Jerry L. Doctrow leads the Stifel Nicolaus six-person health care services and health care real estate research team. He has been recognized six times by The Wall Street Journal and twice by Forbes/Starmine as one of the best health care or real estate analysts in the United States. Mr. Doctrow has over thirty years experience in equity research, consulting, public policy, finance, and market analysis. He spent eighteen years at Legg Mason, where he led the health care services research team for eight years, served as president of the firm's real estate consulting unit, and advised not-for-profit and corporate clients on the development of seniors housing and health care facilities. Stifel Nicolaus acquired Legg Mason capital markets division in December 2005. Mr. Doctrow has a B.A. in social and behavioral science from Johns Hopkins University and a Masters in Public Administration from George Washington University. He is an Associate on the faculty of the Department of Health Policy and Management at the Johns Hopkins University Bloomberg School of Public Health and is advising researchers at the World Bank on using private investment to improve health care delivery in developing countries. Mr. Doctrow's recent publications include "NIC Data Contradicts Conventional Wisdom About Senior Housing Performance," and HCREITs "See Better Investment Prospects, But Perhaps Not Yet," both June 2008.