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Bios
Wayne Nef

Wayne Nef has over 15 years of experience as a research analyst
and financial editor.  Wayne started his career with Value Line
Publishing Inc. where he spent six years as an analyst and editor.  
His responsibilities included covering 35 stocks within the industrial,
basic materials, and consumer sectors while also acting as the lead
editor for the Supplementary Reports section of the Value Line
Investment Survey and as an editor for the main section of the
Survey.  Wayne also spent six years as a Vice President at Merrill
Lynch & Co. where he worked as an award-winning analyst for the
Private Portfolio Group covering the Industrial, Consumer, and Basic
Material sectors.  Wayne was also responsible for editing the
research that was disseminated to the portfolio managers within the
Private Portfolio Group.  After a short stint at Circle-T Partners, a
New York-based hedge fund, Wayne started Nef Value Research
Inc., a consulting business that provides research exclusively to
hedge funds. Email: wayne@sniperresearch.com
Timothy Bepler  

Timothy F. Bepler, CFA has over 16 years of experience
covering the Healthcare Sector as a Consultant/Portfolio
Manager/Analyst with hedge funds and mutual funds. Through
a “grass-roots” research effort, Mr. Bepler generates short-
and medium-term trading opportunities around catalysts and
news releases. After several years as a Senior Analyst for
such firms as Merrill Lynch, and Credit Suisse (Swiss
American Securities), Mr. Bepler began as Portfolio Manager
for the Orbitex Health & Biotech Fund, a $300 million fund that
was up 87% during his tenure (7/99-6/01). Prior to Co-
founding Sniper Research, Mr. Bepler worked with several
hedge funds, expanding his expertise in shorting/risk
management strategies. Mr. Bepler holds the Chartered
Financial Analyst (CFA) designation and has an MBA in
Finance from New York University.
Email: tim@sniperresearch.com