Mr. Barbee serves as managing director and portfolio manager with AFC, his employer since 1997. Previously, he was an equity research analyst with an investment management boutique Donald Smith & Company. Prior to that, from 1993 to 1995, he was an oil service equity research analyst and later an oil service investment banking analyst at Simmons & Company. Mr. Barbee graduated from Rice University in 1993 and received an MBA degree from the Wharton School at the University of Pennsylvania in 1997. He holds the Chartered Financial Analyst designation.