David R. Kotok
About the Authors

David R. Kotok

David Kotok co-founded Cumberland Advisors in 1973 and during his career served as its chief investment officer, CEO, and board chairman. He remains a strategic advisor at Cumberland. David’s articles and financial market commentaries have appeared in the New York Times, the Wall Street Journal, Barron’s, and other publications. He is a contributor or source to Bloomberg, Yahoo, CNN, Reuters, USA Today, and other media. He holds a B.S. in economics from the Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from the School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania.
In addition to The Fed and the Flu, David has authored or co-authored four other books, including From Bear to Bull with ETFs (now in its second edition) and Adventures in Muniland.
He has also written three monograph pamphlets. The first of these is “Lessons from Thucydides,” which details information asymmetries and their implications for investors and world affairs. The second is “Zika,” a work that compiles David’s research, interviews, and personal experience concerning the Zika virus and its potential for serious damage in the way of health and monetary costs. The expense for individuals can be devastating; and in the case of governments, ballooning health budgets may affect municipal bond ratings. The third is “Yield Curve Control – The story of ZIRP and NIRP.” The yield curve is usually defined as the range of yields on Treasury securities from three-month Treasury bills to 30-year Treasury bonds. David’s narrative and graphics tell the story of ZIRP (zero interest rate policy) and NIRP (negative interest rate policy) and explore what happens when central banks use YCC to control interest rates along some portion of the yield curve.
David formerly served as Program Chairman for the Global Interdependence Center, or GIC (www.interdependence.org), whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. David chaired the GIC's Central Banking Series and organized a five-continent dialogue held in Cape Town, Hong Kong, Hanoi, Milan, Paris, Philadelphia, Prague, Rome, Santiago, Shanghai, Singapore, Tallinn, and Zambia (Livingstone). He received the Global Citizen Award from GIC for his efforts and vision over many years and currently serves on the advisory board to the GIC’s College of Central Bankers. In conjunction with GIC, David organizes fishing retreats, primarily in Maine, that are affectionately known as “Camp Kotok” by friends and many in the financial press. More about those retreats can be found at https://www.cumber.com/about/camp-kotok and at David’s personal website, https://www.davidkotok.com/.
Michael R. Englund

Michael Englund (Mike) has been Principal Director and Chief Economist for Action Economics, LLC, since 2004. Previously, he was the Chief Economist for MMS International, where he worked for over twenty years, pioneering the early stages of the real-time commentary industry. Mike took on numerous initiatives to expand the breadth and depth of the MMS Treasury product over that period and worked closely on the development and original launch of the MMS Currency product. For just over a decade ending in 2002, MMS International was owned by Standard & Poor’s, where Mike held the title of Chief Market Economist for Standard and Poor’s and where he served on the Standard and Poor’s Forecast Council. Dr. Englund has a Ph.D. in economics and an M.A. in statistics from the University of California at Berkeley. He also spent a year studying at the London School of Economics and has a B.A. in economics from Middlebury College. In addition, Mike previously was on the Board of Directors for the National Association of Business Economics, was Chair of the NABE Financial Roundtable, and was President of the San Francisco Chapter of the NABE.
Tristan J. Erwin

Tristan Erwin earned his B.A. in history from the University of North Georgia in 2020 and pursues his passion for historical research at every opportunity. He believes that “Only by knowing our past can we began to understand the present, and only by understanding the present can we begin to glimpse the future.” Tristan works as an account manager representing a large software company that serves the life sciences industry. His next history-related project is a sourcebook of ancient texts about the Celts.
Elizabeth J. Sweet

A former English teacher, Elizabeth Sweet has worked since 2012 as a copy editor, researcher, and writer with a variety of clients, mostly in the financial industry. In the 2000s, when the threat of an H5N1 pandemic first loomed, she collaborated with others at the grassroots level and internationally to promote pandemic preparedness. She holds an M.A. in English from Duke University and a B.A. in English from the College of William and Mary.