Tamas Eisenberger, Long/Short Portfolio Manager, Hudson Bay Capital
How we do itRonny Schneider, Portfolio Manager, Visana Services
How we do itPeter Schell, Senior Fund Manager
How we do itAmounts paid by institutions to brokers have been collapsing since 2008
A large number of very strong, experienced equity analysts have left
Analyst ratings are more positive to companies that later give them jobs
Equity analysts never issue negative ratings on company road-shows
To attract issuers, brokers have to issue fancy equity research reports
Equity analyst focus is to maintain best relations with firms they cover
Sell-side equity analysts don’t value stocks, they price them
The biggest problem in equity research is herd mentality
A hold rating means sell, a buy means hold, a strong buy means buy
Because it’s Goldman, their analysts can make the worst mistakes
Our research analysts are global, companies they publish research on will not hire them
Our research analysts never organize road-shows for companies they cover
We have no investment banking division
We have no capital markets division
Our research is only for our customers, we don’t need to have good relations with the firms we cover
Our research analysts do not price stocks, price is just a consequence of their research
We have no hold rating; a buy is a buy; a sell is a sell
We only cover European equities
Our research team is global, not sector oriented
We only use proprietary tools to specify entry and exit points
We only hold one-to-one meetings; no group meetings; no seminars
We always conduct meetings with companies at their headquarters
We organise 150 to 170 one-to-one Company visits across 15 European countries each year
We visit any European Company of your choice, wherever they are in our Research Universe or not
Our customers have permanent access to each member of our research team
YEAR | AIR | INDEX | vs. INDEX |
---|---|---|---|
2012 - Q1-2024 | +365.28% | +109.65% | +255.63% |
Q1-2024 | +13.84% | +7.03% | +6.81% |
2023 | +24.11% | +12.73% | +11.38% |
2022 | -22.85% | -12.90% | -9.95% |
2021 | +28.37% | +22.25% | +6.12% |
2020 | +23.26% | -4.04% | +27.30% |
2019 | +32.39% | +23.16% | +9.23% |
2018 | -15.85% | -13.24% | -2.61% |
2017 | +21.10% | +7.68% | +13.42% |
2016 | +3.36% | -1.20% | +4.56% |
2015 | +24.23% | +6.79% | +17.44% |
2014 | +3.81% | +4.35% | -0.54% |
2013 | +22.80% | +17.37% | +5.43% |
2012 | +22.16% | +14.37% | +7.79% |
MONTH | AIR | INDEX | vs. INDEX |
---|---|---|---|
2020 - Q1-2024 | +42.56% | +10.49% | +32.07% |
Q1-2024 | +4.09% | +5.32% | -1.23% |
2023 | +12.31% | +3.80% | +8.51% |
2022 | -26.36% | -16.67% | -9.69% |
2021 | +38.80% | +20.29% | +18.51% |
2020 | +19.31% | +0.82% | +18.49% |
Carrer de Roger de Llúria, 119
08037 Barcelona
Spain
research@air.capital
43 Berkeley Square, Mayfair
London W1J 5AP
United Kingdom
research@air.capital
Advanced Investment Research Limited is an appointed representative of Messels Limited which is authorised and regulated by the Financial Conduct Authority (FCA)