Healthcare >> Sector Roundtables >> November 8, 2004


ERIC VEIEL joined Wachovia in June 2003 and is currently a Senior Analyst covering the managed care sector. Prior to joining Wachovia, Mr. Veiel was a Senior Analyst for Deutsche Bank Securities and before that A.G. Edwards & Sons where he covered managed care, pharmacy benefit management, specialty distribution, and other healthcare services companies. Before his career in investment research, he worked for the Centers for Medicare and Medicaid Services where he specialized in audit and compliance of Medicare HMO contracts. Mr. Veiel earned a Master of Business Administration degree from the John M. Olin School of Business at Washington University where he was named a Charles F. Knight Scholar as one of the top 10 MBA graduates. Mr. Veiel also earned a Bachelor of Business Administration degree from James Madison University where he graduated magna cum laude, with distinction from the Honors Program. Mr. Veiel has published articles in academic and trade journals including The Journal of Ambulatory Care Management and The Health Care Financing Review and been a guest on several television programs including CNBC and Nightly Business Review. He was named Best on the Street in 2002 for his stock picking by the Wall Street Journal. In June 2003, Mr. Veiel was named one of Wall Street's Top Analysts by Bloomberg Markets Magazine. Profile
DOUG SIMPSON covers the managed care industry for Merrill Lynch, with which he has been associated since 1999. Previously, Mr. Simpson was employed at Bear Stearns where he followed the healthcare services industry. Prior to that, he began his sellside career working on the property-casualty research team at J.P. Morgan from 1996 to 1998. Mr. Simpson received his Bachelor's degree from Bucknell University with a major in management and his Master's in Business Administration from The Wharton School at the University of Pennsylvania. He was named an 'up and comer' in the 2004 Institutional Investor All-America Research Team Survey. Profile
CARL MCDONALD is an analyst at Morgan Stanley, having joined the healthcare equity research team in 2004 to cover the managed care industry with Christine Arnold. Most recently, Mr. McDonald worked at Banc of America Securities and was previously employed at Credit Suisse First Boston. He also worked at Cambridge Associates, a financial consulting firm. Mr. McDonald holds a BA in Economics and a BA in American Studies from Brandeis University in Waltham, Massachusetts. He is a Chartered Financial Analyst, and a member of the Association of Investment Management and the Boston Society of Security Analysts. Profile
TWST: Carl, let's start with you. What's gone on in managed care this

year from a business point of view?

Mr. McDonald: We've become increasingly concerned about the fundamentals

of the