SOIFER CONSULTING

Press Coverage, Recent Articles and Speeches
Latest Article! "Letter to Financial Times"	*(December, 2008)* Read Ray's recent letter to the Financial Times.

Latest Article! "2008 Harvard MBA Stock Indicator"	*(December, 2008)* The 2008 indicator points to "Sell".

"2007 Harvard MBA Stock Indicator"	*(November, 2007)* The results are in for the 2007 Harvard MBA Stock Indicator. Read more.

"FT Letter Aug 1 2007"	*(August, 2007)* Ray's letter to the Financial Times about publishing Analyst Buy/Sell Recommendations.

"Equities Swing With Harvard MBAs"	*(November, 2006)* New York Sun writer Jay Akasie covers this year's results of Ray's Harvard MBA Stock Indicator.

"2006 Harvard MBA Stock Indicator"	*(November, 2006)* The results are in for the 2006 Harvard MBA Stock Indicator. Read more.

"2005 Harvard MBA Stock Indicator"	*(November, 2005)* The results are in for the 2005 Harvard MBA Stock Indicator. Read more.

"The Banker: On Guard Against The Knocks "	*(February, 2005)* Ray provides commentary on Morgan Stanley in this article about Phil Purcell and the state of Morgan Stanley's business.

"2004 Harvard MBA Stock Market Indicator: Results Are In "	*(November, 2004)* Ray reveals the latest results from his famous stock market indicator.

"Basel II: Problems Remain Over Information Disclosure "	*(August, 2004)* Ray offers his views on Pillar 3 in the new Basel capital accord. He discusses information disclosure and the markets.

"B of A Adds Big Latin Presence "	*(December, 2003)* The Charlotte Observer contacted Ray for his thoughts on the Bank of America-Fleet acquisition, focusing on the Latin American business that Fleet brings to the table. Read his comments on page two of this article.

"The Banker cover story: HSBC's Killer Move "	*(November, 2003)* Ray was quoted in The Banker's November cover story, which discusses global strategy at HSBC and trends in the banking industry.

"2003 Harvard MBA Indicator Moves From 'Sell' to 'Neutral' "	*(October, 2003)* Ray presents the latest results from his long-term indicator of the US equity market.

"G30 Proposes Major Reforms for Global Securities Markets"	*(February, 2003)* The Group of Thirty conducted a study called Global Clearing and Settlement: A Plan of Action, on which Ray served as an advisor. His contributions focused on reducing investor costs and strengthening market efficiency. Linked here is the Group's Executive Summary for the report.

"Further Cuts on the Cards"	*(January, 2003)* Ray assesses overcapacity in the investment banking sector. He looks at the stock market's perspective on how the major banks are performing. Further mergers and acquisitions may well be on the way. From The Banker.

"Crimson Tide: Harvard B-School Grads Still Flock to Wall Street"	*(November, 2002)* Jack Willoughby reports on Ray's research in Barron's in an article originally published in the September 30th, 2002 edition.

"2002 Harvard MBA Data Continue to Flash 'Sell'"	(September, 2002) Harvard Business School announced that 36% of its 2002 graduating class chose Wall Street jobs. Find out what this means for Ray's Harvard MBA stock market barometer.

"Basel 2 and the Wider Agenda: A Transatlantic Perspective"	(August, 2002) Ray and Erik Musch of PwC, former Secretary-General of the Basel Committee, conducted a roundtable in London, comparing US and European perspectives on Basel 2. See Page 9.

"Fannie Mae and Freddie Mac: What Equity Investors Need to Know"	(June, 2002) Fannie Mae (FNM) and Freddie Mac (FRE) should disclose more about how they manage risk. Ray makes some specific suggestions, at a conference sponsored by the American Enterprise Institute.

"HBS Bulletin Profile: Newsmakers"	(February, 2002) Harvard's own story about our Harvard MBA stock market indicator. From the Harvard Business School Bulletin.

"What Investors Really Want to Know: Thoughts on Pillar Three"	(January, 2002) Disclosure should focus on risk management, not just risk measurement, explains Ray in his latest piece, which is an invited essay in CSFI's book, Bumps on the Road to Basel.

"US Banking Regulation: Gramm-Leach-Bliley"	(*November, 2001)* Ray contributed a chapter to Central Banking Publications' Annual Survey of Supervisory Developments 2001/2 assessing the impact and scope of the Gramm-Leach-Bliley legislation.

"2001 Harvard MBA Data Reiterate Long-Term Sell Signal" "Stock Picker": coverage from the Financial Times	*(October 12, 2001)* Ray's report about his stock market barometer, which he bases on Wall Street's ability to lure recent Harvard Business School graduates. Also linked is The Financial Times' article about Ray's stock market barometer.

"Brokerage-House Equity Research: A View From the Trenches"	*(May 14, 2001)* Speech presented to CSFI round table "How Independent Are City Analysts," London, discussing an insider view of Wall Street research with recommendations for firms and policymakers.

"US Regulator Applies the Pressure"	(April 2001) The SEC's role as a de facto banking regulator, often at cross-purposes with the Fed and OCC. From The Banker.

"Bancassurance: The Revolution That Hasn't Come"	(January, 2001) The advantages of independent, rather than bank-owned, insurance companies. From The Regulator (the journal for state insurance regulators).

"No Panacea for Profits"	(Q'3, 2000) An analysis of universal banking: where it works well and where it doesn't. From FS.com, Issue Three, 2000 (FS.com is published by IBM for the worldwide financial community).

"US Banking Mergers, Consolidation and Bankassurance: More or Less Risk?"	(November 2, 2000) Speech presented to the Swiss Re New Markets Financial Institutions Forum, discussing financial services consolidation and its implications for risk management.

"Banks Fail to Get in on the Act"	(October, 2000) The structure of the US financial services industry, and where it may be going. From The Banker.

"Gramm/Leach/Bliley: Assessing the Impact of Financial Reform in the US"	(*July 24, 2000)* Speech presented to the Centre for the Study of Financial Innovation (CSFI). An analysis of the recent G/L/B legislation, and its effects in the marketplace.

"Are Banks Going to Eat Your Lunch?"	*(May 24, 2000)* Speech presented to the Reinsurance Association of America. Rather than merging, banks and insurance companies can work together to mutual advantage.