Jonathan D. Callahan, CFA 57 Island Ave.

Madison, CT 06443
callahan.jonathan@gmail.com www.cheapstockhunter@blogspot.com 203.623.8662
OBJECTIVE
Fundamental, value-based investment analyst & portfolio manager with consistent record of outperformance driven by the ability to identify
undiscovered market opportunities, the conviction to challenge consensus thinking, coupled with a solid investment discipline & a thoughtful
framework for constructing a sound investment thesis. After exploring opportunities as a financial advisor, my primary goal is to return to
the foundation & most rewarding period of my career, working for a boutique investment firm or an RIA with a discretionary investment
management platform that values intellectual curiosity and fiduciary responsibility. Seeking a firm that promotes professional growth,
encourages idea sharing, embraces technology, provides mentorship, while progressively challenging and rewarding individual and team
contributions that are accretive to: investment performance, client satisfaction, AUM growth, and achievement of firm goals

SUMMARY
➢ Open-Source Approach: Thoughtful analytical approach that balances consistent adherence to proven investment paradigms with more
dynamic methods with the flexibility to adapt to cyclical & structural regime changes as well as the risk factors that drive asset class returns
➢ Investment Markets Knowledge: Comprehensive understanding of multiple asset classes, industries, & sectors and ability to identify the
leading indicators/metrics that drive outperformance within each. Extensive focus on consumer staples/discretionary, hospitality, technology,
industrials, materials & energy. Solid experience in Portfolio Management, Asset Allocation, Portfolio Construction, Risk Mgmt. and Trading
➢ Systems/Process Thinking: Ability to implement & follow investment processes and enhance research infrastructure to drive improved
risk/return results. Embrace team-systems “learning” models that explore evolving economic and market inter-relationships, gather historic data,
test hypotheses for robustness and reliability, & possibly identify opportunities to modify existing models and exploit these anomalies
➢ Solution Oriented & Technology Skills: Proven ability to leverage technology in order to streamline workflow, increase the bandwidth of the
research team, enhance quality of research product, and support an improvement in performance
➢ Client & Prospect Communications: Demonstrated ability to build and deepen client relationships, enhance new business development and
communicate investment concepts/strategies to various audiences, through various channels, including client/prospect meetings, phone calls,
email, social media, supporting the ability galvanize client trust as a fiduciary to their assets and to grow and maintain AUM
CORE COMPETENCIES
Portfolio Management / Asset Allocation / Portfolio Construction / Equity Research & Financial Modeling / Investment Processes
Fund Manager & ETF Due Diligence / Client Relationship Management / Client-Prospect Communications / Performance Reviews
ESG-Sustainable Investing / New Business Development / Financial-Retirement Planning / Investment Proposals / Social Media-Tech
EXPERIENCE
O’Shaughnessy Asset Management, LLC – Stamford, CT 8/18 - Present
Institutional Client Service Specialist
Temporary position replacing employee on leave, as I pursue role returning into the investment management/wealth advisory industry. Currently responsible for
articulating the firm’s various quantitative strategies to institutional consultants and clients. Responsible for overseeing Due Diligence Questionnaire
processes. Including gathering of data, interacting with portfolio managers, client relationship managers, performance analysts, traders, and compliance managers
in order to communicate the competitive advantages of the firm, its investment philosophy, processes, risk management procedures, and overall value
proposition. In addition, role requires making enhancements to existing processes, responsible for special projects for firm’s Chief Marketing Officer, development of
marketing collateral including presentations, strategy pitchbooks, factsheets, and CRM database projects. Requires attention to detail, ability to understand complex
investment concepts and strategies, and communicate them to audiences with various levels of investment sophistication, accurately, effectively, and professionally.

