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The The 7Twelve7Twelve PortfolioPortfolioThe Benefits of Low CorrelationThe Benefits of Low Correlation

Craig L. Israelsen, Ph.D.Craig L. Israelsen, Ph.D.Brigham Young UniversityBrigham Young University

www.7TwelvePortfolio.com

41 slides41 slides

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This document is a research report presenting portfolio research and analysis.

This document is neither investment advice nor an investment solicitation.

Implementation of the 7Twelve7Twelve portfolio is no guarantee of performance.

---------------------------------------------------------------------------------------------

This is a copyrighted document, copying for redistribution is prohibited unless written permission is

obtained from Craig L. Israelsen.

Copyright © 2008 Craig L. Israelsen

All rights reserved

Presentation OverviewPresentation Overview

►Part One provides a historical context Part One provides a historical context of the benefits of a multi-asset, low of the benefits of a multi-asset, low correlation portfolio.correlation portfolio.

►Part Two introduces the Part Two introduces the 7Twelve7Twelve Portfolio, a multi-asset, low correlation Portfolio, a multi-asset, low correlation global portfolio.global portfolio.

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Part OnePart One

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Historical Asset ReturnsHistorical Asset Returns

38-Year Period from 1970-2007

Annualized

Return (%)

Std Dev of Annual Returns

Growth of $10,000

REIT 12.38 18.45 843,476

Commodities 12.02 23.93 747,183

US Small Stock 11.74 21.68 678,684

US Large Stock 11.08 16.62 542,040

International Stock 10.86 21.54 503,316

Bonds (Intermediate) 8.10 5.39 193,131

Cash 6.29 3.07 101,701

Inflation 4.62 3.08 55,618

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DataData

► Large-cap US equityLarge-cap US equity represented by the S&P 500 Index. represented by the S&P 500 Index.

► Small-cap US equitySmall-cap US equity represented by the Ibbotson Small Companies represented by the Ibbotson Small Companies Index from 1970-1978, and the Russell 2000 Index from 1979-2007. Index from 1970-1978, and the Russell 2000 Index from 1979-2007.

► Non-US equityNon-US equity represented by the MSCI EAFE Index. represented by the MSCI EAFE Index.

► Real estateReal estate represented by the NAREIT Index from 1970-1977 and represented by the NAREIT Index from 1970-1977 and the Dow Jones Wilshire REIT Index from 1978-2007.the Dow Jones Wilshire REIT Index from 1978-2007.

► CommoditiesCommodities represented by the Goldman Sachs Commodities Index represented by the Goldman Sachs Commodities Index (GSCI). As of February 6, 2007, the GSCI became the S&P GSCI (GSCI). As of February 6, 2007, the GSCI became the S&P GSCI Commodity Index.Commodity Index.

► U.S. intermediate term bondsU.S. intermediate term bonds represented by the Ibbotson represented by the Ibbotson Intermediate Term Bond Index from 1970-73 and the Lehman Brothers Intermediate Term Bond Index from 1970-73 and the Lehman Brothers Intermediate Term Government Bond index from 1974-2007. Intermediate Term Government Bond index from 1974-2007.

► CashCash represented by 3-month Treasury Bills. represented by 3-month Treasury Bills.

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Historical Upside and DownsideHistorical Upside and Downside

1970-2007

Largest One-Year Gain (%)

Worst One-Year Loss (%)

Worst 3-Year

Cum Loss (%)

Bonds 25.42 (1.75) 6.43

Cash 15.58 1.05 4.22

Commodities 74.96 (35.75) (26.06)

REIT 48.99 (23.44) (28.30)

US Large Stock 37.58 (26.47) (37.61)

US Small Stock 57.40 (30.90) (42.22)

International Stock 69.44 (23.45) (43.32)

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Benefit #1Benefit #1

When built correctly, When built correctly, multi-asset portfolios achieve multi-asset portfolios achieve

low aggregate correlation low aggregate correlation among the internal assets.among the internal assets.

