Joseph E. Laptewicz

Develops, manufactures and markets medical equipment & supplies

Manufactures, designs, develops and markets electronic spinal cord stimulation devices

Engages in design, development, sale and marketing of implantable medical devices

Manufactures medical devices used by radiologists, vascular surgeons and other physicians

Washington Asset Management (WAM) manages a private US long/short equity hedge fund. The firm employs a value-oriented investment approach that focuses on bottom-up fundamental research, extensive analysis of financial statements and meetings with company management. They take a buy-the-business approach and do not use leverage or derivatives. WAM looks for below market-value companies in relation to book value and cash flow multiples. They seek to sell short problem companies where the inverse applies. To hedge volatility, WAM purchases a number of smaller positions in related businesses of their core positions. In general, the firm invests in the stocks of US large-cap companies in the consumer non-durables, finance and producer manufacturing sectors. WAM maintains a very high turnover rate.