COMMERCIAL PROPERTY CONSULTING GROUP – MADISON, CT 2/15 - Present

Financial Analyst & Marketing Associate
Family Business that works with a large client base of commercial real estate owners to generate tax savings for them by conducting Cost Segregation Analyses,
which are studies that use the combined expertise of constructing engineers, accountants, and financial advisors to improve commercial real estate investors
profitability. My primary roles within the firm is on gathering required data from accountants, preparing preliminary estimates of cost savings, NPV/IRR forecasts to
commercial real estate owners, and conducting various marketing projects to generate new prospects, as well as to work through our existing base of property
owners to ensure client satisfaction, seek referrals, and identify cross-selling opportunities within property portfolios where we create incremental value

MORGAN STANLEY – NEW HAVEN, CT 03/13 to 1/15

Financial Advisor (Passed Series 7 & 66 fully registered Investment Advisor Representative)
Built an advisory practice focusing on successful business owners, executives, and high-net-worth clients. Developed a fee-based practice via the firm's advisor-
discretionary platform, Consulting Group Advisor – providing the flexibility to use best of breed investment strategies typically available only to institutional investors,
combined with our internal research, providing client with actively managed portfolios with solid risk adjusted returns at low cost and with greater transparency and
frequent communication. Built a marketing strategy focused on being a family “CFO” which entailed:
o Holistic approach to wealth management: encouraging clients to evaluate using non-amortizing loans & embrace debt financing (as 99% of Fortune 500
companies do). In low-cost debt environments remaining fully invested in low volatility portfolio while maintaining a prudent level of debt can strategically grow
net worth, minimize taxes, & provide the liquidity families need to purchase vacation homes, finance divorces, eldercare & adult children purchasing first home,
pursuing business ventures, and exploiting the opportunity to borrow at low rates and redeploy assets into higher yielding investments.
o Developed multiple client relationships leveraging intellectual and financial resources of Morgan Stanley. Focused on strategic life goals, return needs, risk
profiles, & optimizing cash flows, just as a CFO constructs a capital budget
MERRILL LYNCH, PIERCE, FENNER, & SMITH INC. – Fairfield, CT 03/11 to 2/12
Investment Associate (Co-Portfolio Manager & Assoc. Advisor)
Performed a hybrid role for a team of advisors on Merrill Lynch's discretionary portfolio management platform. Developed client & prospect relationships, performed
various functions such as preparation of investment proposals, retirement planning, cash flow forecasting, and demonstration of investment discipline and process.
Made significant enhancements to the existing investment processes that increased the bandwidth of the research infrastructure and made an accretive impact on
performance. Maintained and automated existing equity, geographic, fixed income, and asset allocation models that had previously been updated manually, allowing
advisors to focus resources on new business and higher value tasks. Selected accomplishments included:
o Implemented a proprietary leading indicator used to signal reduced exposure to risk assets
o Introduced enhancements to screening process implementing tools from Applied Finance Group Value Expectations Tool, adding “Economic Margin” and
“Earnings Quality”, and CFROI, overlays to the Merrill Lynch Screens.
OFESSIONAL EXPERI
CRESTWOOD ADVISORS, LLC — Boston, MA 03/04 to 3/09
Director, Portfolio Manager & Investment Analyst
Architect of the firms "core-equity" investment strategy and process, a large-cap value strategy which emphasizes valuation, economic return, earnings
quality, and balance sheet strength. Responsible for oversight of the investment research, including leading weekly investment committee meetings,
universe screening, security selection, due diligence, valuation, maintaining a sell discipline. In addition to management of equity portfolio, was instrumental
in the asset allocation process, and was accountable for determining firm-wide quarterly strategic and tactical targets. Selected Accomplishments:
Risk/Return: Built an institutional asset allocation process, constructing portfolios with “core” exposure non-correlating assets (overlaying tactical views
based on economic/cyclical indicators, i.e. expansion, contraction, inflation) or asset class risk premiums (value/growth, momentum/quality), and balancing
MPT with volatility controls, such as dual regime models (risk on-risk off)
o Introduced portfolio optimization tools such as Zephyr Allocation Advisor to monitor asset correlations & maximize risk/return characteristics
o Implemented dual-regime model designed to reduce volatility during periods of market turbulence
o Results: Investment decisions drove significant alpha within equity composite in 5 consecutive years. Annualized out-performance of 400bps over S&P
500. Firm maintained 100% client retention & 400% AUM growth during tenure
Process/Infrastructure: Implemented investment process and introduced analytical tools that increased accuracy, productive capacity, and results
generated by investment research team. Each tool increased probability of outperformance and reduced potential for underperformance
o Created library of factor weighted screening tools, ranking Russell 3000 by decile based on Valuation (FCF), Profitability (ROIC), & Earnings Growth
o Developed a proprietary "earnings quality" scoring algorithm as overlay to fundamental screening, reducing risk of stock under-performance
o Sector Specific Due Diligence Workbooks, DCF valuation, and industry based competitive metrics proven to signal future market leadership
Communication: Was responsible for the communication of investment strategy/process, as well as specific tactical asset allocation decisions and new
investment ideas to clients, sales team & relationship managers
o Participated in client review meetings, marketing presentations, conference calls, client inquiries, and authored quarterly newsletter segment articulating
investment strategy updates to client base
o Recommended and implemented launch of intranet site used to communicate news, research and updates throughout firm as well as a venue to
encourage collaboration and idea generation

