We believe that the discipline required to produce written research encourages thorough qualitative and quantitative analysis. Accordingly, we produce a number of research reports and compendia thereof. Examples include the following:
The Contrarian Research Report
Published since the Firm’s inception, the Contrarian Research Report expresses our long-term value, contrarian investment philosophy, and the unconventional thinking we believe is required to identify successful investments. It details out-of-favor, turnaround, or distressed situations with sufficiently discounted valuations as to provide an asymmetrically favorable expected risk/return profile.
The European Contrarian Report
The European Contrarian report identifies undervalued companies, primarily in Western Europe, with earnings dependent on their local economies rather than on global markets or the United States. Companies with limited exposure to U.S. economic cycles can offer genuine international diversification, in contrast to “global” companies that may be domiciled outside of the U.S., yet derive a significant share of their revenues and/or earnings in the U.S.
The Fixed Income & Cryptocurrency Compendium
The Fixed Income & Cryptocurrency Compendium provides investment recommendations on fixed-income securities with a focus on bonds issued by U.S. corporations. In the current low-interest rate environment, the term “high-yield” has become both a misnomer and misleading. The report is focused on identifying convertible or debt securities with relatively rich yields while avoiding unacceptably high credit risk and interest rate risk. It provides commentary on the historically unprecedented dangers now facing fixed income investors, and as well, offers insights on a variety of cryptocurrency related topics.
The Stahl Report
The Stahl Report identifies undervalued or misunderstood companies that typically fall in the mid- to large-cap market capitalization range. Recommendations seek to take advantage of mispricings that result in asymmetrically attractive risk-reward opportunities. These are frequently misunderstood companies, which may be in the midst of a temporary downturn, or which may have a clear catalyst for appreciation, but for which timing is uncertain, making them unappealing to the preponderance of investors.
The Devil’s Advocate Report
The Devil’s Advocate Report presents short sale ideas focused on highly visible, large-capitalization, widely held stocks. The report was established during the period of absurd valuations witnessed during the Tech bubble. Though such a plenitude of short sale opportunities are not available in the current environment, with index product flows supporting extended valuations for the largest, most liquid companies, it is still possible to identify attractive short sale opportunities if one is willing to put in the effort to look for them.
The Spin-Off Report
Produced in collaboration with Institutional Research Group, The Spin-Off Report monitors the progress of most U.S. spin-offs from announcement date through completion of the transaction. The Spin-Off Report series includes the monthly Radar Screen and Calendar, which monitor the status of likely and pending transactions, respectively, and Flash reports distributed upon new spin-off announcements. These are, in addition to individual company reports and Compendia. In the Compendium reports, Murray Stahl provides views on the market environment for spin-offs as well as reviews selected transactions.
The European Spin-Off and Restructuring Report
Formerly the Global Spin-Off Report, The European Spin-Off and Restructuring Report, provides in-depth fundamentals analysis of international, particularly European, tax-free spin-offs and other restructuring opportunities. These securities generally result from large companies divesting small subsidiaries in a way that bypasses traditional research coverage, often resulting in discounted valuations. Similar to the Spin-Off Report, the series includes the Radar Screen, Calendar, and Flash reports in addition to individual company reports and compendia.