Nicholas Waltner is the Managing and Founding Principal of Kulshan Capital Management, LCC, a Seattle based investment advisor. Kulshan focuses on the application of the behavioral finance concept of market sentiment to extract alpha in the equity derivatives markets. Mr. Waltner’s career in finance began at PaineWebber in municipal finance in 1986 following undergraduate studies and then continued Salomon Brothers following graduate studies. His career lasted over 16 years with postings in New York, Chicago, Tokyo and Zurich. While at Salomon, Mr. Waltner worked in a variety of areas including bond market research, bond and equity portfolio analysis, equity derivatives sales, equity derivative product development and finally equity derivative trading. After overseeing and managing the integration of Salomon’s, Smith Barney’s, Citibank’s and Nikko Securities’ equity derivatives teams in Tokyo into the Salomon Smith Barney platform, Mr. Waltner went on to establish an equity derivatives financial products team at Bank of America both in Japan and in Asia. Mr. Waltner was named Derivatives Week “Asian Derivatives Innovator of the Year” in 2000. Mr. Waltner received a bachelor’s degree in physics and German language and literature from Wesleyan University and a master’s degree in business administration from the University of Chicago with concentrations in finance and statistics. Mr. Waltner is fluent in German and Japanese along with studies in Latin, French and Spanish.