His other appointments include: Senior Fellow of The National Center for Policy Analysis, Senior Fellow of The Fraser Institute, Adjunct Scholar of The Mackinac Center for Public Policy, and member of the Board of Visitors of The Benjamin Rush Society of medical students and physicians.
Born in Canada, Graham previously served as Director of Health and Pharmaceutical Reasearch at the Fraser Institute in Vancouver, British Columbia, and commanded a platoon of infantrymen during his service in the Canadian Army in Canada, Cyprus, and Germany.
Graham served on the institutional sales and trading teams of Goldman Sachs in Frankfurt, Germany and Kidder, Peabody in London, England. European financial institutions were his clients, and he achieved the position of Assistant Vice-President.
Graham received his M.B.A. from the London Business School (England) and his B.A. (with Honors) in economics and commerce from the Royal Military College of Canada. He is a Chartered Alternative Investment Analyst (CAIA Charterholder) and is an affiliate member of the CFA Society of San Francisco, having completed all three levels of the CFA (Chartered Financial Analyst) program.
His current research agenda includes:
- The effect of the 2010 federal health-reform law on returns to publicly listed firms in the health sector;
- Quality of health plans' earnings generated by different lines of business, e.g. commercial groups, Medicaid managed-care, and Medicare Advantage;
- Valuation of health plans' expansions into international markets;
- The effect of regulations sponsored by the Food and Drug Administration and the European Medicines Authority on investments by venture capital and private equity in pharmaceutical and medical-device enterprises;
- Effect of philanthropic investment in medical research on returns to commercial investment;
- Identifying and measuring factors (alternative betas) derived from government action that explain returns to firms in the health sector; and
- Expected contribution of investments in the health sector to traditional (long-only) and alternative portfolios under different legislative and regulatory scenarios.
He writes the monthly Health Policy Prescriptions series of research notes, and contributes to PRI's Capital Ideas columns on public policy. He has written for periodicals including the Wall Street Journal and the Washington Post, and writes almost daily for a number of blogs, which are aggregated at Free American Health Care. Readers can follow him on Twitter and Facebook.
