Spencer Jefferies is president and founder of Partnership Profiles, Inc. (PPI), a research company founded in 1988 which actively follows hundreds of publicly-held limited partnerships and non-listed real estate investment trusts (REITs). Mr. Jefferies is the editor of Direct Investments Spectrum, a bi-monthly newsletter that tracks the formation, funding and operating results of non-listed REITs, LLCs and limited partnerships, as well as the prices at which these investments trade in the secondary market. PPI also provides direct consulting to broker-dealers, real estate companies, law firms and other third parties on matters related to direct investments. Mr. Jefferies is a co-author of the first, second and third editions of Comprehensive Guide for the Valuation of Family Limited Partnerships published by Partnership Profiles. Mr. Jefferies is a frequent speaker on both the direct investments industry and the valuation of minority interests in real estate. He is a graduate of the University of Texas at Austin with degrees in real estate and finance.