Great Lakes Review, an independent research firm founded in 1981 which was part of Soleil Securities’ research platform since 2005, has left Soleil to join Wellington Shields & Co.
As we reported earlier in the year, Soleil was purchased by Ticonderoga Securities, a New York-based broker-dealer. Soleil Securities, an equity research, sales and trading firm, is a well-known distribution platform for independent research providers. We have not heard any comments from the firms involved, but a few questions arise: is there a connection between Soleil’s new ownership structure and Great Lakes’ migration? Did Soleil’s terms for its independent research providers dusked as a result of it being acquired, to a point where it is not an attractive platform anymore for independents such as Great Lakes Review?
We will seek answers to these questions. In the meanwhile, with a new home in Wellington Shields, Great Lakes will continue to offer its products and services as it has done for the last 30 years. The firm covers a range of industry sectors, but focuses on stocks in the Midwest and Great Lakes regions. Key factors that Great Lakes Review looks for in a stock include: 1. A defensible specialty niche; 2. A self-funding balance sheet, with little debt; 3. Substantial insider ownership; 4. Few institutional shareholders; 5. Domestic orientation; 6. “Constructive” labor relations; 7. A “reasonable” price-to-earnings ratio; 8. A senior management that’s high in integrity.
Great Lakes Review produces several publications, including the Special Situations & Great Lakes Review Quarterly and the Great Lakes Review Statistical Summary.