Richard Jaffe joined the Stifel Nicolaus Research Team in connection with Stifel's acquisition of Legg Mason's Capital Markets Group in December of 2005. Mr. Jaffe is the firm's softlines retail analyst. He joined Legg Mason in 2004. Before joining Legg Mason, he was the softlines retail analyst at UBS Warburg and prior to that, at PaineWebber Inc. Previously, he had been with Schroder & Co., Inc. Earlier in his career, Mr. Jaffe held positions with Dress Barn Inc., Macy's Department Stores, and America3 Foundation (where he participated in the successful defense of the America's Cup). Mr. Jaffe has an M.B.A. in finance and marketing from Columbia University and a B.A. and an M.A. in American Civilization from the University of Pennsylvania.