SSR LLC (SSR) is pleased to announce that Carl Rinaldi joined its leadership team on March 11th 2014 as a partner and as Head of Sales.  Carl brings 32 years of experience in the financial markets, the last 22 of which were at Sanford C Bernstein where he was most recently Head of US Hedge Fund Sales and Head of New York Metro Sales…Read more

Sector & Sovereign Research

Stamford, CT

Industrials / Basic Materials

Graham Copley


Richard Evans

Tech / Media / Telecom

Paul Sagawa


is a sell-side research venture built to provide an essential, yet missing, element of research: the weighting of sub-sectors within broad industrial categories.  By simultaneously maintaining both a broad view of our industries, and a fundamentally detailed view of the sub-sectors that make up these industries, we offer guidance on portfolio composition that we believe is both highly impactful, and otherwise unavailable. Learn More…


Increasing firm size = declining R&D productivity, both across (larger firms produce less innovation per R&D dollar than smaller firms) and within firms (smaller firms become less productive as they grow). It follows that mergers are more likely to impair than to improve R&D productivity. PFE and AZN’s economic returns to R&D spending (the relationship between Year 1 R&D and Year 10 earnings) currently are negative, in-line with or slightly below the (falling) peer average. Both PFE and AZN spend about as many R&D dollars per (quality-adjusted) idea as peers. The number of ideas each company produces per R&D dollar is falling rapidly alongside the peer average, and this explains much of each company’s (and the peer group’s) overall trend of declining R&D returns. Both companies produce ideas of average quality as compared to peersRead more

Tech / Media / Telecom

The TMT sector is in the midst of a comprehensive once-in-a-generation paradigm shift driven by the contemporaneous maturation of several key innovations that offer consumers and businesses new and significantly better ways to use information.  In this, we expect the few platforms that control user experiences (AAPL, GOOG, MSFT, maybe AMZN) will capture a disproportionate share of value… Read more

Industrials / Materials

Our positive stance on DuPont has been driven by two factors; valuation, and the belief that there is a real growth story in the core business.  Valuation support remains but it is much less of a factor today than it was a year ago as the stock is only 5-6% below our measure of fair value – we estimate that “normal relative value” for DD is around $71 per share…Read more



Financials Picture Web Size

Since the Fed released guidelines for the 2014 CCAR process on November 1st, investors have expressed concern that the stress tests have been stiffened and that more capital than previously expected will be trapped in the banks in general and BAC in particular; more headlines around litigation, and BAC’s increase in its estimate of potential legal costs beyond reserves to $5.1bn in Q3 from $2.8bn in Q2, have not helped… Read more


Shopping Carts

We suspect that expectations were modest for MCD’s Q1 results given the weather in the U.S., recent trends ex-weather and the company’s cautious commentary on margins contained in its last sales release.  We believe that the stock’s recent move higher was more a function of sector rotation dynamics, rather than any optimism surrounding the company’s near-term business momentum… Read more



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