Ken Tropin is the founder and chairman of Graham Capital Management, one of the largestand most successful commodity trading advisors in recent years. He founded the company in 1994 after serving as president and chief executive officer of John W. Henry & Company andpreviously was head of managed futures at Dean Witter Reynolds. His firm currently has more than $4 billion in assets under management. Tropin developed most of the firm’s core trading programs and is responsible for the overall management of the organization. He is perhaps best known in the industry for being one of the first to develop a guaranteed fund, in which investors were guaranteed the return of their entire investment after a certain period, even is the tradingstrategy produced a loss. This concept proved to be hugely popular and is widely used today in the form of both guaranteed funds and structured notes. Tropin also has served as chairman of the Managed Funds Association and its predecessor organization, which he was instrumental in founding during the early 1980s.