Richard M. Salsman, PhD, CFA

Richard is founder, President and Chief Market Strategist of IFI, an investment research and forecasting firm that quantifies market-price indicators to guide the asset allocation decisions and trading strategies of pension funds, banks, independent investment managers, mutual funds and hedge funds. Since 2000 he has authored more than 650 research reports on the economy and markets. IFI's forecasting success rate has persistently surpassed those of peers on Wall Street. Prior to founding IFI in 2000 Dr. Salsman advised institutional investors as a senior economist at H.C. Wainwright & Co. Economics, Inc. (1993-1999). From 1981 to 1992 he was a respected banker and capital markets analyst at institutions including Citibank and The Bank of New York.

Dr. Salsman is a noted authority on market history, supply-side economics, public debt, objective methods of economic-financial forecasting, and investment strategy. He is the author of two books, Gold and Liberty (AIER, 1995) and Breaking the Banks: Central Banking Problems and Free Banking Solutions (AIER, 1990), plus six chapters in edited books and numerous articles. His work has appeared in the Wall Street Journal, Investor's Business Daily, Barron's, Forbes, The Economist, New York Times, and National Post (Canada). Dr. Salsman frequently lectures on his specialties at investment gatherings and university campuses. Since 2010 he has been a regular essayist at, focusing on the interaction between public policy and the economy.

Dr. Salsman received his B.A. in Law and Economics from Bowdoin College (1981) and his M.B.A. in Economics from the Stern School of Business at New York University (1988). In 1993 he earned the Chartered Financial Analyst designation from the Association for Investment Management and Research. He received a PhD in Political Economy from Duke University (2012). His dissertation, "The Political Economy of Public Credit," examines the histories, theories, and paradoxes of government debt.


Peter F. Murphy

As IFI's Director of New Business Development & Client Services, Peter helps institutional investors and strategic partners evaluate and apply IFI's methodology, forecasts and political analyses to improve research disciplines and maximize alpha in multiple asset classes, sectors, styles and regions.

Peter has helped grow six companies in six industries through cross-disciplinary product, process, strategy, and market innovations. As CEO or VP-GM, he has led stockholder gains to $91 million, and as CEO and founder or co-founder, he has led market valuations to $63 million from the concept stage. He holds thirty-eight U.S. and international product and process patents, and has created over 200 new products, services, and high-speed processes under diverse business and branding models in early, growth, and turn-around stages.

Peter received his B.A. in Economics from Harvard (1977) and has profitably followed IFI's financial and policy research through two major business cycles since the firm's inception in 2000. Peter can be contacted at 586.275.6000 or