Professor Randall S. Billingsley, Ph.D., FRM, CFA, is the faculty advisor for the Student-Managed Endowment for Educational Development (SEED) at Virginia Tech, which manages an equity portfolio of about $5 million on behalf of the Virginia Tech Foundation. An award-winning teacher at the undergraduate and graduate levels, his research, consulting, and teaching focuses on equity valuation, risk management and derivatives-based strategies, and regulatory finance. His published books include Understanding Arbitrage: An Intuitive Approach to Financial Analysis (Wharton School Publishing, 2006) and two books on personal financial planning: Personal Financial Planning (Cengage, 14th edition, 2016) and PFIN (Cengage, 6th edition, 2017), both coauthored with Lawrence Gitman and Michael Joehnk. In addition, his research has been published in refereed journals that include the Journal of Portfolio Management, the Journal of Banking and Finance, Financial Management, the Journal of Financial Research, and the Journal of Futures Markets. Professor Billingsley was Vice President at the Association for Investment Management and Research (now the CFA Institute) and has been a visiting scholar in the internal equity group at the Virginia Retirement System. He has done extensive consulting work for clients in the U.S. and abroad, especially as an expert witness on public utility cost of equity determination and investment-related litigation matters.