Case Study, Fundamental

The Fundamental-Forensic Collaboration Effect

Paul Beland, Head of Equity Research
06 June 2024


CFRA is a fiercely independent investment research provider, and our track record of “Sell” ratings is a testament to this independence. On average, Sell ratings amount to 10%-15% of CFRA’s fundamental STARS ratings. Over the past year, CFRA Sell ratings underperformed the benchmark by 18.5 percentage points.

Since January 1, 1999, CFRA’s Sell ratings underperformed the benchmark by 5 percentage points annually. Importantly, past performance is not a valid indicator of future results. True to CFRA’s forensic accounting roots, our analysts are focused on assessing an equity’s embedded expectations and identifying catalysts that could lead to expectation revisions. Fundamental equity research analysts work directly with CFRA’s forensic accounting research team. CFRA’s proprietary, proven forensic accounting methodology uncovers risks of hidden deterioration in the underlying business, future accounting restatements, and/or weaknesses in corporate governance.


Paul Beland, CFA
Head of Equity Research
Paul Beland, who holds a CFA designation, is currently serving as the Head of Equity Research at CFRA. Before joining CFRA in 2017, he worked as a sell-side equity research analyst for over ten years with Citigroup and Lazard Capital Markets in New York City. During his tenure, he covered various sectors, including Accounting and Valuation, Education Services, and Media. He completed his Bachelor of Arts in Economics with honors and distinction from the University of North Carolina at Chapel Hill. Additionally, he is a CFA charterholder.

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