Industry & Services >> Analyst Interviews >> March 9, 2009
MICHAEL W. DERCHIN is Managing Director and Senior Transportation Analyst of FTN
Equity Capital Markets Corp. He heads the transportation team that is
responsible for airline, commercial aerospace, air freight , trucking, leasing,
logistics, railroads, ocean and transportation equipment analysis. Previously he
was Founder and Chief Investment Officer of Derchin Management Inc., a
long/short equity hedge fund with assets under management of $50 million, which
specialized in industrial and consumer sectors with a special focus on airline,
aerospace and surface transportation securities with a primary goal of capital
preservation. Prior to that, he was Managing Director of Tiger Management, LLC,
the world's largest global hedge fund, with assets under management of over $20
billion at its peak. He headed the global transportation, travel, leisure and
aerospace sector team. At Tiger Management, he was heavily involved in training
new analysts and was the primary liason between Tiger and the brokerage
community. Prior to that, he was Director of US Equity Research of NatWest
Securities, a subsidiary of National Westminster Bank, which was one of the
world's largest banks at the time. He managed a research department of 90
investment professionals as well as headed its global transportation analytical
team. In 1990 he was honored by Institutional Investor magazine as the top
ranked airline analyst in the US and in 1995 as one of the 10 top stock pickers
(home run hitters) in the country. Previously, he was a top-ranked airline,
aerospace and transportation analyst at Drexel Burnham Lambert, The First Boston
Corp. and Oppenheimer & Co. Institutional Investor magazine named him to its
all star team every year he was an analyst, alternating between number one and
number two positions over the 10 year period. During his career as a sell- side
analyst, he was a leading industry expert and spokesman. Prior to his Wall
Street career, he was employed by American Airlines and Pan American World
Airways in various marketing, scheduling and planning management positions. He
did doctoral work at Syracuse University in Business Administration from 1966
through 1969. He received his MBA in Finance and Investments from City College
of New York, Baruch School of Business Administration and his BA in Economics
from Brooklyn College. He has completed Series 7, 63, 86 and 87 examinations and
is registered with the NASD and NYSE. Profile
Mr. Derchin: As we enter the new year, we are obviously in a deep and widening
global recession. This is a cyclical