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Correlation of Major Asset ClassesCorrelation of Major Asset Classes(1970-2007)(1970-2007)

Large US Equity

Small US Equity

Non-US Equity

US Bonds

Cash REIT

Small US Equity .74

Non-US Equity .59 .47

US Bonds .21 .05 -.11

Cash .05 .01 -.12 .42

REIT .39 .71 .25 .00 -.05

Commodities -.28 -.32 -.14 -.20 .00 -.24

Aggregate (Average) Correlation in Equal-Weighted 7-Asset Portfolio = 0.12

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Correlation MattersCorrelation MattersCommodities and small US stock had a similar 38-year return—but blending commodities with large US stock was far Commodities and small US stock had a similar 38-year return—but blending commodities with large US stock was far

more beneficial because commodities has a lower correlation to large US stock (-0.28) than does small US stock more beneficial because commodities has a lower correlation to large US stock (-0.28) than does small US stock (0.74).(0.74).

Growth of $10,000 1970-2007

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

S&P 500 50% S&P 500/50% Small US 50% S&P 500/50% GSCI

38-Year Returns:S&P 500 11.08%

Small US 11.74%GSCI 12.02%

Correlation:S&P 500/Small US = 0.74

S&P 500/Commodities = -0.28

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Performance During Performance During

Accumulation PhaseAccumulation Phase

Individual Assets Individual Assets

vs. vs.

Typical PortfoliosTypical Portfolios

vs. vs.

Multi-Asset PortfolioMulti-Asset Portfolio

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Year Large US Equity

Small US Equity

Non-US Equity

Intermediate Term US Bonds

Cash Real Estate CommoditiesEqually

Weighted Multi-Asset Portfolio

1970 3.92 (17.40) (11.66) 16.90 6.80 (4.00) 15.17 1.39

1971 14.30 16.50 29.59 8.70 4.53 15.52 21.08 15.75

1972 19.00 4.40 36.35 5.20 4.24 8.01 42.43 17.09

1973 (14.69) (30.90) (14.92) 4.60 7.46 (15.52) 74.96 1.57

1974 (26.47) (19.90) (23.16) 7.03 8.35 (21.42) 39.51 (5.15)

1975 37.23 52.80 35.39 8.33 6.08 19.29 (17.22) 20.27

1976 23.93 57.40 2.54 11.74 5.23 47.56 (11.92) 19.50

1977 (7.16) 25.40 18.06 3.00 5.52 22.43 10.37 11.09

1978 6.57 23.50 32.62 2.23 7.67 10.98 31.61 16.45

1979 18.61 43.07 4.75 6.59 10.86 48.99 33.81 23.81

1980 32.50 38.60 22.58 6.65 12.71 33.12 11.08 22.46

1981 (4.92) 2.03 (2.28) 10.79 15.58 17.88 (23.01) 2.30

1982 21.55 24.95 (1.86) 25.42 11.66 20.91 11.56 16.31

1983 22.56 29.13 23.69 8.22 9.24 32.17 16.26 20.18

1984 6.27 (7.30) 7.38 14.29 10.33 21.89 1.05 7.70

1985 31.73 31.05 56.16 18.00 7.97 6.50 10.01 23.06

1986 18.67 5.68 69.44 13.06 6.29 19.75 2.05 19.28

1987 5.25 (8.80) 24.63 3.61 6.13 (6.59) 23.77 6.86

1988 16.61 25.02 28.27 6.40 7.06 17.48 27.94 18.40

1989 31.69 16.26 10.54 12.68 8.67 2.72 38.28 17.26

1990 (3.10) (19.48) (23.45) 9.56 7.99 (23.44) 29.08 (3.26)

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YearLarge US

EquitySmall US

EquityNon-US Equity

Intermediate Term US

Govt BondsCash Real Estate Commodities

Equally Weighted Multi-Asset Portfolio

1991 30.47 46.04 12.13 14.11 5.68 23.84 (6.13) 18.02

1992 7.62 18.41 (12.17) 6.93 3.59 15.13 4.42 6.28

1993 10.08 18.88 32.56 8.17 3.12 15.14 (12.33) 10.80

1994 1.32 (1.82) 7.78 (1.75) 4.45 2.66 5.29 2.56

1995 37.58 28.45 11.21 14.41 5.79 12.24 20.33 18.57

1996 22.96 16.49 6.05 4.06 5.26 37.05 33.92 17.97

1997 33.36 22.36 1.78 7.72 5.31 19.66 (14.07) 10.87

1998 28.58 (2.55) 19.93 8.49 5.02 (17.01) (35.75) 0.96

1999 21.04 21.26 27.03 0.49 4.87 (2.58) 40.92 16.15

2000 (9.10) (3.02) (14.17) 10.47 6.32 31.04 49.74 10.18

2001 (11.89) 2.49 (21.44) 8.42 3.67 12.35 (31.93) (5.48)

