David Shulman, Ph.D.

Visiting Assistant Professor and Assistant Director, Applied Real Estate Securities Analysis Program, UW-Madison.

Managing Member, David Shulman, LLC.

Winner of the first annual Graaskamp Award for Excellence in Real Estate Research from the Pension Real Estate Association, 1990.

In March 2005, Mr. Shulman retired from Lehman Brothers where he was managing director and head REIT analyst. He is currently managing member of his own LLC and is engaged in educational and charitable activities including being an Executive-on Campus at Baruch College, a Visiting Scholar at the UCLA Anderson Forecast and a Visiting Professor at the University of Wisconsin.

Between 2001-2004, he was voted on the Institutional Investor All Star Teams, including First Team in 2002. Prior to joining Lehman Brothers in 2000, he was a Member/Senior Vice President at Ulysses Management LLC (1998-1999), an investment manager of a private investment partnership and an offshore corporation whose total investment capital approximated $1 billion at the end of 1999.

From 1986-1997, Mr. Shulman was employed by Salomon Brothers, Inc. in various capacities. He was Director of Real Estate Research from 1987-1991 and Chief Equity Strategist from 1992-97. In the latter capacity, he was responsible for developing the firm’s overall equity market view and maintaining the firm’s list of recommended stocks.

Mr. Shulman has been widely quoted in the print and electronic media and coined the terms “Goldilocks Economy” and “New Paradigm Economy.” In 1991, he was named a Managing Director at Salomon Brothers and in 1990 he won the first annual Graaskamp Award for Excellence in Real Estate Research from the Pension Real Estate Association.

Prior to joining Salomon Brothers, Inc., he was Vice President and Director of Research Planning at TCW Realty Advisors in Los Angeles. Earlier in his career, Mr. Shulman was an academic, serving as an Associate Professor of Management and Economics at the University of California at Riverside and Financial Economist at the UCLA Business Forecasting Project.

A graduate of Baruch College (1964), he received his Ph.D. (1975) with a specialization in Finance and a M.B.A. (1966) from the UCLA Graduate School of Management.