Thomas Chanos Thomas Chanos President & CEO Thomas established Badger Consultants LLC in 1994 to provide independent short research for hedge funds. He has since expanded to include independent long research as well. Prior to founding Badger Consultants, Thomas was Vice President of A.G Edwards & Sons, Inc.

Julian Hull Julian Hull CEO & Analyst Julian, Founder, was previously at Redburn, Forensic Alpha, and Europe’s premier short focused hedge fund ShadowFall. Dragoneye’s early foundation was built at Redburn, where expertise in fundamental research, company analysis and industry insights were developed. Forensic Alpha spurred Dragoneye’s focus on forensic accounting, examining financial statements, identifying discrepancies and potential accounting irregularities. Expertise in short-selling and investigative research methodologies was gained at ShadowFall.

Tom Beevers Tom Beevers Founder & CEO Thomas co-founded Forensic Alpha in 2014 and was previously a fund manager at Newton Investment Management in London, where he managed in excess of $1.5bn AUM.

Makay Redd Makay Redd Prior to joining Oxford Data Plan, Makay worked as Head of Sales at Triton. He brings extensive experience as a Sales Executive from his time at M Science and also worked in Institutional Equity Sales at Susquehanna International Group.

John Zolidis John Zolidis Founder & President John has followed retail and restaurants as a senior analyst since 1999, mostly on the sell-side. He also managed money in a buy-side role at a long-short equity fund over 2013-2014. He was named in the Wall Street Journal’s Best on the Street list.

Scott Mushkin Scott Mushkin Founder & Managing Partner Prior to founding R5 Capital, Scott was Managing Director and Senior Research Analyst covering retail, e-tail and consumer products at Wolfe Research. Scott brings more than 25 years of buy-side and sell-side experience to the firm and has consistently ranked among the top analysts in his coverage sectors. He earned his MBA from The University of Chicago Booth School of Business.

Julian Hull Julian Hull CEO & Analyst Julian, Founder, was previously at Redburn, Forensic Alpha, and Europe’s premier short focused hedge fund ShadowFall. Dragoneye’s early foundation was built at Redburn, where expertise in fundamental research, company analysis and industry insights were developed. Forensic Alpha spurred Dragoneye’s focus on forensic accounting, examining financial statements, identifying discrepancies and potential accounting irregularities. Expertise in short-selling and investigative research methodologies was gained at ShadowFall.

Eric Fernandez Eric Fernandez Founder Before founding TRA, Eric Fernandez was Senior Strategist at an Institutional Investor (II) ranked independent research firm. Previously, he was employed at Salomon Smith Barney, Oppenheimer and Kleinwort Benson in the Mergers and Acquisitions groups. Prior to his M&A work, he was a credit analyst involved in leveraged lending and distressed debt restructurings with US and European financial institutions.

Ed Steele Ed Steele Founder Ed is a Founder. Ed has more than two decades experience as a top-rated equity analyst, including more than a dozen years of publishing accounting and annual report analysis inside major investment banks (most recently Citi).

Pierre-Olivier Essig Pierre-Olivier Essig Founder & Head of Research Pierre-Olivier is the Founder and Head of Research at AIR. Born in Barcelona, Spain, he later moved to Switzerland to study Business in La Chaux-de-Fonds. With over 30 years of Investment experience through years with UBS, BBL, CIBC and Paribas, and AIR, he has been providing independent fundamental research in European Equities to renowned institutions around the globe for the last 25 years.

Jay Van Sciver Jay Van Sciver Industrials/Materials analyst Jay is the Industrials & Materials Sector Head, Partner, and Executive Committee Member at Hedgeye Risk Management. The Industrials & Materials research team offers unique insights into cyclical, secular, structural, and value creation dynamics within what are often misunderstood, niche industries. He was awarded the inaugural Call of The Year (COTY) award in 2020 for FDX/Air Cargo. Before joining Hedgeye, Jay began his coverage of cyclical industries on the buyside at Brown Brothers Harriman, where he generated robust alpha and was promoted to head Industrials coverage. He later joined LaBranche LLC, where he was a Managing Director and became head of an upstairs proprietary trading desk. Prior to leaving LaBranche LLC, Jay led the firm’s market-making algorithmic trading program, requiring significant risk management and quantitative strategy oversight. Jay then joined a Long/Short Fund seeded by LaBranche, Bishop & Carroll Capital Partners, where he was a partner overseeing investment in cyclical industries. Jay earned a Bachelor of Science degree in Chemistry from Yale University, where he was awarded a Howard Hughes Medical Institution Fellowship for his research. While working at Brown Brothers, Jay pursued coursework in business, accounting, and data analytics at New York University. Jay is a CFA Charterholder, was an All-American swimmer and collegiate water polo player, and enjoys reading, fitness activities, and time with his family. He is widely recognized as ‘not great’ at tennis, a game he nonetheless enjoys.

