We are Amberwave Partners, an investment management firm focused on megatrends reshaping the global economy, creating volatility and supporting U.S. jobs, security and growth.

Stephen Miran Ph.D.

Steve Miran is a co-founder and lead portfolio manager at Amberwave. Steve has ten years of successful investing experience including as a hedge fund portfolio manager and head of macro strategy, and before that as an analyst at Fidelity Investments. He has invested in major asset classes in both developed and emerging economies.

Before Amberwave, Steve was senior advisor for economic policy at the United States Department of the Treasury, which he entered in April 2020 to assist with fiscal support to the economy. He contributed to the implementation and evaluation of several CARES Act programs, in particular the Paycheck Protection Program, which provided over $800 billion of job-preserving investments in American small businesses and supported over 50 million workers.

Steve holds a Ph.D. in economics from Harvard University. He received a B.A. summa cum laude from Boston University, where he studied economics, philosophy and mathematics. His academic work has focused on fiscal policy, and his writing has been published in the American Economic Journal, the Wall Street Journal, Bloomberg, Barron’s, and RealClearMarkets.

Michael Madorsky

Mike Madorsky is partner and portfolio manager for alternative investing strategies at Amberwave. Mike has over three decades of experience managing macro portfolios, from shouting in a commodities pit, to portfolios in excess of $1 billion at major hedge funds. Mike spent over a decade as head of global macro investing at Odyssey Partners, the pioneering hedge fund built by Leon Levy and Jack Nash, until its closure in 2004. Between then and Amberwave, Mike has successfully run macro portfolios at Tudor Investment Corp, Bluecrest Capital Management, Lily Pond Capital Management, and Atreaus Capital. He’s a former board member of Gain Capital, and trustee at Franklin and Marshall College. Mike holds a B.A. from Franklin and Marshall, and a J.D. from the University of Illinois-Chicago.

Daniel Katz

Dan Katz is a co-founder and portfolio manager at Amberwave. Dan served as a senior advisor at the United States Department of the Treasury from September 2019 to January 2021, where he helped lead the Treasury’s efforts to rescue the U.S. aviation industry during the COVID-19 recession. Dan served as the Chairman of the National Security Loan Program Credit Committee and a member of the Airline Loan Program Credit Committee, which collectively oversaw more than $20 billion of emergency loan transactions. Dan also oversaw the implementation of the Payroll Support Program, which supported hundreds of thousands of jobs in the aviation industry.

Earlier in Dan’s career, he worked as an investment banker at Goldman Sachs. He also served as a policy advisor at Treasury, where he focused on financial threats to U.S. national security, and as an advisor to the commander of U.S. forces in Kabul, Afghanistan. Dan holds a B.A. from Yale College and a J.D. magna cum laude and Order of the Coif from New York University School of Law.  He is a Term Member of the Council on Foreign Relations. 

Thomas Emanuel Dans CFA

Tom Dans is a co-founder and portfolio manager at Amberwave. Tom has 30 years of successful investment research, management and advisory experience. His career includes domestic equity-based positions at Merrill Lynch, Allen & Company and Evercore Partners as well as international roles at several emerging markets private equity funds. In 2005, Tom launched Grand River Capital, a strategic advisory effort that assisted several multi-strategy hedge funds, family offices and high net worth individuals with industry research, deal sourcing, due diligence, portfolio management and special situations. Tom’s investing experience spans a wide range of industries, company stages and geographies and includes particular emphasis on food and agriculture, energy, media and entertainment, telecom, real estate and life sciences.

Prior to Amberwave, Tom served as Counselor to the Under Secretary for International Affairs at the United States Department of the Treasury, where he helped lead a number of Treasury’s initiatives to combat the economic effects of the pandemic and was twice awarded the Secretary’s Honor Award. Tom oversaw a number of U.S. international economic initiatives alongside other government agencies involved in the national security policy making process. Following his service at Treasury, Tom was appointed by the President of the United States as a Commissioner of the United States Arctic Research Commission.

Tom holds a dual B.A. degree cum laude from Brown University. He was a 2015 Advanced Leadership Fellow at Harvard University and studied in the Soviet Union as an exchange student at the Moscow Energy Institute. Tom is a CFA Charterholder and U.S.-born Hispanic American who speaks five languages and has lived, worked and traveled in over 40 countries.

Daniel Ahn Ph.D.

Dr. Daniel P. Ahn is a Managing Director, the Chief U.S. Economist, and Head of Markets 360 – North America at BNP Paribas in New York. He is also a non-residential Global Fellow at the Woodrow Wilson International Center for Scholars.

