Keith Black is associate director of curriculum, CAIA Association, Massachusetts, USA. He was formerly an associate of Ennis Knupp + Associates, a member of the opportunistic strategies group, advising foundations, endowments, and pension funds on their asset allocation and manager selection strategies in the alternative investment space. His professional experience prior to this includes commodities derivatives trading at First Chicago Capital Markets, stock options research and trading for Hull Trading Company, building stock selection models for Chicago Investment Analytics, and teaching finance at the Illinois Institute of Technology. He has earned the Chartered Financial Analyst (CFA) and the Chartered Alternative Investment Analyst (CAIA) designations. Black is the author of the book Managing a Hedge Fund.