Martin Pradier Martin Pradier Investment Analyst, Materials Martin is responsible for covering the Materials sector. He has almost 20 years of equity research experience in both the buy-side and sell-side. Martin joined Veritas in 2022 after working at Westwood Investment Advisors for 8 years, as Vice President, covering the Materials and Industrials sector. Prior to Westwood Martin spent 2 years as a Materials analyst at AGF and 7 years as a sell-side analyst for Deutsche Bank and Credit Lyonnais.

Julian Hull Julian Hull CEO & Analyst Julian, Founder, was previously at Redburn, Forensic Alpha, and Europe’s premier short focused hedge fund ShadowFall. Dragoneye’s early foundation was built at Redburn, where expertise in fundamental research, company analysis and industry insights were developed. Forensic Alpha spurred Dragoneye’s focus on forensic accounting, examining financial statements, identifying discrepancies and potential accounting irregularities. Expertise in short-selling and investigative research methodologies was gained at ShadowFall.

Thomas Chanos Thomas Chanos President & CEO Thomas established Badger Consultants LLC in 1994 to provide independent short research for hedge funds. He has since expanded to include independent long research as well. Prior to founding Badger Consultants, Thomas was Vice President of A.G Edwards & Sons, Inc.

Zach Shannon Zach Shannon Founder & Principal Zach, Founder, has more than 20 years of short expertise. He started his career as an analyst at Gradient Analytics, an independent research firm focused on forensic accounting, earnings quality, and executive behaviour, eventually serving as the director of content and overseeing most of the firm’s research. Mr. Shannon also spent more than 10 years on the buyside, working as the “short specialist” for three hedge funds (including four years at a shortonly fund). Mr. Shannon is a CFA Charterholder and received his MBA from the NYU Stern School of business with an emphasis in accounting and quantitative finance.

Andrew O'Flaherty Andrew O'Flaherty Founder and Analyst Fighting Financials is led by its founder and analyst, Andrew, who brings deep sector expertise across public and private market investing. Andrew began his career as a European Banks Equity Research Analyst, first at RBC Capital Markets, and later at Credit Suisse. In early 2021, he transitioned to Credit Suisse’s Special Situations Trading Group, where he focused on investments in financials and real estate—spanning post-reorg equities, high yield bonds, distressed debt, and select private transactions. Andrew founded Fighting Financials in early 2024, and the firm became directly authorised by the FCA in August 2024.

John Zolidis John Zolidis Founder & President John has followed retail and restaurants as a senior analyst since 1999, mostly on the sell-side. He also managed money in a buy-side role at a long-short equity fund over 2013-2014. He was named in the Wall Street Journal’s Best on the Street list.

Dr. Aaron Fletcher Dr. Aaron Fletcher Co-Founder & Managing Partner Dr. Aaron, Managing Partner & Co-Founder, has a PhD in Biochemistry from Colorado State University and is currently a visiting professor in Biochemistry and Cell Biology at Dallas Baptist University; he has been a consultant in the financial industry since 2006. The Bios’ research effort is composed of Aaron and three additional analysts. Each of the analysts have Masters’ in Public Health or PhDs from leading academic institutions.

Josef Schmalfuss Josef Schmalfuss Founder & CEO Josef is the founder and CEO. He has spent 12 years as equity investor, 7 of which as a hedge fund partner at Portsea Asset Management (global equity L/S hedge fund). As a recognised industry leader in Alternative Data for Fundamental Investing, Josef is a regularly invited Conference Speaker, Alt Data Shark Tank Judge, and a Guest Lecturer at The University of Oxford in “Alternative Data for Fundamental Investing”.

