Pioneering Investment Research

Bruce Jacobs and Ken Levy pioneered the “disentangling” of numerous factors that influence stock returns

Proprietary Approach

Ongoing in-house research creates proprietary models 


Our multidimensional process combines human insight, finance, and behavioral theory with the latest quantitative and statistical methods


Our dynamic, forward-looking approach pursues opportunities in changing market environments

Committed to innovative equity research

As the pioneer of the “disentangling” process that helped revolutionize equity investing, we manage equity strategies for a prestigious global roster of institutional clients.

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Latest News

Oct 09, 2017

Richard Thaler, Famed for ‘Nudge' Theory, Wins Nobel Economics Prize

by Rob Kozlowski, Pensions & Investments, October 9, 2017: Bruce Jacobs notes in this article that Thaler, one of the founders of behavioral finance, “documents the many shortcuts humans take when confronted with more information than can be processed quickly. These shortcuts can explain why... stock prices reflect investor fads and herd instincts rather than cool calculation, leading to phenomena such as momentum bubbles and subsequent crashes.” Additionally, Bruce comments “models that assume investors act rationally can be blindsided by irrational markets because they fail to account for investor biases.”

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Oct 01, 2017

Equity Management: The Art and Science of Modern Quantitative Investing (2nd ed.)

by Christopher Faille, The Federal Lawyer, October/November 2017: Bruce Jacobs’s discussion of the origins of the 2008-2009 financial crisis offers “a very valuable brief introduction to the subject and the literature,” writes Faille. He also notes that the founding father of quantitative finance, Nobel... laureate Harry Markowitz, provided two forewords for this second edition, as Jacobs and Levy bridged theory and practice.

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Sep 01, 2017

A First-Class Catastrophe: The Road to Black Monday, The Worst Day in Wall Street History

by Diana B. Henriques, Henry Holt, September 2017: The book chronicles the events leading up to the 1987 stock market crash. It refers to Bruce Jacobs’s “prescient” 1983 Prudential memo warning that portfolio insurance could have a “snowball effect” on market prices and mentions his 1986 debate... with portfolio insurance provider Leland O'Brien and Rubenstein (LOR). It also cites Jacobs's book Capital Ideas and Market Realities: Option Replication, Investor Behavior, and Stock Market Crashes and his Financial Analysts Journal article “Risk Avoidance and Market Fragility.”

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Concepts that form the foundation of our approach

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Security prices, technology, and prediction

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