Portfolio Manager and Founder
As a life-long business leader and investor, Dr. Gregory Echt has spent his career building wealth for his healthcare constituents in highly competitive and regulated marketplaces. Dr. Echt has decades of experience investing across a broad variety of asset classes including: value, world/US growth, health sector, alternative investment, private equity and venture capital. A student of Warren Buffett, Dr. Echt has made annual trips to the Berkshire Hathaway Annual Meeting since 1986. Echt Capital, LLC was founded to focus on value investing on behalf of his clients.
Dr. Echt’s background as entrepreneur and investor reads differently than most investment managers. He is educated and trained as a doctor and radiation oncologist. Dr. Echt built, directed and eventually sold his multi-specialty oncology practice, one of the largest in the Dallas/Fort Worth market. This achievement included five oncology-based limited partnerships, 75 physicians and staff, seven locations, and national recognition in research and treatment of prostate cancer and brachytherapy. Throughout his career, Dr. Echt cared for approximately 20,000 oncology patients personally, proving his commitment to unparalleled patient care. Echt Capital, LLC was founded after the sale of his practice.
Dr. Echt understands the complexities of the medical industry: from research to practice, devices, software, pharmaceuticals, insurance, and innovation. Health care represents 20% of the United States GDP. While not limiting investments to the medical field, Echt Capital is uniquely prepared to examine opportunities in this dynamic arena.
Loyal to his roots, Dr. Echt cheers for the Hoosiers and the Indianapolis Colts. He is a “learner”—a voracious reader, a fan of many musical genres, and a lifelong investor.
Indiana University, BA in Biology, BA Chemistry
Indiana University, Doctor of Medicine
Diplomate, The American Board of Radiology, Radiation Oncology
Columbia Business School, Executive MBA
Investment Committee Advisor
Stephen Penman is the George O. May Professor in the Graduate School of Business, Columbia University where he is also co-director of the Center for Excellence in Accounting and Security Analysis and director of the Masters Program in Accounting and Fundamental Analysis.
In 1991 Penman was awarded the Notable Contribution to Accounting Literature Award by the American Accounting Association and the American Institute of Certified Public Accountants, and in 2002 was awarded the American Accounting Association and Deloitte & Touche Wildman Medal for his book, Financial Statement Analysis and Security Valuation, published by McGraw-Hill/Irwin and now in its 5th edition. In 1997 he was awarded the Institute for Quantitative Investment Research (INQUIRE) Prize in the U.K. In 2005 he was awarded the Geewax Terker & Co Prize in Investment Research, and in 2011 the Roger F. Murray prize from The Institute for Quantitative Research in Finance (Q-Group). He has earned the Abacus best paper award twice. In 2009 he received an honorary doctorate from the Stockholm School of Economics and, in 2015, was elected to the Financial Economists Round Table. His book, Accounting for Value, was published by Columbia University Press in January, 2011.
Stephen Penman is a founding editor of the Review of Accounting Studies and served as managing editor from 2002-2006. He is on the advisory boards of Phoenician Capital and Boston Harbor Investment Management and has served as an advisor to fundamental asset managers in the U.S., Europe, and China. He also serves on the Board of Directors of UBS Financial Services Inc. Hedge Fund Solutions and is chair of its audit committee.
In 2019, Penman was elected to the Accounting Hall of Fame. In 2020, he was elected to the Australian Accounting Hall of Fame.
Following his lifelong teachings, Stephen Penman has spent more than three decades living the principles of value investing. He stands out for his ability to translate top-tier academic insight into powerful, real-world investment practice.
Queensland University, BA in Commerce
Queensland University, Associate Accountant
Senior Associate of the Australian Society of Accountants and Certified Practising Accountant, CPA
University of Chicago, MBA
University of Chicago, Ph.D. in Business
Equity Research and Risk Management Analyst
Hongming (Leo) Li is an equity research analyst at Echt Capital, specializing in fundamental analysis, valuation, and portfolio risk management across the healthcare, fintech, and insurance sectors. He conducts deep financial statement analysis, develops sector-specific valuation models, and generates investment insights that support the firm’s value-driven approach.
Mr. Li also advises on portfolio construction and downside protection, employing option Greeks, derivatives strategies, and quantitative risk tools. His prior experience includes roles at American International Group, CITIC Securities, and Morgan Stanley, where he worked on market-risk modeling, credit analysis, and healthcare-focused investment banking.
A strong technical foundation underpins Mr. Li’s investment work. He is proficient in Python, R, SQL, and VBA; certified in financial modeling; and experienced with GAAP, IFRS, and CAS accounting standards.
Outside of finance, he brings an international perspective shaped by academic and professional experiences across New York, Beijing, and Shanghai. He is committed to continuous learning, quantitative innovation, and applying disciplined value-investing principles to identify mispriced opportunities in global markets.
New York University, BS in Business Technology Management and Mathematics
Columbia University, MS in Enterprise Risk Management