2002 (22.10) (20.48) (15.94) 9.64 1.68 3.58 32.07 (1.65)

2003 28.69 47.25 38.59 2.29 1.05 36.18 20.72 24.97

2004 10.88 18.33 20.25 2.33 1.43 33.16 17.28 14.81

2005 4.91 4.55 13.54 1.68 3.34 13.82 25.55 9.63

2006 15.79 18.37 26.34 3.84 5.07 35.97 (15.09) 12.90

2007 5.49 (1.57) 11.17 8.47 4.77 (17.56) 32.67 6.21

Benefit #2Benefit #2

When built correctly, When built correctly, multi-asset portfolios multi-asset portfolios

achieve achieve equity-like returns equity-like returns with with bond-like riskbond-like risk..

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Multi-Asset Portfolio vs. Single Multi-Asset Portfolio vs. Single AssetsAssets

1970-2007 Large US Equity

Small US Equity

Non-US Equity

US Bonds

CashReal

EstateCommoditie

s

Equally Weighted 7-Asset Portfolio

38-Year Average

Annualized % Return

11.08 11.74 10.86 8.10 6.29 12.38 12.02 11.41

38-Year Standard

Deviation of Annual Returns

16.62 21.68 21.54 5.39 3.07 18.45 23.93 8.60

Number of Years

with Negative Returns

8 11 10 1 0 8 9 4

Worst One-Year % Return (26.47) (30.90) (23.45) (1.75) 1.05 (23.44) (35.75) (5.48)

Worst Three-Year

Cumulative % Return

(37.61) (42.22) (43.32) 6.43 4.22 (28.30) (26.06) 2.43

What’s Different in 2008? What’s Different in 2008? Commodities and real estate are not helping as much as in prior Commodities and real estate are not helping as much as in prior

downturns.downturns.

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Year Large US Equity

Small US Equity

Non-US Equity

Intermediate US Govt Bonds

CashReal

EstateCommodities

Equally Weighted

Multi-Asset Portfolio

1973 (14.69) (30.90) (14.92) 4.60 7.46 (15.52) 74.96 1.57

1974 (26.47) (19.90) (23.16) 7.03 8.35 (21.42) 39.51 (5.15)

2000 (9.10) (3.02) (14.17) 10.47 6.32 31.04 49.74 10.18

2001 (11.89) 2.49 (21.44) 8.42 3.67 12.35 (31.93) (5.48)

2002 (22.10) (20.48) (15.94) 9.64 1.68 3.58 32.07 (1.65)

YTD Oct 31 2008

(32.9) (29.1) (42.0) 4.8 1.5 (30.5) (28.3) (22.34)

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Portfolio(Equity/

Fixed Income)

Large US Stock

Small US Stock

Non-US Stock

Bonds Cash

60/4060/40 30%30% 15%15% 15%15% 30%30% 10%10%

40/6040/60 20%20% 10%10% 10%10% 50%50% 10%10%

Typical Multi-Asset PortfoliosTypical Multi-Asset Portfolios

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Performance in Post-RetirementPerformance in Post-Retirement

Distribution PhaseDistribution Phase

Various Portfolios Various Portfolios

vs. vs.

Multi-Asset PortfolioMulti-Asset Portfolio

Benefit #3Benefit #3

When built correctly, multi-asset When built correctly, multi-asset portfolios are portfolios are durabledurable during the during the

post-retirement distribution phase.post-retirement distribution phase.

