Steven D. Friedman, CFA
Founder & Portfolio Manager

Steven has twenty years of hedge fund investing experience.  Prior to Kalo, Steven was a Portfolio Manager at Manalapan Oracle Advisers (2009-2010), and briefly served as a Proprietary Trader (Aug-Dec 2008).  Steven first became a Portfolio Manager in the Emerging Manager program at Pequot Capital Management (2006-2008).  Previously he was a Senior Analyst at Feirstein Capital Management (2001-2006) where he was first introduced to hedge fund investing in the Emerging Growth space.  Earlier in his career Steven was a financial analyst at Lazard Frères & Co. (1996-1998). 
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Steven graduated from the University of Michigan with a Bachelor of Business Administration degree with Distinction (1996) with a concentration in Finance and Mathematics.  He earned his Master of Business Administration from Columbia Business School (2001).  He has been a CFA Charterholder since 2005.

Ryan Darrohn, CFA 
Analyst

Prior to joining Kalo in 2021, Ryan spent two years as an analyst at Sasco Capital, a contrarian value equity fund focused on transformations, turnarounds, and restructurings. He also completed analyst internships at Broad Bay Capital and Railroad Ranch Capital in 2018. Prior to Sasco, he was an Acquisitions Officer and Aircraft Maintenance Officer in the U.S. Air Force.  
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Ryan graduated from the United States Air Force Academy in 2011 with a Bachelor of Science in Business Administration and Management and earned his Master of Business Administration from Columbia Business School in 2019, graduating from the Value Investing program. He is a CFA Charterholder.