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ABOUT ECOMENTARY
ECOMENTARY™ is designed for professional investors interested in a broad view of economic and
political developments that influence global equity and bond markets. We offer commentaries
on Economics, Energy, Policy and Politics as well as Terrorism and direct our primary attention
to three main geographic areas: Asia, Europe and the U.S. Global economic disturbances (macro-shocks)
are often related to political and policy issues while energy has long been recognized as a source
of economic disturbances. Since 9-11, Terrorism can no longer be ignored as a source of
disturbance in the global economy.
ECOMENTARY™ grew out of comments and advisory opinions of Munk Advisory Services, LLC
(MAS) to the professional investors and hedge funds that are its private clients.
Private clients receive priority distribution of ECOMENTARY™ directly by email in
addition to specialized services customized to their specific inquiries and needs.
MAS provides consulting services on an individually negotiated basis. Readers are
invited to inquire directly about their particular needs.
Dr. Bernard E. Munk, principal of Munk Advisory Services, LLC, holds three degrees
from the University of Chicago. Prior to entering the business world in 1969, he was
a Fellow at the Brookings Institution; served on the economics faculties of the
University of Illinois and the University of Michigan; was a consultant to the U.S.
Agency for International Development, and was a visiting Professor at the Board of
Governors of the Federal Reserve in Washington, D.C.
From 1969-1991, he helped found and run six separate companies engaged in international
commerce in Europe, Africa, Central America and Asia, including the construction of
two overseas production facilities in the food business. In 1981, he entered the
petroleum business, first on the U.S. West Coast and later relocated to the U.S.
East Coast, founding Penndel Energy Corporation, (parent of the Penndel Group) in 1987.
The Penndel Group owned and operated a large, marine petroleum terminal (Delaware Marine Terminal);
two facilities management companies (Gulf Interstate Energy and Gulf Interstate Services) that
managed terminals and pipelines for major East Coast Public Utilities; and Penndel Petroleum
Corporation, a marketing and distribution arm that supplied fuel oil, to major Public Utilities
along the East Coast. After selling the Penndel Group to a NYSE company, he retired in 1991 to
do private consulting and to resume his academic activities.
In 1992, Dr. Munk, became Adjunct Professor of Management at the Wharton School of the
University of Pennsylvania where he developed the Geopolitics course for Wharton's MBA
and Executive MBA programs. From 1992 through 1997, he taught in both the Wharton MBA
and WEMBA programs. He has also served as an Adjunct Professor of Economics at the
University of Chicago Graduate School of Business. Dr. Munk is a Senior Fellow at Wharton's
SEI Center for Advanced Studies in Management and a Senior Fellow at the Foreign Policy Research
Institute, where he co-chairs FPRI's International Political Economy program.
See http://hops.wharton.upenn.edu/SEI/fellows.html
and www.fpri.org for further information.
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