Day to day

Case Research is a London-based equity research firm focusing solely on publicly listed claimants in international arbitrations (legal cases decided by arbitrators) usually under the ICSID / ICC / PCA forums. We are the only firm making this research public, which we do via our Substack / site (here), which is the largest of its kind. Our reader base is 100% arbitration investors - there’s no other reason to pay us any attention. This affords an edge over larger generalist firms, where the analysis often goes unnoticed - if you want to learn, you think to go see a specialist first. If you search up any of our covered companies, we are usually the first to come up, aside some algorithm-boosted posts that have nothing to do with the stock.

Our general philosophy is simply that you won’t get very far by trying to squeeze the last penny out of anyone, especially considering the small world nature of arbitrations, so bottom line, analysis quality and reputation are our only concerns.

How this came to be

When we stumbled across arbitrations a few years ago, its investment merits were immediately obvious, for reasons set out in our strategy, but are along the lines of: steep discounts, wide margin of safety, aligned incentives, mapped timeline, and plenty of case related catalysts along the way. Of course, it has it’s faults e.g. enforcement issues, but the pros outweigh the cons if selective enough, and we have released information on all companies we have chosen. These net merits greatly suited the value-investing framework, which is likely why we noticed it, and we have been looking for opportunities since. More info on our strategy can be found in the services tab —> investing page.

Our founder (written by him): After purchasing my first stock in a distressed airline when at 15, and stupid, I’ve been a value investor at heart ever since. I started writing reports in efforts to secure my Value Investors Club membership at 19 (500 members, 2% acceptance rate, 70% fund managers, lowest bar Columbia MBA top 1-2 students), making him one of the youngest ever members. This is where I was introduced into the world of sponsored coverage. Like most value investors, I’m self taught, and strongly believe in 'challenging my cherished beliefs' as it were. I’m very much a multi-disciplinarian, and think there’s immense opportunity cost with not being one, with a great interest in: psychology, existential philosophy, and slowing his speed of aging, which I feel allow me to have a full life - there’s, as with everyone else, a direct correlation between my biomarker results and my general cognitive ability. I like the idea of being both the oldest person and the best performing (active) fund manager simultaneously.

Services

The bottom line is sponsored coverage, but please see the ‘services’ page for more details: Case Research