Mr. Edwards is a graduate of Deerfield Academy and Stanford University where he earned both his Bachelor of Science and Master of Science in Engineering. His investment career began in September 1982 at T. Rowe Price Associates in Baltimore, MD, where he worked as an investment analyst on the small-cap, New Horizons Fund. In 1987, Mr. Edwards joined Volpe & Covington, a San Francisco-based investment banking firm specializing in small public and private equities, as the firm's first general partner in the research division. Mr. Edwards left Volpe & Covington in 1989 to form the predecessor to Palo Alto Investors, LLC.

During his tenure on both the buy-side and the sell-side of Wall St., Mr. Edwards came to the conclusion that although the market was efficient at clearing trades, the price at which the market cleared them was often far different from the rational value for the underlying equities. This dynamic is especially evident in arcane or difficult to understand segments of the market.

Mr. Edwards structured Palo Alto Investors specifically to take advantage of these market pricing inefficiencies with an incentive fee structure that rewards performance over asset gathering, and a liquidity horizon that gives PAI an unfair advantage over other market participants, allowing the firm to capitalize on volatility rather than be victimized by it.