In late 1998, a group of people got together with the common goal of helping investors navigate an increasingly fast-paced market. A central theme of this group was a hostility towards a predatory attitude prevalent in the research business at the time. Too many investor portfolios suffered because of an epidemic of front-running, non-disclosure of positions, shady performance metrics, and rampant analyst conflicts. Remember, this was pre-Spitzer Wall Street.
We like to say we were independent before independent was "cool."
In May of 1999, NymbleInvestor.com was launched with the publication of the first of what would be some 850
issues of our Daily Report
. In line with the founders' vision of diversifying a portfolio not only through owning stocks in different market sectors but through owning stocks with different time horizons, the NymbleInvestor team issued over 700 "Prospects" during a 29-month period.
The strategy was a successful one. Returning over 40% (pre-tax, pre-commission) from inception, the NymbleInvestor.com "Prospect List" model portfolio beat the NASDAQ by nearly 80 points, the S&P-500 by over 60 points, and the Russell 2000 by nearly 50 points -- making it one of the most successful internet general market newsletters of its time. Incidentally, only 5% of the picks were from the short side so the broad outperformance was not a fluke of being short during the bear market of 2000 and 2001. And since the site started less than a year before the market meltdown, all the performance didn't come before the bubble burst, either.
During the summer of 2001, the company founders decided to move away from daily market commentary. This was part lifestyle decision (writing daily commentary is a grind), but mostly in response to customer requests. The NymbleInvestor Research Team always had an affinity and a talent for analyzing biotechnology stocks. Most of our subscribers came to us because of our analysis in the sector. Launching Biotech Stock Research, LLC (BSR)
was an easy decision.
We introduced a biotech-specific portfolio -- now called the BSR Model Portfolio
-- on August 27, 2001. We debuted our biotech-only coverage in October of 2001 with the publication of the first issue of Biotech Monthly
. We also publish a couple hundred BSR Alerts
per year, on average, dealing with breaking news or information resulting from our primary research efforts.
BSR focuses on development-stage biotechnology companies. We define these as any biotech company whose market cap is primarily related to a drug that does not yet have regulatory approval. Our coverage universe
has companies ranging from under $20 million in market cap to over $1 billion.
is published near the end of every month. It's a review piece that sets us apart from other research shops. Each month we use the issue to debut new coverage, highlight macro issues of importance to sector investors, and update information on the companies in our coverage universe that wasn't urgent enough for a BSR Alert
but is worth mentioning anyway. Each issue of Biotech Monthly
usually runs over 30 pages.
are issued whenever breaking news needing additional commentary hits a company in our coverage universe. Occasionally, we address BSR Alerts
to the macro market if we see tradable patterns or danger signs. Issued nearly around the clock as events require, our research often moves markets.
We have no illusions about being your only source for information on the biotech sector. In fact, we don't believe any researcher is good enough to be an investor's sole source of information. BSR's research is designed to give you a fair, well-researched, and unbiased look into companies and technologies. We know we won't be your only source for information -- we're just aiming to be your favorite.
David Miller, President/CEO
David D. Miller is an acknowledged expert on biotech investing. With a background as a company CEO, technical analyst, and market commentator, he provides a uniquely unabashed analysis of the sector and companies in his coverage universe. Mr. Miller has been quoted in nearly every major US newspaper, has appeared on financial television multiple times, and authored a chapter entitled “The Keys to Biotech Investing” in the popular Wiley Financial Press book Master Traders
(2006, edited by Fari Hamzei
Mr. Miller also writes for Minyanville.com
, guest lectures to investment groups, and was a co-instructor for an annual 10-week Entrepreneur's Workshop at the University of Washington - Bothell.
Alan Leong, PhD, Director of Research
Alan Leong is the co-founder and Director of Research for BSR.
He was the Founder and Director of the Center for Student Entrepreneurship at the University of Washington - Bothell and during
his tenure, was honored with multiple teaching awards from the students. Dr. Leong’s focus on operational process, management organization, and entrepreneurism perfectly matches with the critical task of looking beyond all the cool science in the biotechnology sector and finding companies that can succeed. Dr. Leong is regularly quoted in newspapers around the country.
Dr. Leong holds a Ph.D. (Southern California); MSE (University of
Washington); and a BS and BA (Simon Fraser, Southern California).
If you wish to contact us, our contact information is listed here