No portion of this website may be reproduced, stored, or redistributed in any form without the express written consent of Ockham Research, LLC. Portions of the data contained herein are provided by third parties including Hemscott Americas. Ockham is neither a registered broker dealer nor a member of the NASD or SIPC. No principal or employee of Ockham serves on public company boards nor does anyone at a covered company serve on the board of Ockham. Ockham Research, LLC, is an independent research provider and does not engage in any aspect investment banking or brokerage activity nor do we ever own more than one percent (1%) of the outstanding shares of any covered company. Ockham accepts no liability whatsoever for any losses that arise from any use of this website or any content herein nor will recipients of this material be treated as customers of Ockham. While the opinions and information expressed on this website have been obtained and derived from sources believed to be reliable, Ockham makes no representation, guarantee, or warranty as to the website’s accuracy, adequacy, timeliness or completeness. Prior years’ valuations, profitability, and growth parameters are not necessarily predictive of future share price ranges and past performance is no indication of future results. Because all investors have unique situations, objectives, and needs, statements on this website should not be taken as individual investment advice. This website and all reports or information displayed herein are provided for informational purposes only by Ockham Research, LLC (“Ockham”) and is not a recommendation or a solicitation to buy, sell, or hold a security. This is why Ockham Research produces its straightforward analysis which incorporates the efficient study of a company’s price to cash earnings and price to sales ratios as the razor with which our clients may cut to the answers. Therefore, according to this guiding principle, the most preferred answer must be simple, direct, and efficient. This means that the question that all financial research is trying to answer is the same. Ultimately, all investment is designed to produce alpha. Analysts today juggle fundamentals, technicals, company meetings, earnings estimates, corporate disclosures, pipeline forecasts, insider trading, quantitative studies, forensic accounting, trading algorithms, sector analysis, market forecasting, and thousands of other factors in an attempt to arrive at a “Buy”, “Sell” or “Hold”.Īfter years of studying different equity research approaches, it has become clear that with investing, unlike speculation, Ockham’s Razor is vital. This is the problem currently facing most research departments and firms. The inclusion of countless factors within an investing approach only tends to corrupt conclusions. In investing, equity research needs to be clear and based upon sound arithmetic. As equity research has evolved to incorporate thousands of inputs, firms, and methodologies, the approach taken by Ockham Research is straightforward and specifically devoid of needless variables. Ockham Research, formerly Financial Market Management, Inc., has been producing equity research for over a decade guided by the principles of value investing and Ockham’s Razor. Benjamin Graham’s principles have proven time and again to provide the best answer to the investor’s ultimate question, “What securities should I invest in?” In many ways, in its simplest forms, value investing is the Ockham’s Razor of equity analysis. Ockham’s Razor removes excess assumptions from explanations and cuts to the truth of whatever is being questioned. This concept, sometimes referred to as the Law of Parsimony, has been a defining characteristic of scientific theory, philosophy, and many other fields of study. William of Ockham’s pioneering principle - that the most direct explanation of any problem is the preferred explanation-has become known as Ockham’s Razor. Value investing has been reshaped over the years into a multitude of approaches, however the guiding premise remains the mathematical study of a company’s financial ratios and the attempt to identify undervalued companies at reasonable prices. His value investing approach, one of the most popular and successful investment styles, continues today as the basis for nearly every professional money management program. Although William of Ockham and Benjamin Graham lived roughly 600 years apart, their work shares a common thread-and it’s to this idea that Ockham Research is dedicated.īenjamin Graham is remembered as “the Father of modern financial analysis”.
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