DurableDurable = Growth + Downside = Growth + Downside ResistanceResistance

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Distribution Portfolio (1970-2007)

1

2

3

4

5

6

EW

CW

40/60

60/40

6%

7%

8%

9%

10%

11%

12%

10% 15% 20% 25% 30% 35% 40% 45% 50% 55%

Frequency of Loss (as measured by % Change in Year-to-Year Account Value)

Inte

rna

l R

ate

of

Re

turn

(1

97

0-2

00

7)

1 = One-asset portfolio (100% Cash)

2 = Two-asset portfolio (50% each Bonds, Cash)

3 = Three-asset portfolio (33% each Cash, Bonds, Large US Stock)

4 = Four-asset portfolio (25% each Cash, Bonds, Large US Stock, Small US Stock)

5 = Five-asset portfolio (20% each Cash, Bonds, Large US Stock, Small US Stock, Non-US Stock)

6 = Six-asset portfolio (16.7% each Cash, Bonds, Large US Stock, Small US Stock, Non-US Stock, REIT)

EW = Seven-asset equal-weighted portfolio (14.3% each Cash, Bonds, Large US Stock, Small US Stock, Non-US Stock, REIT, Commodities)

CW = Seven-asset custom-weighted portfolio (12% Large US, 8% Small US, 10% Non-US, 5% REIT, 5% Commodities, 40% Bond, 20% Cash)

60/40 = 30% Large US, 15% Small US, 15% Non-US, 30% Bond, 10% Cash

40/60 = 20% Large US, 10% Small US, 10% Non-US, 50% Bond, 10% Cash

$500,000 Initial Portfolio Value5% withdraw rate3% inflation rate of annual withdrawal

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►Minimizing Minimizing frequency of lossfrequency of loss and and size of size of portfolio lossportfolio loss while generating robust while generating robust performance are distinct benefits of low performance are distinct benefits of low correlation portfolios—provided that each correlation portfolios—provided that each asset is assigned a asset is assigned a meaningful allocationmeaningful allocation..

►Recovering from large losses is more Recovering from large losses is more difficult in distribution portfolios--when difficult in distribution portfolios--when money is being systematically withdrawn.money is being systematically withdrawn.

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Portfolio Loss

Needed Average Annual % Return to Restore Original Portfolio Balance

WITHDRAWAL PortfolioFirst Year Withdrawal of 5% of initial balance, 3% increase of annual withdrawal

Within 1 Within 1 YearYear

Within Within 2 Years2 Years

Within Within 3 Years3 Years

Within Within 4 Years4 Years Within 5 YearsWithin 5 Years

-5% 16.8% 11.1% 9.3% 8.4% 8.0%

-10% 23.7% 14.4% 11.5% 10.1% 9.4%

-15% 31.4% 18.0% 13.9% 12.0% 10.9%

-20% 40.2% 22.0% 16.5% 14.0% 12.5%

-25% 50.2% 26.4% 19.4% 16.1% 14.3%

Portfolio Loss

BUY-and-HOLD Portfolio

Within 1 Year

Within 2 Years

Within 3 Years

Within 4 Years

Within 5 Years

-5% 5.3% 2.6% 1.7% 1.3% 1.0%

-10% 11.1% 5.4% 3.6% 2.7% 2.1%

-15% 17.6% 8.5% 5.6% 4.1% 3.3%

-20% 25.0% 11.8% 7.7% 5.7% 4.6%

-25% 33.3% 15.5% 10.1% 7.5% 5.9%

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Portfolio(Equity/

Fixed Income)

Large US Stock

Small US Stock

Non-US Stock

Bonds Cash

60/4060/40 30%30% 15%15% 15%15% 30%30% 10%10%

40/6040/60 20%20% 10%10% 10%10% 50%50% 10%10%

20/8020/80 10%10% 5%5% 5%5% 60%60% 20%20%

0/1000/100 0%0% 0%0% 0%0% 70%70% 30%30%

Example Distribution PortfoliosExample Distribution Portfolios

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Final Outcomes Are Very Dependent on Timing of Final Outcomes Are Very Dependent on Timing of ReturnsReturns

Final Account Value During Each 20-Year Period

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

20-Year Period Ending in...

