Analysts

David Blaszczak – Senior Analyst, Health Policy

David is widely recognized as one of the leading experts in medical technology and pharmaceutical policy issues. Prior to joining Potomac Research Group, Mr. Blaszczak was a senior health policy analyst at the Washington Research Group, where he garnered recognition from Institutional Investor magazine and was known by investors as a top specialist in reimbursement policy. Mr. Blaszczak also worked at the Centers for Medicare and Medicaid Services. He worked on numerous policy initiatives, including the implementation of the Medicare Modernization Act, working with key officials in HHS, the administration, and congressional staff. In addition, Mr. Blaszczak has prior experience with state government and the health insurance industry. He earned a bachelor’s degree in Health Administration and a master’s in Public Policy from the University of Maryland, Baltimore.

Paul Glenchur – Senior Analyst, Telecommunications-Cable

Paul Glenchur is ranked among leading telecommunications policy specialists, combining his legal background with industry experience. Prior to joining Potomac Research, Mr. Glenchur was the senior telecom and cable analyst with Schwab Washington Research and later the senior telecom policy analyst with the Stanford Group. Mr. Glenchur also has an extensive legal background – he served as an attorney on the FCC’s cable and common carrier bureau, as an associate with the Washington law firm of Miller and Chevalier, and as Counsel to the Assistant Secretary of Energy for Congressional Affairs. Before moving to Washington, he was a judicial law clerk to Judge Thomas Tang of the U.S. Court of Appeals for the Ninth Circuit. Mr. Glenchur is a graduate of the University of California at Berkeley and earned his J.D. at the University of California Hastings College of the Law, where he was an editor of the law review. Mr. Glenchur is a member of the Federal Communications Bar and has testified before House and Senate committees on telecommunications issues. He is also a member of the Supreme Court and Ninth Circuit bars.

Lyle E. Gramley – Senior Economic Advisor

Specializing in economic forecasting and monetary policy, Lyle Gramley brings his extensive experience in the Federal Reserve System to his work as Senior Economic Advisor. Before joining Potomac Research, Dr. Gramley was the Senior Economic Advisor to Soleil Securities Corporation and previously served in this capacity at Charles Schwab’s Washington Research Group. Prior to the latter role, he held the position of Consulting Economist to the Mortgage Bankers Association of America from 1985 to May 2002. Dr. Gramley served as one of seven Governors of the Federal Reserve Board from 1980 to 1985. Before his appointment to the Federal Reserve Board, Dr. Gramley was a member of the President’s Council of Economic Advisers (CEA). Dr. Gramley previously spent many years as a staff economist in the Federal Reserve System, first with the Federal Reserve Bank of Kansas City and later with the Federal Reserve Board. Prior to his appointment to the CEA, he was the Director of the Board’s Division of Research and Statistics, serving as the senior economic forecaster at the Federal Reserve. As a Member of the CEA, Dr. Gramley headed the Carter Administration’s forecasting team. Born in Aurora, Illinois, Dr. Gramley did his undergraduate work at Aurora University and Beloit College. He performed his graduate work at Indiana University, receiving his Ph.D. degree in Economics in 1956.

Paul Heldman – Senior Analyst, Health Policy

Drawing on more than 20 years of experience and networking in the health policy industry, Paul Heldman specializes in translating legislative developments and policy changes – specifically for government health insurance programs, the Food and Drug Administration, pharmaceuticals, medical devices, US health spending, healthcare legislation and national elections – for the investment community. Prior to joining Potomac Research, Mr. Heldman spent a combined eight years at Citigroup Investment Research and Schwab Soundview Washington Research Group, where he developed a committed following of investors who participated in his weekly research calls, yearly health care policy conferences, and other investor/policy maker events. He was ranked #1 among Washington health policy analysts in Institutional Investor’s annual best-of-the-sell-side poll in 2007 and 2008. Mr. Heldman honed his information-gathering skills early in his career as a White House reporter for Bloomberg Business News, covering the impact of policy decisions on publicly traded health-related companies. He holds a BA from Clark University.

