David Merkel

••• David Merkel.

David Merkel is an experienced qualitative and quantitative investment analyst and writer who covers stock, bond, and alternatives investing for The Balance.

David presently runs his own asset management shop for upper middle class individuals and small institutions.  In the past he worked for a brokerage, a hedge fund, two long only bond investment firms, and three life insurance companies.

He has written on investments for RealMoney.com and his own blog, the Aleph Blog.


From 2010-present,he has run my his own equity and bond asset management shop, called Aleph Investments, LLC. He offers separately managed stock and bond accounts for upper middle class individuals and small institutions. He still writes a blog (2007-present) on risk control, finance, and investing, which has been well-received at many points in the past. The blog was highly rated, often scoring in the top 30 for finance and investing, in a variety of blog rankings.

From 2008-2010, he was the Chief Economist and Director of Research of Finacorp Securities. He did many things for Finacorp, mainly research and analysis on a wide variety of fixed income and equity securities, and trading strategies.

From 2003-2007, he was a senior investment analyst at Hovde Capital, responsible for analysis and valuation of investment opportunities for the FIP funds, particularly of companies in the insurance industry. He also managed the internal profit sharing and charitable endowment monies of the firm.

From 2003-2007, he was a leading commentator at the investment website RealMoney.com. Back in 2003, after several years of correspondence, James Cramer invited him to write for the site, and he wrote for RealMoney on equity and bond portfolio management, macroeconomics, derivatives, quantitative strategies, insurance issues, corporate governance, and more. His specialty is looking at the interlinkages in the markets in order to understand individual markets better. 

From 2001-2003, he managed corporate bonds for Dwight Asset Management. From 1998-2001, he served the Mount Washington Investment Group as the Mortgage Bond and Asset Liability manager.

He grew up in the insurance industry as a generalist actuary working for Provident Mutual 1992-1998, AIG 1989-1992, and Pacific Standard Life 1986-1989. He received his CFA Charter in 1996, and currently serves as Secretary of the CFA Society of Baltimore..


In 1982, he received his Bachelor's and Master's Degrees from The Johns Hopkins University in Political Economy.