Palo Alto Investors employs fourteen professionals at our offices in Palo Alto. At the center of our company is our experienced team of five research analysts who have extensive industry experience, market knowledge, and clinical expertise in the healthcare sector. The PAI research team has more than 65 years of collective investment experience.
Joon Yun, MD, CFA is a co-managing member and the president of PAI. Dr. Yun joined PAI in 1998 and specializes in the healthcare sector. Dr. Yun brings clinical expertise as well as medical industry experience to PAI where he focuses primarily on the evaluation of pharmaceutical, medical device and biotechnology companies. Dr. Yun was a physician at Stanford in the Department of Radiology where he served on the clinical faculty from 1995 to 2006. Dr. Yun received his bachelor of arts in biology from Harvard University and his doctor of medicine from Duke University School of Medicine.
Patrick Lee, MD is a co-managing member at PAI. Dr. Lee joined PAI in 2001 and specializes in the healthcare sector with Dr. Yun. His prior experience includes a consulting role at McKinsey & Company, where he advised top-10 pharmaceutical companies on management and product strategy.Dr. Lee received a bachelor of arts in economics from Northwestern University, a doctor of medicine from Duke University School of Medicine and an MBA from Duke Fuqua Business School.
Will Edwards, CFA founded PAI in 1989 and specializes in the energy and technology sectors. His investment career began in 1982 at T. Rowe Price Associates in Baltimore, where he worked as an investment analyst on the small cap New Horizons Fund. He is a graduate of Stanford University, where he earned both his bachelor of science and master of science in engineering.
John Doux, MD joined PAI in 2004 and specializes in the healthcare sector with Dr. Yun. Dr. Doux completed residency training at Stanford in 1999 and has an active clinical practice in medical and surgical dermatology. Dr. Doux received his bachelor of science and doctor of medicine from Stanford University. He received his MBA from the Wharton School of Business at the University of Pennsylvania.
Charles Cho, MD joined PAI in 2008 and specializes in the healthcare sector. Dr. Cho is a practicing board certified neuromuscular specialist and serves on the faculty at the Stanford Medical Center where he is is the Director of the Amyotrophic Lateral Sclerosis Clinic. Previously, Dr. Cho was a Clinical Instructor at the Harvard Medical School. Dr. Cho brings research and clinical knowledge as well as experience in the private equity markets to PAI. Dr. Cho received his bachelor of science from Brown University and his doctor of medicine from Georgetown University School of Medicine in 1990 and 1996, respectively. He completed his residency at Stanford and did a post-graduate fellowship at Massachusetts General Hospital.Dr. Cho received his bachelor of science from Brown University and his doctor of medicine from Georgetown University School of Medicine. He completed his residency at Stanford and did a post-graduate fellowship at Massachusetts General Hospital.
The Operations and Administration team includes Scott Smith, Chief Operating Officer and Chief Compliance Officer, Karen Trailer, Chief Administrative Officer, Alvin Tam, Trader, Kai Wu, Controller and Diana Vo, Investor Relations Manager. Together this team ensures timely, accurate and compliant reporting of client and portfolio records.
Scott Smith, joined Palo Alto Investors in 2007 and is its Chief Operating Officer and Chief Compliance Officer.Mr. Smith's background includes over 15 years of operational and compliance experience in asset management and alternative investments. Prior to joining PAI, Mr. Smith was the Chief Compliance Officer for Seneca Capital Management in San Francisco. Prior to Seneca he was the Director of Operations for Partnervest Financial Services in Santa Barbara. Prior to Partnervest, he was the Chief Compliance Officer for RS Investments in San Francisco.Mr. Smith received his bachelor of science in business administration with an emphasis in finance from the University of Colorado, Boulder.
Alvin Tam, is Palo Alto Investors’ Trader. Mr. Tam joined the firm in 2006, with over 17 years of experience in numerous positions in the investment industry. Prior to joining PAI, Mr. Tam was a business systems analyst for Seneca Capital Management, LLC in San Francisco. His diverse background also includes working for Banc of America Securities LLC in Prime Brokerage Services where he was a relationship manager serving hedge funds and large institutional clients; at Barra, Inc., where he was responsible for functional and automated testing of portfolio analytics software; and at the investment management firm of 3Bridge Capital, LLC., where he was an institutional trader. Mr. Tam received his bachelor of science in business administration from San Francisco State University.
Kai Wu, joined PAI in 2013, and has over 7 years of experience in financial services, with a focus on alternative investments and accounting. Prior to joining PAI, Mr. Wu was the Chief Financial Officer and Chief Compliance Officer for Lucerne Capital Management, LLC in Greenwich, CT where he oversaw financial operations and compliance. Prior to Lucerne, he was a Tax Associate at PriceWaterhouseCoopers LLP in New York. Mr. Wu received his bachelor of science in business administration from Georgetown University.
Karen Trailer, joined Palo Alto Investors in 1994 and has been instrumental in building the company. As PAI’s chief administrative officer, she is responsible for overseeing administrative and office operations. She also manages the company’s human resources and payroll as well as internal and external events, including PAI's client conference. Prior to joining PAI, Ms. Miyake-Trailer was a realtor and property manager for Adobe Capital Corporation. She has served as office manager of Korn/Ferry International and as district manager of Nissan Motor Corporation. From 1966 to 1968 she attended Idaho State University, where she also worked with Outward Bound. She is a member of Alpha Chi Omega, and her other interests include clothing design and golf.
Jennifer Trailer, has served Palo Alto Investors and its clients for more than twelve years in operations. She supported and subsequently led the operations team during a period when the firm experienced significant growth. Currently, Ms. Trailer supports the research side of the firm, including Dr. Joon Yun, and Dr. Patrick Lee, co-managers of PAI.Ms. Trailer earned her bachelor of science degree, with honors, from San Jose State University with a concentration in dietetics. While in college Ms. Trailer volunteered in the Dietetics Department at Valley Medical Center.
Diana Vo, joined Palo Alto Investors in 2013 as its Investor Relations Manager and has over 16 years of experience in financial services in various areas including fund administration, operations and trading. Prior to joining PAI, Ms. Vo was Director of Investor Relations at Conifer Fund Services. Before Conifer she managed the Client Operations group at Mellon Capital Management. Ms. Vo received her bachelor of arts in economics and political science from Barnard College.
Adriana Gonzalez, joined Palo Alto Investors in 2013 as its office assistant. Prior to joining PAI, Ms. Gonzalez was an office assistant at Stifel Nicolaus in San Francisco, CA. Ms. Gonzalez received her bachelor of science in legal studies from the University of California, Santa Cruz.