Until 2018, he was the chief economist at the U.S. Department of State, where he advised the Secretary of State and senior principals on a wide range of international economic and security topics relevant to U.S. foreign policy, including global macroeconomic growth, financial stability, economic sanctions, international trade, and energy and environmental issues.

Prior to entering public service in 2014, Dr. Ahn was the chief economist for energy and commodities at Citigroup in New York and also held senior positions at Citadel, Barclays Capital, and Lehman Brothers. He has held research and teaching positions at Harvard University, the National Bureau of Economic Research, Columbia University, the Council on Foreign Relations, the International Monetary Fund, Johns Hopkins School of Advanced International Studies, Georgetown University, and the U.S. Federal Reserve Board of Governors.

He is the author of multiple research articles, Congressional testimony, and a textbook, Principles of Commodity Economics and Finance with MIT Press.

Dr. Ahn has extensive experience using state-of-the-art econometrics, data science, geospatial imagery, and machine-learning for economic forecasting, data analysis, financial risk management, project financing, commercial strategy, public policy, and operational solutions.

He was featured in Forbes Magazine as one of 30 under 30 in Finance. He is the recipient of both the Superior Honor Award and the Meritorious Honor Award from the U.S. Department of State for his work on the economics of sanctions and counter-terrorist financing.

He completed his A.B. in economics and finance with honors from Princeton University, and his Ph.D. in economics from Harvard University.

Michael Faulkender Ph.D.

Michael Faulkender: Michael Faulkender is the Dean’s Professor of Finance at Maryland Smith. He joined the University of Maryland in 2008 and was the Associate Dean of Masters Programs in 2017 and 2018. Dr. Faulkender left that role at the beginning of 2019 to serve as the Assistant Secretary for Economic Policy at the US Department of Treasury. 

In that role, he advised the Secretary on domestic and international issues that impacted the economy. During the COVID-19 pandemic, he assisted in negotiating the CARES Act and was the senior Treasury official who led the implementation of the Paycheck Protection Program (PPP). In January, he was awarded the Alexander Hamilton Award for Distinguished Leadership, the highest service award granted at the Department of the Treasury.

His research lies at the intersection of financial economics and public policy. Examples include the job impacts of the PPP, corporate capital structure, risk management, corporate liquidity, and executive compensation. His work has been published in top academic finance journals, received numerous “best paper” awards, and has been cited in the Wall Street Journal, Washington Post, and The New York Times, among others.

Professor Faulkender teaches classes in the MBA and EMBA programs at the Smith School. Professor Faulkender has a PhD in Finance from Northwestern and a Bachelors Degree in Economics from UC Davis. He has also served as a faculty member at the Wharton School at the University of Pennsylvania, the Kellogg School at Northwestern University, and the Olin School at Washington University in St. Louis.

Mervyn King Ph.D.

Mervyn King served as Governor of the Bank of England from 2003 to June 2013. He was knighted (GBE) in 2011, made a life peer in 2013, and appointed by The Queen to be a Knight of the Garter in 2014. He is Lord King of Lothbury, KG, GBE, FBA. Lord King is the Alan Greenspan Professor of Economics and Professor of Law at New York University and Emeritus Professor of Economics at the London School of Economics.

In 2016 he published The End of Alchemy. With a new preface, it appeared in paperback in 2017, and has been translated into many languages. His new book (with John Kay) Radical Uncertainty was published in March 2020.

Born in 1948, Mervyn King studied at King’s College, Cambridge, and taught at Cambridge and Birmingham Universities before spells as Visiting Professor at both Harvard University and MIT. From October 1984 he was Professor of Economics at the London School of Economics, where he founded the Financial Markets Group. He is Chair of the Philharmonia Orchestra and a member of the House of Lords Economic Affairs Committee.

Kelly Shue Ph.D.

Kelly Shue: Kelly Shue is a Professor of Finance at the Yale School of Management. Her research interests lie at the intersection of psychology and finance. Her research has been featured in numerous media outlets including Bloomberg, NPR, the New York Times, and the Wall Street Journal, and has been awarded the AQR Insight Award, the Exeter Prize, the Wharton-WRDS Award, and the UBS Global Asset Management Award. 

She serves as a director of the European Finance Association, an associate editor at the Journal of Finance and the Journal of Financial Economics, and previously served as an editor at the Review of Finance and an associate editor at Management Science. Before joining Yale, Professor Shue taught MBA Corporate Finance at the University of Chicago, Booth School of Business.