John A. Mendelson - Senior Vice President, Market Analysis

John A. Mendelson is a nationally known technical analyst in the financial industry. Before joining the Potomac Research Group, Mr. Mendelson was Senior Vice President and head of market analysis for the Stanford Group Company in the firm’s Equity Research Department. He previously served as vice president of market analysis with Schwab Capital Markets L.P. Prior to Schwab, he worked as Head of Market Analysis for both Morgan Stanley and Dean Witter. He has been a frequent member of Institutional Investor Magazines “All-American Research Team” beginning in 1977 and including the past three years. Mr. Mendelson graduated cum laude from Princeton University. He lectures extensively around the country on the subject of the stock market and has been a guest speaker at many educational institutions, including Wharton School of Business, University of Pennsylvania, Cambridge University, and Princeton University.

Gregory R. Valliere – Chief Political Strategist

With over 30 years of experience in covering Washington for institutional investors, Greg Valliere coordinates political and economic research. He focuses on how Congress and the White House shape fiscal policies and monitors the Federal Reserve Board’s interest rate policies. Prior to joining Potomac Research, Mr. Valliere served as Chief Policy Strategist for Soleil Securities Corporation. He previously held key strategy roles at Charles Schwab’s Washington Research Group and The Washington Forum. Mr. Valliere co-founded The Washington Forum in 1974, serving as Chief Political Analyst and editor of the group’s publications, and ultimately as Research Director. He began his career in 1972 at “F-D-C” reports, a trade publication monitoring the pharmaceutical industry. Mr. Valliere earned his bachelors degree in Journalism from The George Washington University. He is an exclusive commentator for CNBC, appearing regularly on network programs such as “Squawk Box,” “Power Lunch,” “The Closing Bell,” and “Kudlow & Company.”

Sales

David Astorr - Managing Director, Institutional Sales

David has more than a dozen years experience as an institutional research sales professional. Prior to joining Potomac Research Group he was a Senior Vice President at Stanford Washington Research Group. He previously worked at Leerink, Swann, Schwab Capital Markets, LLP and Lehman Brothers. David graduated from Villanova University and received his MBA in Management and Technology from Rensselaer. He received an Honorable Mention from Institutional Investor in 2007 for his coverage of the health care industry.

Richard Coyle - Managing Director, Institutional Sales

Rich has more than 20 years experience as an institutional sales professional, focusing over the past 10 years exclusively on Washington policy research. Prior to joining Potomac Research Group, he was a Senior Vice President at Stanford Washington Research Group and a Managing Director at Schwab Washington Research Group. Rich spent the early part of his career in fixed income sales at JP Morgan Securities.

Carol Horace - Vice President, Institutional Sales

Carol has more than 25 years experience as an institutional equity trader and research sales professional. Prior to joining Potomac Research Group, she was a Vice President at Stanford Washington Research Group and Vice President at Schwab Capital Markets in San Francisco. Carol received her BA from UC Irvine.

Jerry McGrath - Managing Director, Institutional Sales

Jerry has more than 30 years of experience as an institutional sales professional. Prior to joining Potomac Research Group he was a Senior Vice President at Stanford Washington Research Group specializing in Institutional Research Sales. Earlier he worked at the San Francisco office of Leerink, Swann & Company, where he was a Managing Director and was also a Director at the Charles Schwab Washington Research Group.

Daniel Pastore - Managing Director, Institutional Sales

Dan has more than a dozen years experience in institutional investing including nine as an institutional sales professional. Prior to joining Potomac Research he was a Senior Vice President at Stanford Washington Research Group, specializing in institutional research sales. Earlier he was a Senior Vice President at Schwab Washington Research Group and a Director at ABN AMRO Inc. Dan graduated from Boston College and received his MBA from the University of Notre Dame.

Karl Spurzem, CFA - Managing Director, Institutional Sales

Karl has more than 15 years experience as an institutional research sales professional with primary focus on Washington policy research for the past 11 years. Prior to joining Potomac Research Group he was a Senior Vice President at Stanford Washington Research Group. He previously worked at Schwab Washington Research, UBS Asset Management and Morgan Stanley. Karl graduated from UC Berkeley and received his MBA in Finance and Marketing from the JL Kellogg Graduate School of Management – Northwestern University.