The Contrarian Research Report, authored by Murray Stahl, employs a value-oriented, event-driven investment strategy that seeks to capitalize on the most inefficient and attractive investment opportunities in the small cap equity arena. Murray uses a time-intensive, investigative style of research to uncover behind the scenes, proprietary information about each company. Investment recommendations focus on companies with significant barriers to entry that have the ability to generate a high and sustainable return on invested capital. While the vast majority of such companies trade at or near fair value, opportunities present themselves when transitory events temporarily depress share prices. These situations are the primary focus of the research process.

The Spin-Off Report, authored by Murray Stahl and Ryan Casey, monitors the progress of all U.S. spin-offs from announcement date through when-issued trading, and continues coverage through the first quarter of trading. The service provides fundamental research reports on the subsidiary prior to divestiture, and highlights arbitrage opportunities and trading techniques both before and after the record date. The Spin-Offs of Tomorrow report provides a detailed overview and analysis of companies believed to be potential spin-off candidates with a unique viewpoint and rationale. In addition, clients receive the Bits & Pieces report; a monthly supplement to the service that identifies mispriced stub securities, tracking stocks and other arbitrage opportunities. The Spin-Off Report Compendium provides an effective forum to discuss restructurings outside the realm of spin-offs, as well as intriguing divestitures in foreign markets.

Published by the Institutional Research Group, The Bankruptcy Calendar monitors the progress of all U.S. listed companies with over $250 million in assets expected to emerge from bankruptcy. The Bankruptcy Calendar routinely publishes full reports on companies that are poised for a near-term exit from bankruptcy, as well as recently emerged companies that present investors with compelling return potential. Upon request the authors will produce bespoke work for clients requesting analysis of individual companies.

Muzea Insider Consulting Services, LLC is a research firm that has analyzed legal insider trading on US equities for institutional money managers since 1973. The analysis is provided via our website, daily faxes/emails, monthly updates, and conference calls depending on the client and the level of service. Since 1986, Muzea has analyzed all insiders to determine their skill in open market buying and selling – assigning each insider a rank based upon their predictive ability. Real time portfolio monitoring is provided to track individual portfolios for clients. This includes daily emails alerting the client to any unusual or significant insider patterns. George Muzea and his team of analysts routinely review insider activity across all publicly traded securities to uncover positive and negative sector and industry trends. The service is also available to quantitative managers in which George ranks all publicly traded securities on a weekly basis.

The Devil’s Advocate Report produces short-sale recommendations on highly visible, large capitalization stocks, as well as unique short-sale and “spread trade” recommendations in ETFs, options and other instruments. As companies progress from high growth businesses to stable, mature companies, valuations often remain high and become illogical. Such circumstances are frequently explored in The Devil’s Advocate Report. Recommendations are often accompanied by option strategies to reduce or eliminate downside risk.

The rapid growth in exchange traded funds has provided investors with the ability to efficiently gain exposure to specific groups of securities that share common characteristics across the equity and fixed-income spectrum. The Devil’s Advocate Report will utilize ETFs to exploit pricing anomalies between various classes of securities.