tegies including event driven equities with a catalyst, special situations, and distressed credit. Mr. Effron began his career as a floor trader on the New York Mercantile Exchange and New York Commodity Exchange. Mr. Effron received a BS in Economics from the (Continued on page 5) Jeff Gramm '03 of Bandera Partners Jeff G

de the U.S. has been lower than the bank anticipated, keeping global oil prices high, he said. Partly as a result of the shale boom, WTI futures on the New York Mercantile Exchange remain at a discount of about $7 a barrel to their European counterpart, the Brent contract on ICE Futures Europe's London-based exchange. WTI was