"It is impossible to produce a superior performance unless you
do something different from the majority."

- Sir John Templeton
We Provide an Information Advantage
Investing  involves an  element of risk.   While risk can be minimized through exhaustive research
efforts, few analysts  have the luxury  of spending hundreds of  hours on a single  idea or theme.
We do.  In fact, our business is built upon the concept.

Research Done Right
While our research process is time intensive, it's  methodical and builds client  conviction.  Every
cell of  every earnings  model we  publish  is manually  entered by the  analyst writing the report,
allowing a level of detail and  understanding  that  is  otherwise  lost.  The same analyst spends
countless hours researching virtually all publicly available information about  the company,  their
industry  and   their   competitors.   Our   financial   projections  are  enhanced  by  our  superior
understanding of the company's accounting, cost functions and  operating leverage.   Simply put,
we truly understand the 'Unit Economics.'

Out of Consensus Research, Out of Consensus Returns
Out  of  consensus views, when accurate, are richly rewarded.  Knowing this, we focus our efforts
on misunderstood  or  ignored U.S.-listed small and midcap companies  with  strong liquidity.  We
seek long ideas with limited  downside  and  the potential  to  double  over  two years.  Our  short
ideas generally have imminent catalysts set  to  raise doubts among  the most adamant bulls.  To
further increase conviction, we combine our bottoms-up equity research  with  equally exhaustive
macro/thematic research.

Tailored Service
While we only publish research on  a  handful  of  our very best ideas and themes each year, the
quality of our work allows us to make a significant impact on our clients' portfolios.  By limiting our
client base, we are able to provide a high level  of  interaction  and  generate ideas  that  fit  your
investment criteria. This  business  model  also  allows  us  to  make frequent in-person visits, and
have in-depth discussions about actionable ideas and themes on which we do not formally publish.

Contact Us
To learn more about our subscription research services  and  how  we can enhance your current
investment process, please contact us.  We look forward to working with you!



Recent Events
Oil and Gas Investments Bulletin
BC LNG Conference
Bloomberg West
The Tesla Earnings Shell Game
Unit Economics
44 School St., Suite 805
Boston, MA 02108
Phone: (617) 227-5871
Fax: (617) 227-5870