60% Equity/40% Fixed Income 40% Equity/60% Fixed Income 20% Equity/80% Fixed Income 100% Fixed Income

60/40

40/60

20/80

0/100

DISTRIBUTION PORTFOLIO$500,000 Initial Portfolio Value5% withdraw rate3% inflation rate of annual withdrawal

1975-1994

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Distribution Portfolio GoalsDistribution Portfolio GoalsStabilize Returns to Minimize Timing DependenceStabilize Returns to Minimize Timing Dependence

Maintain Robust Performance to Increase Portfolio LongevityMaintain Robust Performance to Increase Portfolio Longevity

(5)

0

5

10

15

20

25

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

40/ 60 Equal-Weighted 7 Asset Portfolio

3-Year Annualized Rolling Returns1970-2007

Ave. 3-Yr Return Ave. 3-Yr Std Dev

40 Equity/60 Fixed Income 9.8% 4.3% 7-Asset EW Portfolio 11.7% 4.4%

Part TwoPart Two

28

29

Building a Multiple-Asset Building a Multiple-Asset Low Correlation PortfolioLow Correlation Portfolio

The The 7Twelve7Twelve Portfolio Portfolio

►7 Core Asset Classes7 Core Asset Classes

withwith►12 Underlying Funds12 Underlying Funds

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TheThe 7Twelve PortfolioPortfolioA Multiple-Asset Global PortfolioA Multiple-Asset Global Portfolio

Approximately 60% of the Portfolio Allocationin Equity and Diversifying Assets

Approximately 40% of the Portfolio Allocation in Bonds and

Cash

US Equity

Non-US Equity

Real Estate

ResourcesUS

BondsNon-US Bonds

Cash

Large Companies

Developed Markets

Global Real Estate

Natural Resources

US Aggregate

Bonds

International Bonds

US Money Market

Medium-sized

Companies

Emerging Markets

Commodities

Inflation Protected

Bonds

Small Companies

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Large US

Mid US

Small US

Non-US Develope

d

Non-US Emergin

g

Global Real

Estate

Natural Resourc

es

Commodities

US Aggregate Bonds

Inflation Protected Bonds

Non-US

Bonds

Mid US 0.58                    

Small US 0.88 0.38                  

Non-US Developed 0.65 0.16 0.48                

Non-US Emerging 0.50 (0.18) 0.50 0.74              

Global Real Estate 0.70 0.46 0.74 0.19 0.17            

Natural Resources 0.47 0.37 0.48 0.53 0.69 0.35          

Commodities 0.14 0.25 0.12 0.09 0.34 0.35 0.59        

US Aggregate

Bonds(0.39) 0.05 (0.17) (0.68) (0.83) 0.05 (0.61) (0.24)      

Inflation Protected

Bonds(0.47) 0.01 (0.27) (0.54) (0.42) (0.02) (0.08) 0.38 0.63    

Non-US Bonds (0.20) (0.20) (0.10) 0.25 (0.09) (0.11) (0.17) (0.09) 0.36 0.42  

US Money Market (0.13) 0.29 (0.24) (0.35) (0.32) (0.35) (0.15) (0.22) 0.08 (0.22) (0.50)

7Twelve CorrelationCorrelationAggregate Correlation = 0.09Using annual returns from 1998-2007

32

7Twelve Portfolio

-30%

-20%

-10%

0%

10%

20%

30%

40%

0% 20% 40% 60% 80% 100% 120%

10-Year Standard Deviation of Return

10

-Ye

ar

An

nu

ali

ze

d R

etu

rn

1,979 distinct mutual funds with at least 10 years of performance as of December 31,

2007

Red dot is 7Twelve portfolio

33

Calendar Year Total % Return

7Twelve Portfolio

American Funds Capital

Income Builder

Fidelity Global

Balanced

S&P 500 Index

1998 0.10 17.75 13.90 28.62

1999 15.47 23.03 7.96 21.07

2000 12.26 (5.97) 5.60 (9.06)

2001 2.17 (8.15) (2.49) (12.02)

2002 2.31 (6.15) (7.74) (22.15)

2003 28.61 29.90 24.38 28.50

2004 17.46 13.67 12.55 10.74

2005 12.31 9.00 6.44 4.77

2006 15.13 13.70 11.92 15.64

2007 12.46 13.77 7.70 5.39

10-Year Annualized Return

11.54 9.35 7.69 5.83

Correlation to S&P 500 Index

.50 .94 .89 1.00

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Accumulation 7Twelve Portfolio

35

Distribution 7Twelve Portfolio$100,000 Initial Account Value, 5% Initial Withdrawal, 3% Annual Increase in Withdrawal

