Research Process

• We start with the big picture and develop thematic industry investment ideas when selecting our coverage universe
• Individual company research is done on a fundamental "bottoms up" basis
• A key element in our research approach is our comprehensive "channel checks"
• Our research reports focus on both fundamental valuations as well as actionable trading ideas
• Essential in our reports is the constant assessment of a company's:
• Vision, Leadership, Competitive Position, Capital Structure, Management, and Risk adjusted free cash flow generation
• Our industry coverage universe includes the following:
• Industrials and Water Utilities
• Consumer Staples and Retail
• Technology
• Aerospace and Defense
• Conglomerates and Capital Goods