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Operator
Good morning. And thank you for joining us to discuss Cowen s results for the fourth quarter and full year 2020. By now, you should have received a copy of the earnings release, which can be accessed at investor.cowen.com. Before we begin, the company has asked me to remind you that some of the comments made on today s call and some of the responses to your questions may contain forward-looking statements. These statements are subject to risks and uncertainties described in the company s earnings release and other filings with the SEC. Cowen has no obligation to update the information represented on today s call. Also, on today s call, our speakers will reference certain non-GAAP financial measures, which the company believes will provide useful information for investors. Reconciliation of these measures to GAAP is consistent with company s reconciliation as presented in today s earnings release. ....

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