Age of Investor Under Age 50

Age 50-60

Age 60-70

Over Age 70

Comparison Funds

Portfolio Mix 100% 7Twelve

80% 7Twelve

10% TIPS10% Cash

60% 7Twelve

20% TIPS20% Cash

40% 7Twelve

30% TIPS30% Cash

American FundsCapital Income

Builder A(CAIBX)

Fidelity Global

Balanced(FGBLX)

Accumulation Portfolio (1998 – 2007)

10-Year AverageAnnualized Return

(%)11.54 10.40 9.23 8.03 10.06 9.35

Worst One-Year % Loss 0.10 0.99 1.88 2.77 (2.78) (8.15)

Distribution Portfolio (1998 – 2007)($100,000 initial value, 5% annual withdrawal, 3% annual increase in withdrawal)

Internal Rate of Return (%) 10.24 9.28 8.30 7.29 8.90 8.46

Worst One-Year Portfolio Loss

($4,899)

($4,010)

($3,122)

($2,233)

($8,118)($15,267

)

Correlation (1998 – 2007)Correlation to S&P

500 0.50 0.45 0.37 0.19 0.44 0.94 36

As of October 31, 2008As of October 31, 2008

37

Master 7TwelveTM PortfoliosYear-to-Date

Total % Return as of October 31, 2008

10-Year Annualized % Return

as of October 31, 2008

100% 7Twelve (27.72) 8.1980% 7Twelve, 10% TIPS, 10%

Cash(22.72) 7.69

60% 7Twelve, 20% TIPS, 20% Cash

(17.73) 7.08

40% 7Twelve, 30% TIPS, 30% Cash

(12.74) 6.39

Comparison FundsAmerican Funds Capital Income

Builder(CAIBX)

(30.15) 5.48

Fidelity Global Balanced(FGBLX)

(24.57) 5.38

T. Rowe Price Personal Strategy Balanced(TRPBX)

(27.77) 3.57

Vanguard Balanced(VBINX)

(21.37) 2.98

Vanguard 500 Index(VFINX)

(32.87) 0.32

38

DJIA hit all-time high on Oct 9, 2007DJIA hit all-time high on Oct 9, 2007

365 days later…(Thursday Oct 9, 2008)Trailing 1-year Return as of Oct 9,

2008

►DJIA -39.4%►S&P 500 -40.6%

►100% 7Twelve -25.9%►40/30/30 7Twelve* -10.4%

* 40% 7Twelve, 30% TIPS, 30% Cash

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40

1) Portfolio logistics are very straight-forward:1) Portfolio logistics are very straight-forward: Equally-weighted, annually rebalanced. Equally-weighted, annually rebalanced. Using cash flows to accomplish rebalance increases tax efficiency.Using cash flows to accomplish rebalance increases tax efficiency.

2) No reliance upon tactical skill or timing. 2) No reliance upon tactical skill or timing.

3)3) Represents the core “module” of any portfolio pre or post retirement.Represents the core “module” of any portfolio pre or post retirement. Examples: Examples: 80% 7Twelve, 20% individual stocks80% 7Twelve, 20% individual stocks

60% 7Twelve, 20% TIPS, 20% cash60% 7Twelve, 20% TIPS, 20% cash 50% 7Twelve, 30% fixed annuity, 20% cash50% 7Twelve, 30% fixed annuity, 20% cash

4) Can be built using actively managed funds, passively managed index 4) Can be built using actively managed funds, passively managed index funds, ETFs, ETNs, or CTFs (collective trust funds). funds, ETFs, ETNs, or CTFs (collective trust funds).

5) Sets upper and lower boundaries for number of portfolio holdings:5) Sets upper and lower boundaries for number of portfolio holdings: (7 asset classes employing 12 underlying funds) (7 asset classes employing 12 underlying funds)

7Twelve Portfolio

41

The The 7Twelve7Twelve PortfolioPortfolio The Benefits of Low Correlation The Benefits of Low Correlation

Craig L. Israelsen, Ph.D.Craig L. Israelsen, Ph.D.Brigham Young UniversityBrigham Young University

EmailEmail:: craig@7TwelvePortfolio.com

Web:Web: www.7TwelvePortfolio.com