In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:

• GAAP and IFRS have failed to provide rules for reliable financial statement reporting
• Stock analyst recommendations are not grounded in disciplined financial analysis
• Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
• Utter lack of willingness of major research firms to employ the most advanced forensic analysis available

We sought to provide investors and company analysts with a source of information that changed all that.

Many years later, our business model remains because little has changed on Wall Street.

• Corporate credit ratings remain years behind the fundamental underpinnings of company performance
• Stock analysts continue to make recommendations with deeply inherent biases
• Research firms have failed to break down the walls between credit, equity, and macroeconomic research
• The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming

The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.