Julian Hull Julian Hull CEO & Analyst Julian, Founder, was previously at Redburn, Forensic Alpha, and Europe’s premier short focused hedge fund ShadowFall. Dragoneye’s early foundation was built at Redburn, where expertise in fundamental research, company analysis and industry insights were developed. Forensic Alpha spurred Dragoneye’s focus on forensic accounting, examining financial statements, identifying discrepancies and potential accounting irregularities. Expertise in short-selling and investigative research methodologies was gained at ShadowFall.

Kian Ghazi Kian Ghazi Founder & Director of Research Prior to Hawkshaw Research, Kian is a co-founded and ran Hawkshaw Capital Management, a $125-million-in-AUM Registered Investment Advisor (2003-2012). The fund utilized a research intensive, value-oriented, longshort investment strategy with a heavy emphasis on deepdive, primary research. Prior to Hawkshaw, Kian was a founding analyst at Midtown Capital, a value-oriented, long/short equity fund that scaled to over $1 billion in AUM (1998-2002). He was also a covering analyst at Lehman Brothers (1995-1998). Kian received his MBA from Wharton (1995) and his BS from NYU (1991).

Marni Shapiro Marni Shapiro

Tom Morphis Tom Morphis Founder & Principal Analyst Prior to founding Sales Pulse Research, Tom spent 20+ years in network infrastructure sales. Tom has held field management and executive positions at various hardware and software vendors including Network Systems / Storage Technologies, FORE Systems / Ericsson, Loudcloud and Netex Software.

Eric Fernandez Eric Fernandez Founder Before founding TRA, Eric Fernandez was Senior Strategist at an Institutional Investor (II) ranked independent research firm. Previously, he was employed at Salomon Smith Barney, Oppenheimer and Kleinwort Benson in the Mergers and Acquisitions groups. Prior to his M&A work, he was a credit analyst involved in leveraged lending and distressed debt restructurings with US and European financial institutions.

Ed Steele Ed Steele Founder Ed is a Founder. Ed has more than two decades experience as a top-rated equity analyst, including more than a dozen years of publishing accounting and annual report analysis inside major investment banks (most recently Citi).

Robert Prather Robert Prather President & Managing Member Robert is experienced President with a demonstrated history of working in the investment management industry. Strong professional skilled in Equity Research, Portfolio Management, Hedge Funds, Entrepreneurship, and Venture Capital.

John Zolidis John Zolidis Founder & President John has followed retail and restaurants as a senior analyst since 1999, mostly on the sell-side. He also managed money in a buy-side role at a long-short equity fund over 2013-2014. He was named in the Wall Street Journal’s Best on the Street list.

Mark Pacitti Mark Pacitti Founder • Founder/Managing Director – HomeStar (2019 – Present) • Founder/Managing Director – Woozle Research (2016 – Present) • Global Quantitively Strategies – Citadel (2013 – 2016) • Executive Office – Goldman Sachs (2011 – 2013) • European Investment Team (Contract) – Hermes GPE (2011) • Fund Manager Selection Team (Contract) – Fidelity International (2010 – 2011) • Global Equities Distribution (Contract) – Schroders (2010)

Jeff Middleswart Jeff Middleswart President & Director of Research Jeff joined Behind the Numbers in 1993 as an analyst, later progressing to Director of Research and President. He has also served as Assistant Portfolio Manager of the Global Income and Growth Fund of Ranger International. Prior to joining Behind the Numbers, he served as Senior Analyst at Barre & Co., focusing on distressed debt. He has appeared on CNBC and has been cited in the WSJ, Barron’s, Business Week, et.al. Jeff received a B.B.A in Finance from Texas Christian University.

Tom Beevers Tom Beevers Founder & CEO Thomas co-founded Forensic Alpha in 2014 and was previously a fund manager at Newton Investment Management in London, where he managed in excess of $1.5bn AUM.

Thomas Chanos Thomas Chanos President & CEO Thomas established Badger Consultants LLC in 1994 to provide independent short research for hedge funds. He has since expanded to include independent long research as well. Prior to founding Badger Consultants, Thomas was Vice President of A.G Edwards & Sons, Inc.

