Bespoke analysis and consulting.

Fundamental and bespoke research specifically targeted to the Healthcare and Technology sectors; main focus includes drug and device companies and emerging technologies such as AI.

Get access to in-depth reporting covering:

• 01Companies addressable market
• 02Upcoming catalysts
• 03Company financials
• 04Understanding their management team
• 05Business growth strategy

All to provide you with the insights needed to make sound buy-side decisions.

Customised, ongoing, conflict-free.

Reports can be customized according to need and can involve ongoing follow-up. Unlike other services, we can address specific areas of interest, produce independent financial models at the level of detail requested, and are not conflicted by multiple client desires.

Special projects and research assignments.

• 01Work closely with senior management to understand the business's key concerns
• 02Conduct in-depth research on companies and the industry segments they participate in, including research on competitors
• 03Prepare detailed written reports and executive slide presentations for company boards
• 04Provide senior management with information and advice relevant to their activities

I offer experience across a broad spectrum of industries with a diverse skill set which can be tailored to your business's needs.

There’s a trade-off between alpha and risk management.

Studies of long-term returns indicate that the equity investment styles that outperform the most are those that have the best chance of getting a manager fired.

The CIO and CEO in an investment organization have differing objectives. The CIO’s responsibility is to build an investment process that can generate superior returns over time. The CEO’s responsibility is to ensure that the CIO doesn’t take excess business risk. Even the best investment strategies can fail in the short run, and the organization has to take steps to control business risk so that it can survive periods of performance shortfalls.

Control your business risk — without changing your alpha.

I can show you ways to control your business risk and enhance returns, all without changing a manager’s intellectual capital, or alpha generation “secret sauce”:

• 01Set an investment benchmark that reflects your business risk — analyze the real-time positions of competitors’ portfolios
• 02Distill and control your bets — maximize your intended bets, minimize or eliminate your unintended bets
• 03Optimize your trading to fit your investment style — your trading desk is part of the investment process; get it involved
• 04Monitor portfolio implementation and conduct shortfall analysis
• 05Better process integration — examine every stage of your investment process to ensure each step works together as a team

I offer experience across a broad spectrum of strategies and disciplines with a diverse skill set which can be tailored to your firm’s needs.

Independent research and advisory across the commodity complex.

• 01Published an average of 19 research reports per month since July 2007
• 02Manage portfolios on a 1% + 20% fee structure
• 03Annual conference: 77 covered miners bought out for US $61 billion since 2008
• 04Corporate advisory services, primarily for pre-revenue miners

Four decades on the metals beat.

• •Ranked on the Institutional Investor All-American team for metals 43 times
• •Best global or U.S. research firm for rates of return, 2009–10 First Coverage survey
• •Covered metals since 1979, forest products since 2001, fertilizers since 2011
• •Typically 25 to 50 days of research travel each year for four decades
• •Working competence in steel mill metallurgy and engineering, geology, geostatistics, forestry
• •Native English; functional Greek, French, Spanish
• •Founded John Tumazos Very Independent Research, LLC in 2007
• •Previously at Prudential Financial, Sanford C. Bernstein, Donaldson, Lufkin & Jenrette, Oppenheimer & Co., and Morgan Guaranty Trust
• •M.S. Industrial Administration; B.S. Management Science & Economics — Carnegie Mellon University

Three streams of coverage. One sector view.

• MONTHLY
  RESEARCH REPORTS Every month Josef produces an interim update (mid-month) and a market overview (month-end) research report highlighting key developments within the industry and covered company activity.
• QUARTERLY
  WEBINAR Gain new insights, updates, and participate in live Q&A sessions held each quarter.
• EARNINGS NOTES
  & CORPORATE UPDATES Access coverage of junior, medium and large cap energy and energy service companies. Quarterly earnings notes and corporate updates on the 30+ names in Josef’s coverage universe.

A sea of experts. No definitive roadmap.

The application of ESG analysis in investment management today is admittedly confusing. Despite a sea of “experts,” there is no definitive roadmap. It can consume significant human and financial resources, and the rewards often seem uncertain at best. Is it really worth the investment?

We believe ESG analysis can be simplified and more efficiently utilized while still generating meaningful incremental alpha for your portfolio. We see ESG as the collision avoidance system in your vehicle — it allows you to anticipate and steer clear of a crash. Our ESG research provides you with the analytical GPS to guide your journey, the warning lights for your dashboard, and real-time learnings from recent ESG fender-benders.

A virtual ESG toolkit for your portfolio.

Through proprietary independent research, I equip you with a virtual ESG toolkit to draw on as needed for use in your own portfolio:

• 01Make sense of the multiple (and often conflicting) ESG scores offered by various service providers — how did they reach their respective scores, and how can they be so different?
• 02Dissect reported (and typically foreseeable) corporate ESG missteps — provide a synopsis of the lessons learned, and point to the places within your own portfolio where the same issues may be lurking
• 03Understand what works (and what doesn’t) in implementing ESG analysis within an investment process — with practical guidance on current best practices

In addition, I can provide bespoke ESG research on specific portfolio holdings, highlight areas of potential concern, and present findings either directly to you or to the company’s management and board on your behalf.