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, Board Chairman, and is currently its strategic advisor.
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.
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:
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