Amit Roy Amit Roy Founding Partner Prior to founding Foveal LLP in 2014, Amit was a Managing Director at Nomura and Head of European Healthcare Equity Research since 2008, having joined from Citigroup. Dr Roy has been continually ranked highly by Institutional Investor in Europe, most recently as the top ranked individual analyst 4 years in a row taking his team to the top 3 three times. He has consistently demonstrated a strong track record on predicting the outcomes of key catalysts and value drivers in the sector for 20 years.

Kian Ghazi Kian Ghazi Founder & Director of Research Prior to Hawkshaw Research, Kian is a co-founded and ran Hawkshaw Capital Management, a $125-million-in-AUM Registered Investment Advisor (2003-2012). The fund utilized a research intensive, value-oriented, longshort investment strategy with a heavy emphasis on deepdive, primary research. Prior to Hawkshaw, Kian was a founding analyst at Midtown Capital, a value-oriented, long/short equity fund that scaled to over $1 billion in AUM (1998-2002). He was also a covering analyst at Lehman Brothers (1995-1998). Kian received his MBA from Wharton (1995) and his BS from NYU (1991).

Pranav Bhavsar Pranav Bhavsar Founder Pranav brings in more than 15 years of experience in Indian Equities. He covers research on consumer themes and companies operating in India or global companies that have significant exposure to India or the Indian economy. The research methodology he uses focuses on carrying out on-the-ground channel checks that include Supplier/ Distributor/Customer interactions, access to industry experts, and bespoke primary data sources.

Nick Sawrikar Nick Sawrikar Managing Partner & Director of Research Nick has been with Verbatim Advisory Group for 18 years. Previous to that he was Chief Financial Officer at a software startup and before that an equity analyst with Zurich Financial Services.

Tom Beevers Tom Beevers Founder & CEO Thomas co-founded Forensic Alpha in 2014 and was previously a fund manager at Newton Investment Management in London, where he managed in excess of $1.5bn AUM.

Amit Roy Amit Roy Founding Partner Prior to founding Foveal LLP in 2014, Amit was a Managing Director at Nomura and Head of European Healthcare Equity Research since 2008, having joined from Citigroup. Dr Roy has been continually ranked highly by Institutional Investor in Europe, most recently as the top ranked individual analyst 4 years in a row taking his team to the top 3 three times. He has consistently demonstrated a strong track record on predicting the outcomes of key catalysts and value drivers in the sector for 20 years.

Richard Kramer Richard Kramer Founder, Managing Director & Senior Analyst-Technology Richard was for four years #1 ranked technology analyst in Europe at Goldman Sachs, and prior to that, worked for Nortel and at a prestigious Columbia University economics think tank.

Thomas Chanos Thomas Chanos President & CEO Thomas established Badger Consultants LLC in 1994 to provide independent short research for hedge funds. He has since expanded to include independent long research as well. Prior to founding Badger Consultants, Thomas was Vice President of A.G Edwards & Sons, Inc.

Blake Pate Blake Pate Analyst Blake is Vice President of Investments at Bios Partners where he joined in May 2019. At Bios, Blake focuses on investment due diligence, deal flow, and frequently attends banking conferences and medical meetings. Blake also serves as Vice President of Bios Research, a financial services firm that provides public equity research in the healthcare space tailored to institutional firms. Prior to joining Bios Partners, Blake received his BS in Biology and a business minor in May 2019. He also trained in biostatistics, data analysis, and algorithm development while assisting the HPV Working Group at the Yale University School of Medicine. Most recently, Blake received his Master of Science in Biotechnology with a concentration in Enterprise and Entrepreneurship at Johns Hopkins University.

Ed Steele Ed Steele Founder Ed is a Founder. Ed has more than two decades experience as a top-rated equity analyst, including more than a dozen years of publishing accounting and annual report analysis inside major investment banks (most recently Citi).

Will Frazier Will Frazier

Robert Prather Robert Prather President & Managing Member Robert is experienced President with a demonstrated history of working in the investment management industry. Strong professional skilled in Equity Research, Portfolio Management, Hedge Funds, Entrepreneurship, and Venture Capital.

