About David Kotok
David Kotok experienced a lifetime of professional work in economics, finance, and investments. He co-founded the registered investment advisory firm Cumberland Advisors, Pty. in 1973 (name subsequently changed to Cumberland Advisors, Inc.) and during his career served as its Chief Investment Officer, CEO, and Board Chairman.
David’s articles and financial market commentaries have appeared in the New York Times, the Wall Street Journal, Barron’s, and other publications. He is a contributor or source to Bloomberg, Yahoo, CNN, Reuters, USA Today, and other media. He holds a B.S. in economics from the Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from the School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania.
With a half century background in economics and financial markets, Kotok has been a panelist or speaker on economic and financial matters at meetings and conferences in the United States and many venues around the world. He shares his analysis of market trends, monetary policy, and geopolitical developments through his writings, speeches, and media appearances.
David has authored or co-authored five books, including The Fed and the Flu: Parsing Pandemic Economic Shocks (February 2025, https://www.thefedandtheflu.com/), From Bear to Bull with ETFs (now in its second edition), and Adventures in Muniland. His latest book, The Fed and the Flu, examines how pandemic economic shocks have played out across history and how the Federal Reserve responded to the COVID-19 pandemic shock. He has also written three monograph pamphlets. The first of these is “Lessons from Thucydides,” which details information asymmetries and their implications for investors and world affairs. The second is “Zika,” a work that compiles David’s research, interviews, and personal experience concerning the Zika virus and its potential for serious damage in the way of health and monetary costs. The expense for individuals can be devastating; and in the case of governments, ballooning health budgets may affect municipal bond ratings. The third is “Yield Curve Control – The story of ZIRP and NIRP.” The yield curve is usually defined as the range of yields on Treasury securities from three-month Treasury bills to 30-year Treasury bonds. David’s narrative and graphics tell the story of ZIRP (zero interest rate policy) and NIRP (negative interest rate policy) and explore what happens when central banks use YCC to control interest rates along some portion of the yield curve.
David has served as Program Chairman and as a Director of the Global Interdependence Center (GIC), http://www.interdependence.org/, whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. David chaired its Central Banking Series and organized a five-continent dialogue held in Cape Town, Hong Kong, Hanoi, Milan, Paris, Philadelphia, Prague, Rome, Santiago, Shanghai, Singapore, Tallinn, and Zambia (Livingstone). He has received the Global Citizen Award from GIC for his efforts. In conjunction with GIC, David organizes fishing retreats, primarily in Maine, that are affectionately known as “Camp Kotok” by friends and many in the financial press. More about those retreats can be found on the Camp Kotok page and at https://www.cumber.com/about/camp-kotok .
In addition to his professional endeavors, David Kotok has been involved in various charitable and community organizations. He serves on the boards of both profit-making businesses and non-profit organizations and has been an active philanthropist. Kotok has 3 children and 4 grandchildren.
Early Life
David Raphael Kotok was born in Vineland, New Jersey on March 3, 1943 to Leslie and Sheva (Crystal) Kotok. Kotok worked at the family businesses, one being Kotok’s Market, the Kotok family grocery store founded by his great-grandfather, David Kotok, for whom he was named. His jobs there included sorting vegetables, waiting on customers, and accompanying his father to food and produce auctions. He also tended chores on his maternal grandparents’ family farm (and even milked a cow at the age of 6 while avoiding being kicked by the cow).
Kotok’s father taught him to fish at age 5, sparking his lifelong passion for the sport.
Early Investing
When David Kotok was 10 years old, his grandfather, Myer Kotok, took him along to the local stockbroker for the first of what became many times. In those days, the tape was paper; it was read out and a person wrote prices on a chalkboard. David Kotok’s early experience included writing quotes on the board. His grandfather opened a small brokerage account in his own name, but the younger Kotok traded it, using money he had earned working at the family grocery store.
Education
Kotok holds a B.S. in economics from the Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from the School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania.
Military Service
Kotok joined the United States Army after receiving his undergraduate degree. He served from 1966 to 1969, achieving the rank of Captain before his honorable discharge.
Professional Life
Cumberland Advisors
In 1973, David Kotok and Sheldon E. Goldberg co-founded Cumberland Advisors, Pty., an investment management firm serving advisers, individuals, and institutional investors. For over half a century, Cumberland Advisors has been recognized for its expertise in fixed income and equity management, as well as economic research and analysis. Founded in Vineland, New Jersey, Cumberland Advisors’ headquarters moved to Sarasota, Florida in 2009.
For detailed information about Cumberland Advisors, go to https://www.cumber.com/.
Recent Interviews
“Inside Camp Kotok: David Kotok on ‘Disastrous and Debilitating’ Effect of Debt Ceiling on Bond Markets”, Jack Farley, Forward Guidance Podcast:
“How to Survive the Debt Ceiling Crisis with David Kotok”, Ed D’Agostino, Mauldin Economics, Global Macro Update Podcast:
September 11, 2001
David Kotok was attending the Annual Conference of National Association for Business Economics (NABE), at a conference breakfast meeting on the ground floor of the Marriott Hotel, which is next to the South Tower of the World Trade Center, on September 11, 2001 when the first explosion occurred in the North Tower. Not knowing what happened, the group quickly filed out of the building. That’s when they saw the pandemonium. Within a short time, the second plane hit.
