Dr. Rama Rao



Financial Physics

financial physics

Read this in-depth Study of the
Hedge Fund Industry

Hedge fund book


Praise for the book

"A provocative study that makes one think about the future structure of the hedge fund industry. A timely study released as major deals are coming to light."

Lois Peltz, Managing Editor-MAR/HEDGE

"Exceptionally solid work, clear reasoning and well documented. Conclusions are both logical and insightful."

Hunt Taylor, Executive Director- Tass Management, Inc.

"This report addresses the rising tide of wealth in the U.S. and the bright future for alternative asset managers going into the next century. It also suggests we may begin to see a consolidation among alternative asset managers similar to what has been occurring in the traditional asset management industry over the last decade."

H. Bruce McEver, President-Berkshire Capital Corp.

"I read the report with admiration and recognition. It presents a very credible vision of the future of the hedge fund industry."

Arthur J. Samberg, Chairman & CEO- Dawson-Samberg Capital Management, Inc.

"This is a wonderful report on the hedge fund industry and the evolution concept is well articulated. We believe one day it will be considered imprudent not to hedge. Interestingly, Harvard, Yale, Stanford and Duke Universities already subscribe to that philosophy."

E. Lee Hennessee-Hennessee Hedge Fund Advisory Group

"This report puts a unique perspective on the hedge fund industry, and shares insight that was not previously available anywhere."

Peter W. Testaverde Jr., Partner Financial Services Group- Goldstein Golub Kessler & Co.


(617) 248-8000
TELEX: 710-321-0523 INC MAG BSN
FAX # (617) 248-8090


April 19, 1995

Rama Rao
Excel Technology
45 Adams Avenue
Hauppauge, NY 11788

Dear Dr. Rao:

It is my pleasure to inform you that Inc. magazine has named Excel Technology to the 1995 Inc. 100. Excel Technology ranks #8 on this year's list of America's fastest-growing public companies.

Congratulations to you and your employees. Companies with success records like yours serve as examples to Inc.'s 640,000 readers. We wish you continued success and look forward to following your progress.


George Gendron