Dr Elliot Favus Dr Elliot Favus CEO & Senior Analyst Dr. Favus is a pharmaceutical equity research specialist with buyside and sellside experience, including Senior Analyst roles at Och Ziff and Lazard. Earlier in his career, Dr. Favus spent 10 years working on human genetics projects at Harvard Medical School and the University of Chicago.

Ed Steele Ed Steele Founder Ed is a Founder. Ed has more than two decades experience as a top-rated equity analyst, including more than a dozen years of publishing accounting and annual report analysis inside major investment banks (most recently Citi).

Robert Larity Robert Larity Director of Research Robert is the Director of Research at Off Wall Street.

Neeraj Monga Neeraj Monga Founder Neeraj has 22 years of fundamental investment research experience. Neeraj has been profiled in some of the leading newspapers and magazines of the world and has been a regular commentator on CNBC Asia, BNN Bloomberg and other media properties.

Jack Stonehouse Jack Stonehouse Analyst Jack joined The Analyst in 2018 after working on the buy-side for a small and mid-cap European asset manager for four years. Jack holds a BSc in Mathematics with Economics from UCL and has passed all three levels of the CFA. He has a preference for special situations misunderstood by the market.

Thomas Chanos Thomas Chanos President & CEO Thomas established Badger Consultants LLC in 1994 to provide independent short research for hedge funds. He has since expanded to include independent long research as well. Prior to founding Badger Consultants, Thomas was Vice President of A.G Edwards & Sons, Inc.

Teun Teeuwisse Teun Teeuwisse Founder & Senior Analyst Teun, formerly Head of Research at ABN Amro and most recently an equity analyst at Kempen, became well known for his highly critical research on the once much-loved Dutch company Imtech. In 2013, after a full investigation across all available financial and non-financial data, Teun found Imtech to be bumping up its revenue through aggressive bookkeeping techniques. Whilst high margins and growth were being reported Teun found huge and growing delays in payments from clients and payments to suppliers. Based on the analysis ABN Amro changed their rating on the stock from a Buy to a Sell. The Imtech board launched a full and personal attack on Teun using disinformation, illegitimate pressure and blatant lies in order to try and debunk his analysis. The company ended up going bankrupt.

Mark Hiley Mark Hiley Founder & Executive Director Mark started his career at Fidelity in 2001. In 2004, he joined Trafelet & Company UK LLP for the launch of Delta Fund Europe. He worked as a member in the investment team for five years. Mark founded The Analyst in 2010 with the vision of building a market-leading, and independent, research platform providing strong equity ideas for like-minded investors.

Eric Fernandez Eric Fernandez Founder Before founding TRA, Eric Fernandez was Senior Strategist at an Institutional Investor (II) ranked independent research firm. Previously, he was employed at Salomon Smith Barney, Oppenheimer and Kleinwort Benson in the Mergers and Acquisitions groups. Prior to his M&A work, he was a credit analyst involved in leveraged lending and distressed debt restructurings with US and European financial institutions.

Brent Miller Brent Miller

Neeraj Monga Neeraj Monga Founder Neeraj has 22 years of fundamental investment research experience. Neeraj has been profiled in some of the leading newspapers and magazines of the world and has been a regular commentator on CNBC Asia, BNN Bloomberg and other media properties.

Teun Teeuwisse Teun Teeuwisse Founder & Senior Analyst Teun, formerly Head of Research at ABN Amro and most recently an equity analyst at Kempen, became well known for his highly critical research on the once much-loved Dutch company Imtech. In 2013, after a full investigation across all available financial and non-financial data, Teun found Imtech to be bumping up its revenue through aggressive bookkeeping techniques. Whilst high margins and growth were being reported Teun found huge and growing delays in payments from clients and payments to suppliers. Based on the analysis ABN Amro changed their rating on the stock from a Buy to a Sell. The Imtech board launched a full and personal attack on Teun using disinformation, illegitimate pressure and blatant lies in order to try and debunk his analysis. The company ended up going bankrupt.

Britt McLoy Britt McLoy Principal Analyst Britt is a Principal Analyst at Off Wall Street.

