Tomorrow's Investment Uncertainty, Discovered Today

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

Learn more

Leading edge research on unique investment opportunities


Learn more

Unique Investment Perspectives from
Murray Stahl

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

Learn more

Unparelled Insight on Global M&A Activity

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

Learn more
Exclusive Marketing and Sales Partners with:
Since 1982, PCS Research Group 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 Group 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

Founded in 2006, Voyant Advisors consists of four 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 on companies with significant and unrecognized risk. Voyant 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.

For over 25 years, The Spin-Off Report has been the preeminent independent research service for tracking and analyzing the U.S. spin-off space by covering all transactions over $250 million from announcement through distribution date and 60 days post-completion.  Our comprehensive reports provide fair value estimates and buy/hold/sell recommendations for both the spin-off company and the parent and these may be updated periodically, based on peer and M&A multiples, changes to the distribution ratio as well as industry trends and market conditions.

The Spin-Off Report is the only service that provides detailed fundamental analysis, thorough valuation work and trading recommendations on every spin-off.

Hidden Opportunities provides in-depth analysis of North American small and mid-cap companies that present a compelling sum-of-the-parts valuation with a potential future catalyst. This unique approach is based on a set of predictive attributes evidenced by our internal research process to be precursors to a value-unlocking event. Such events include spin-offs, carve outs, assets sales and outright takeovers.

The service aims to present these situations to clients long before the likelihood of such events are evident in the marketplace and reflected in the share price. The scope of our research process also includes ongoing or potential activist involvement, restructuring trends within a particular industry and the strategic rational behind separating disparate business segments.

Founded in 2004, Chain Bridge Research publishes three independent research services producing unbiased investment recommendations and analysis in global mergers and acquisitions.  Gábor Szabó leads the analyst team. He is joined by three other dedicated analysts with extensive experience in the M&A space.

Three regionally focused M&A services cover transactions in North and South America, Europe and APAC with a target market capitalization greater than $300 million. Each service provides in-depth fundamental research and trading recommendations on every deal. Daily notes and weekly updates keep clients current on all deals under coverage, supplemented by ongoing news and analysis covering legal issues, shareholder approval, potential counter bids, valuation analysis and timing. The service also includes comprehensive analysis on non-confirmed situations where the strategic rationale for the deal has been identified.

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, spin-off transactions, fixed-income investing and cryptocurrency.

Investment research services published by Horizon Kinetics include The Contrarian Research Report, The European Contrarian, The Stahl Report, The Devil’s Advocate Report, The Fixed Income Contrarian and The Cryptocurrency Compendium Compilation. The Spin-Off Report and European Spin-Off Report are published in collaboration with the Institutional Research Group. Please see the The Spin-Off Report website for details on those services.