Kotok has reflected, written, and spoken publicly, articulating the impact of his experiences that day. A few of those writings can be found at the following:
Global Interdependence Center
David Kotok has served as Program Chairman and as a Director of the Global Interdependence Center (GIC), www.interdependence.org, whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards.
In 2010 he received the Global Citizen Award from GIC for his efforts. Kotok chaired its Central Banking Series. During his Program Chairman term, he organized a five-continent, thirteen-city, dialogue held in Cape Town, Hong Kong, Hanoi, Livingstone (Zambia), Milan, Paris, Philadelphia, Prague, Rome, Santiago (Chile), Shanghai, Singapore, and Tallinn.
Camp Kotok
David Kotok is the founder and organizer of an annual fishing retreat, affectionately known as “Camp Kotok”. A gathering of authors, economists, financial luminaries, heads of research, political figures, pundits, traders, wealth managers, and others, attendees engage in candid discussions and exchange ideas in an informal setting. See more about Camp Kotok:
Sarasota Life
Cumberland Advisors moved its headquarters from New Jersey to Sarasota, Florida in 2009. Since then, David Kotok has had involvement with the University of South Florida (USF), Sarasota-Manatee campus.
University of South Florida
In 2020, Kotok and his firm, Cumberland Advisors, gifted 12 Bloomberg terminals to the University of South Florida’s business school on Sarasota-Manatee campus15. Those Bloomberg terminals are available to students. Bloomberg terminals are a powerful resource providing real time data from markets around the world, in addition to news, research, and powerful analytics used by top decision-makers in finance, business, and government. Students can use the terminals for class work, for research, or just to learn about the Bloomberg system.
For information about the Bloomberg Terminal Lab, see the following: https://researchmagazine.sarasotamanatee.usf.edu/spotlight-david-kotok/
Additionally, Kotok has been involved in organizing the following events and lectures at USF, bringing together students, faculty, and experts from the financial industry to discuss economic issues and trends. These were publicly available to the entire Sarasota region. A partial list follows:
- Cuba and the Caribbean: What Now? at Selby Auditorium at USF Sarasota-Manatee February 22, 2018
- Second Annual Financial Literacy Day: An Update on the Financial Markets and Economy at Selby Auditorium at USF Sarasota-Manatee April 5, 2018
- Adapting to a Changing Climate at Selby Auditorium at USF Sarasota-Manatee January 25, 2019
- Third Annual Financial Literacy Day at Selby Auditorium at USF Sarasota-Manatee April 11, 2019
- Fourth Annual Financial Literacy Day at Selby Auditorium at USF Sarasota-Manatee February 14, 2020
- Ukraine: One Year Later – Session I: Monetary Policy and Market Implications at Selby Auditorium at USF Sarasota-Manatee February 16-17, 2023
- Ukraine: One Year Later – Session III: Food, Famine, and Energy, plus the Effects of the War on Central Bank Policy and Financial Markets virtual with speakers presenting from the Selby Auditorium at USF Sarasota-Manatee March 23-24, 2023
- Cryptocurrency and the Future of Global Finance at Selby Auditorium at USF Sarasota-Manatee April 20-21, 2023
Other Memberships and Service
Kotok has been a member of the National Business Economic Issues Council (NBEIC) and the National Association for Business Economics (NABE). He has served on the Research Advisory Board of BCA Research and on the advisory board of RiskBridge Advisors. He also served as a Commissioner of the Delaware River Port Authority (DRPA) and on the Treasury Transition Teams for New Jersey Governors Kean and Whitman. Additionally, he served as a board member of the New Jersey Economic Development Authority and as Chairman of the New Jersey Casino Reinvestment Development Authority.
Published Works
Kotok has authored or co-authored five books and three monograph pamphlets:
Kotok’s fifth book, The Fed and the Flu: Parsing Pandemic Economic Shocks (ISBN 979-8-9893625-0-9), co-authored with Michael R. Englund, Tristan J. Erwin, and Elizabeth J. Sweet, is available for pre-order: https://www.thefedandtheflu.com/
Adventures in Muniland (ISBN: 978-0-9853447-4-0)
“Lessons from Thucydides“, which details information asymmetries and their implications for investors and world affairs (ISBN: 978-1-7325946-1-6)
https://www.cumber.com/pdf/Lessons-from-Thucydides.pdf
“Zika“, a work which compiles Kotok’s research, interviews, and personal experience concerning the Zika virus and its potential for serious damage in the way of health and monetary costs (ISBN: 978-1-7325946-3-0)
https://www.cumber.com/sites/default/files/2021-08/Zika-Pamphlet-by-David-R-Kotok.pdf
From Bear to Bull with ETFs (ISBN: 978-0-9853447-2-6)
From Bear to Bull with ETFs Second Edition (ISBN: 978-0-9853447-3-3)
Invest in Europe Now (ISBN: 978-0-4705470-1-4)
“Yield Curve Control – The story of ZIRP and NIRP“, telling of the story of the ZIRP (zero interest rate policy) and NIRP (negative interest rate policy) experience and exploring central banks’ use of yield curve control to manage interest rates: (ISBN: 978-1-7325946-4-7)
https://www.interdependence.org/wp-content/uploads/2022/06/Kotok-David-Yield-Curve-Control.pdf
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