Diego Espinosa runs Sistema Research, a consulting firm that applies a complex systems approach to strategic uncertainty. He also teaches security analysis at the University of San Diego, and he authored a chapter for a book on the US Federal Reserve’s role in the 2008 crisis. Espinosa formerly managed a hedge fund, was a portfolio manager of a global equity fund at Scudder, ran European research for Sanford Bernstein, and was a top-ranked analyst at Morgan Stanley. He started his career at the Boston Consulting Group. Espinosa holds an MBA from the Wharton School at the University of Pennsylvania.