Unique Investment Perspectives from
Murray Stahl

creative insights on equities, fixed income, special situations & cryptocurrencies from horizon kinetics

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Leading edge research on unique investment opportunities


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Fundamentals enhanced by data

madera technology partners combines extensive fundamental long/short investment experience with an expertise in the analysis of unconventional data. madera identifies and understands the data that matters to an investment.

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Tomorrow's Investment Uncertainty, Discovered Today

VOYANT ADVISORS employs an analytical process combining deep fundamental research with an expertise in working capital analysis and forensic consulting.

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Unparelled Insight on Global M&A Activity

chain bridge research publisheS unbiased and independent M&A research with expertise in competition-based analysis

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Since 1982, PCS Research Services has specialized in providing unique, niche-focused research that seeks to capitalize in areas of the capital markets that are ignored or misunderstood by traditional sources of investment research.

Despite the abundance of research produced by typical sell-side research houses, there continues to be corners of the investment landscape that lack deep, insightful analysis. It is within these areas that we believe we can add value for our clients. PCS Research Services represents a select roster of research originators that have been carefully selected for their ability to add value in specific areas of the market that often exhibit inefficiencies.

Our Research Partners

Since 2007, the team at Forensic Edge has provided subscription-based investment research and consulting services to many of the world's leading hedge funds and mutual fund companies. Their unique blend of forensic accounting and fundamental analysis has provided these clients with a differentiated source for the identification of high-risk investments.

The team of seven analysts consists of former corporate auditors-turned-analysts who have fine-tuned a proprietary set of quantitative metrics through many years of real world usage. Forensic Edge harnesses these metrics to rate companies across twelve areas of risk that are often overlooked by conventional investment analysis. This quantitative framework is enhanced by on-demand qualitative reviews that further refine these risk ratings.

Founded in 2006, Voyant Advisors consists of seven investment professionals seeking to identify publicly traded companies that exhibit significant risk of stock price underperformance. The analytical process blends working capital and forensic accounting with in-depth fundamental research to provide clients with differentiated idea generation of companies with significant and unrecognized risk. Voyant primarily publishes analysis of U.S. and European-listed companies in the technology, telecom, consumer, industrial and healthcare sectors with market capitalization of $1 billion and above, and daily trading volume of $15 million and above.

Voyant also provides a variety of consulting services. These include detailed research projects on specific companies, portfolio monitoring services, consulting on complex accounting issues, and management meeting preparation.

The Institutional Research Group (IRG) was formed in January 2008 to produce investment research focused on "special situation" investments, with a focus on spin-off transactions. Three distinct subscription services are published by IRG: The Spin-Off Report, The European Spin-Off & Restructuring Report, and Hidden Opportunities.

The Spin-Off Report and European Spin-Off & Restructuring Report, published in collaboration with Horizon Kinetics, provide detailed analysis of every U.S. and European-listed spin-off transaction.

Hidden Opportunities provides detailed examinations of U.S.-listed small and mid-cap companies that trade at compelling discounts to their sum-of-the-parts valuations with potential for a value-unlocking event such as spin-off or asset sale.

The Horizon Research Group, founded in 1994 and headed by Murray Stahl, consists of ten investment analysts responsible for the publication of five distinct research services. These services cover a range of investment strategies and asset classes. Three services are dedicated to the identification of undervalued companies, while others are focused on short sale opportunities, fixed-income investing, and spin-off transactions.

In addition to the publication of comprehensive investment recommendations, Murray holds a weekly meeting devoted to the discussion of investment ideas and themes within the scope of one particular research service. The scope of each week’s discussion rotates between the areas covered by the seven research services. These meetings produce the Compendium reports which are included as part of each service. These publications provide Murray with a forum for discussing investment themes and framing new company-specific investment theses. The Compendium reports have also been the primary channel through which Murray has communicated his views on Bitcoin and other cryptocurrencies.

Madera Technology Partners was founded in 2014 with the idea of blending real-world, fundamentally-driven investment management experience with expertise in alternative data analysis and disruptive technology. This unique approach to data-driven investing allows for the extraction of meaningful and often unrecognized information from a wide variety of unconventional data sources and the incorporation of these insights into a deep understanding of company fundamentals.

Madera utilizes their proprietary JSTARS platform to uncover hidden relationships and trends while leveraging a vast range of alternative data sources beyond commoditized, vendor-provided datasets. Applying this differentiated method of sourcing information allows Madera to make better informed conclusions creating a true investment edge. Madera provides buy-side clients with actionable investment ideas and notable data trends through a subscription-based product and consulting services.

Clients receive a monthly report updating them on key trends across a range of sectors without any noise or need for additional analysis. Reports recommending to buy or sell short specific securities are also published routinely. These reports may focus on specific data points indicating fundamental business improvement or deterioration, or may be more qualitative in nature where a fundamental view, often contrary to consensus, is articulated.

Chain Bridge Research publishes three independent research services producing investment recommendations in global mergers and acquisitions, capital structure arbitrage, and other areas of event-driven and special situation investing. Krisztian Szentessy, with over 14 years of experience in equity markets, leads the analyst team. He is joined by four other analysts.

Three regionally focused M&A services cover every transaction in Europe, Asia and the Americas with a target market capitalization greater than $500 million. Each service provides in-depth fundamental research and trading analysis on every deal. Daily notes and weekly updates keep clients current on all deals under coverage, supplemented by ongoing news and deal analysis covering legal issues, sector strategies, counter-bidders, valuations and timing. Extensive research on potential acquisition targets is also provided.