David founded the Prudent Bear Fund (BEARX) and served as portfolio manager from 1996 through 2008. For the 10 years ended December 2008 when Tice sold the fund, BEARX increased in value at an 8.0% annualized rate, while the S&P 500 lost 1.4% annually. David utilized short sales of overvalued common stocks and stock indexes, as well as being long mining companies to achieve a negatively correlated investment-return profile. David began his investment career in 1988 by publishing Behind the Numbers, an investment research service that focused on “quality of earnings warnings and sell recommendations” for more than 150 money managers who collectively managed more than $2 trillion.
His work gained national recognition through several Barron’s articles he wrote and from more than 200 appearances on business television. David has taken the role of a "Cassandra" to warn investors about the dangers of investing near the end of a secular bull market and the problems with relying on credit growth to expand the economy, and he has debated nearly every bullish Wall Street strategist. In September 1999, David hosted the New York symposium, “The Credit Bubble and Its Aftermath,” to alert the media, investors, and policymakers about the risks created by the historic expansion of credit. The symposium was covered by the next day’s front page of the Wall Street Journal. In June 2001, David testified before Congress regarding conflicts of interest of Wall Street and the consequences of capital markets that lack integrity.
David is a frequent guest on CNBC and Bloomberg TV. He is also founder and CEO of movie studio Paul Revere Films, where he was the producer and director of the award-winning documentary Grid Down, Power Up. Previously, he served as executive producer and financier for the major motion picture Soul Surfer. His charity, TrueSpark, aspires to motivate thousands of children to learn character development from great movies.
Now, David is chief investment officer and senior adviser of the short-selling AdvisorShares Ranger Equity Bear Fund (HDGE). He also is a partner at Moran Tice Capital Management, an investment-advisory firm.
David is a chartered financial analyst. He holds a bachelor's degree in business administration and a Master of Business Administration, both from Texas Christian University.