Kurt Feshbach Kurt Feshbach Founder & Director of Research Kurt is the Co-Founder & Director of Research at The Bindle Paper. Kurt brings 36 years of experience shorting stocks and founded the world’s largest short- only hedge fund by AUM, Feshbach Brothers. Kurt’s firm averaged 37% annualised performance through his use of an investigative approach to notable names. Since 1993, Mr. Feshbach managed a boutique to provide research and services to select institutional and individual clients serving numerous top 50 funds.

Dr Elliot Favus Dr Elliot Favus CEO & Senior Analyst Dr. Favus is a pharmaceutical equity research specialist with buyside and sellside experience, including Senior Analyst roles at Och Ziff and Lazard. Earlier in his career, Dr. Favus spent 10 years working on human genetics projects at Harvard Medical School and the University of Chicago.

Zhiping Zhao Zhiping Zhao Founder Zhiping, Founder, Before founding 280First in 2014, Zhiping has held positions as Senior Analyst at both CreditSights and Sanford C. Bernstein, Founder of Quantumbuy and Management Consultant at McKinsey & Company.

Thomas Chanos Thomas Chanos President & CEO Thomas established Badger Consultants LLC in 1994 to provide independent short research for hedge funds. He has since expanded to include independent long research as well. Prior to founding Badger Consultants, Thomas was Vice President of A.G Edwards & Sons, Inc.

Jonathan Telgener Jonathan Telgener Founder & Head of Research Jon is the Founder and Head of Research. He was formerly VP of Fundamental Research at Point72.

Mark Hiley Mark Hiley Founder & Executive Director Mark started his career at Fidelity in 2001. In 2004, he joined Trafelet & Company UK LLP for the launch of Delta Fund Europe. He worked as a member in the investment team for five years. Mark founded The Analyst in 2010 with the vision of building a market-leading, and independent, research platform providing strong equity ideas for like-minded investors.

Jeff Middleswart Jeff Middleswart President & Director of Research Jeff joined Behind the Numbers in 1993 as an analyst, later progressing to Director of Research and President. He has also served as Assistant Portfolio Manager of the Global Income and Growth Fund of Ranger International. Prior to joining Behind the Numbers, he served as Senior Analyst at Barre & Co., focusing on distressed debt. He has appeared on CNBC and has been cited in the WSJ, Barron’s, Business Week, et.al. Jeff received a B.B.A in Finance from Texas Christian University.

Jay Van Sciver Jay Van Sciver Industrials/Materials analyst Jay is the Industrials & Materials Sector Head, Partner, and Executive Committee Member at Hedgeye Risk Management. The Industrials & Materials research team offers unique insights into cyclical, secular, structural, and value creation dynamics within what are often misunderstood, niche industries. He was awarded the inaugural Call of The Year (COTY) award in 2020 for FDX/Air Cargo. Before joining Hedgeye, Jay began his coverage of cyclical industries on the buyside at Brown Brothers Harriman, where he generated robust alpha and was promoted to head Industrials coverage. He later joined LaBranche LLC, where he was a Managing Director and became head of an upstairs proprietary trading desk. Prior to leaving LaBranche LLC, Jay led the firm’s market-making algorithmic trading program, requiring significant risk management and quantitative strategy oversight. Jay then joined a Long/Short Fund seeded by LaBranche, Bishop & Carroll Capital Partners, where he was a partner overseeing investment in cyclical industries. Jay earned a Bachelor of Science degree in Chemistry from Yale University, where he was awarded a Howard Hughes Medical Institution Fellowship for his research. While working at Brown Brothers, Jay pursued coursework in business, accounting, and data analytics at New York University. Jay is a CFA Charterholder, was an All-American swimmer and collegiate water polo player, and enjoys reading, fitness activities, and time with his family. He is widely recognized as ‘not great’ at tennis, a game he nonetheless enjoys.

Tom Beevers Tom Beevers Founder & CEO Thomas co-founded Forensic Alpha in 2014 and was previously a fund manager at Newton Investment Management in London, where he managed in excess of $1.5bn AUM.

Robert Prather Robert Prather President & Managing Member Robert is experienced President with a demonstrated history of working in the investment management industry. Strong professional skilled in Equity Research, Portfolio Management, Hedge Funds, Entrepreneurship, and Venture Capital.