EVERGREEN INVESTMENTS (J.L. KAPLAN ASSOC., LLC) — Boston, MA 12/99 to 03/04

Industrial & Consumer Analyst (Small & Mid-Cap Value)
Primarily responsible for coverage of consumer discretionary sector holdings in the small & mid cap universe. Performed screening, due diligence, thesis
development, and maintenance research. Maintained earnings, cash flow, and valuation models on each holding and regularly reported to the investment
committee. Extensive participation in meetings with corporate management teams. Some stocks under coverage included: Callaway Golf, Fortune Brands, Jack-In-
The-Box, Harley Davidson, Prime Hospitality, Harrah's Casino's, TJ Maxx, Ross Stores, Intrawest Resorts, Potlatch Timber, Ocular Sciences, Teva Pharm, Norfolk
Southern, EOG, Newfield Exploration, Valero, American Woodmark
o 12 stock recommendations purchased broadly in client accounts. Holdings represented a substantial percentage of assets ($6B) & were significant
contributors to our performance consistently ranked among top quartiles of inst. managers
o Recommendations beat Russell 2000 by about 25% annualized, and 5 of 12 purchases were acquisition targets
o Performance Analysis, Marketing Liaison between firm and institutional consultant community, prepared prospect & client marketing materials
EDUCATION
HARTWICK COLLEGE — Oneonta, NY 9/94 to 5/98
Bachelor of Arts, Management, Minor: Environmental Economics
(Thesis on “Cost-Benefit Analysis of Pursuing Environmentally Friendly Marketing, Operations, and Distribution Strategies in the Laundry Care Industry ”)
TECHNOLOGY
o Investment Management: Thomson One Financial, Bloomberg, Baseline, Factset, Advent Axys, Value-Line
o Asset Allocation/Financial Planning: Zephyr Allocation-Advisor, Style-Advisor, Morningstar Advisor
o Trading Tools: Dorsey Wright Technical Analysis, Advent Moxy, Schwab & Fidelity Advisor Platforms
o Microsoft Office: Excel & Microsoft Powerpoint “Guru” (macros, data imports, etc.), Outlook, Database Mgmt.
o Client Relationship Management: salesforce CRM, WordPress, Survey Monkey, Social Media, Twitter, LinkedIn, Central Desktop Wiki
o Eagerness to continually learn new technologies that provide high ROI for investment management, client relationship mgmt., and operations.
Currently taking pre-requisite courses to earn certifications in SQL, Python, Salesforce Development and would like to continue to develop
competency and professional certifications in these software tools, or other similar tools that support organizational needs and career goals.