Independent Equity Research
Research. Analyze. Invest. Succeed.
We do the deep work on public companies — the filings, the footnotes, the competitive position — so you can make decisions with conviction instead of guesswork.
What We Do
Three disciplines, one process
Research, analysis and portfolio discipline are not separate services — they are stages of the same job. Weakness in any one of them undoes the other two.
In-Depth Research
Actionable Insights
Company-level research that goes past the headline number — business model, unit economics, balance sheet, competitive position, and the risks nobody puts in the press release.
Learn more →Market Analysis
Data-Driven Decisions
Sector and macro context so you know whether a name is genuinely mispriced or simply moving with everything else in its industry.
Learn more →Smart Investing
Building Your Future
Position sizing, diversification, and time horizon — the framework that decides returns far more often than any single stock pick does.
Learn more →
By the numbers
The work behind the research
We publish what we do, not what we returned. These are operational figures — the reading, screening and writing that goes into the coverage.
1,200+
Companies screened
Names run through our quantitative filters to date.
240+
Filings read in full
Annual reports, proxies and transcripts, front to back.
18
Sectors covered
Across US-listed large, mid and small capitalisation names.
5 days
Typical turnaround
From scoping call to delivered written research.
Our Process
How a company earns coverage
Most names that enter this process do not come out the other side with a recommendation. That is the point of having one.
- 01
Screen
We narrow the universe with quantitative filters — but a screen produces candidates, never conclusions.
- 02
Read
Filings, footnotes, proxy statements and transcripts. The disclosures that matter are rarely in the press release.
- 03
Stress-test
We model the bad year, not just the base case. What has to go wrong for this to fail, and how likely is it?
- 04
Conclude
A written view with the reasoning shown, the risks named, and the evidence that would change our mind stated up front.
How a screen narrows to written coverage
Representative shape of our filtering process on a 1,000-company screen. Illustrative of method, not a historical record.
- Universe screened1,000
- Passes comprehension380
- Passes cash conversion190
- Passes balance sheet95
- Reaches written coverage24
View as table
| Stage | Companies remaining |
|---|---|
| Universe screened | 1,000 |
| Passes comprehension | 380 |
| Passes cash conversion | 190 |
| Passes balance sheet | 95 |
| Reaches written coverage | 24 |
Where the hours go on a full company work-up
Share of analyst time on a typical in-depth research engagement.
- Filings & footnotes40%
- Financial modelling25%
- Industry & competitors20%
- Writing & review15%
View as table
| Activity | Share of time |
|---|---|
| Filings & footnotes | 40% |
| Financial modelling | 25% |
| Industry & competitors | 20% |
| Writing & review | 15% |
A worked example
The gap we look for first
Reported earnings are an opinion shaped by accounting choices. Cash flow is closer to a fact. When the two separate and keep separating, the headline number is telling you less than it appears to.
It is a simple check, it takes minutes, and it is skipped constantly — which is exactly why it is the second filter in our process rather than the twentieth.
Earnings can rise while cash flow falls
Illustrative example — not a real company. Indexed to 100 in year one. This divergence is one of the first things our research tests for.
- Reported earnings
- Operating cash flow
View as table
| Period | Reported earnings | Operating cash flow |
|---|---|---|
| Yr 1 | 100 | 97 |
| Yr 2 | 118 | 104 |
| Yr 3 | 139 | 101 |
| Yr 4 | 162 | 92 |
| Yr 5 | 188 | 78 |
Why J.J
Independence is the product
Research is only worth reading if the person writing it has nothing to gain from your decision beyond being right.
Independent by design
We do not underwrite securities, take payment from the companies we cover, or run a brokerage. Our research answers to the reader.
Reasoning you can audit
Every conclusion shows its work. You should be able to disagree with our assumptions and reach your own answer with the same material.
Risk stated plainly
Every thesis has a way it fails. We name it explicitly rather than burying it in a closing paragraph.
Willing to say we don't know
Where the evidence does not support a confident view, that is what our research will tell you.
Latest Research
From the desk
Methodology, market context and investor education — published openly.
Sector Context Before Single-Stock Conviction
Before concluding a company is mispriced, rule out the simpler explanation: everything in its industry is moving together.
May 7, 2026
When the Honest Answer Is No Position
Research that always produces a recommendation is not research. The discipline to conclude 'we don't know' is a feature.
August 9, 2023
Position Sizing Decides More Than Stock Picking
You can be right about most of your names and still lose money. How much you own is usually the more consequential decision.
February 17, 2021
Have a company you want looked at properly?
Tell us the name and what you are trying to decide. We will tell you honestly whether it is something we can help with.