Philadelphia Council for Business Economics (PCBE), and the Philadelphia Financial Economist Group (PFEG).

Mr. Kotok served as a commissioner of the Delaware River Port Authority (DRPA) and worked on the treasury transition teams for former New Jersey Governors Thomas H. Kean and Christine Todd Whitman. Mr. Kotok also served as a board member of the New Jersey Economic Development Authority (NJEDA) and as chairman of the New Jersey Casino Reinvestment Development Authority (CRDA).