Founded in 1989, Jefferson Research & Management is a quantitative fundamental research company, providing research to institutional clients for more than 20 years. Dr. Bruce Gulliver, Founder and President, is a longtime investment professional with substantial experience in industry and financial analysis and a recognized leader in forensic financial analysis. Over the past ten years, Bruce has been a featured speaker at both the annual meeting of the CFA Institute and the annual Equity Research conference.
Philosophy
Equity performance over time is driven by company fundamentals. Identifying changes in fundamentals is the key to both: 1) avoiding “torpedo” stocks (with the resulting performance penalty); and 2) making timely purchases of strong or improving companies. When companies can no longer meet promised growth goals, the next step is often to disguise this through more aggressive accounting. Since many investors rely on simple metrics subject to distortion by management, any successful analytical approach must identify and measure both fundamental trends and potential distortions in financial reporting.
