About
AJAX Research
AJAX Research is an independent equity research platform applying institutional analytical frameworks to deliver rigorous, evidence-based investment analysis. Coverage spans equities, macro, derivatives, and commodities, with a commitment to intellectual honesty and disciplined process.
How We Invest
Research Methodology
Every investment decision follows a disciplined five-stage process. We start with the macro and geopolitical environment, interest rates, fiscal policy, sector dynamics, and global capital flows. No individual security analysis happens in a vacuum.
From there we move into fundamental analysis: financial modeling, earnings quality assessment, balance sheet stress testing, and valuation work including DCF, comparable companies, and precedent transactions.
Quantitative analysis then validates or challenges the fundamental view, statistical signals, order book imbalances, momentum indicators, and systematic pattern recognition built in Python.
Only after all three lenses are applied do we decide whether to execute. The decision is binary: the trade either meets our criteria or it does not. There is no partial conviction.
Finally, we determine trade structure and sizing. A position can be expressed through common shares, options, spreads, or derivatives depending on the risk profile, cost of carry, and intended holding period. Structure is not an afterthought.
01
Macro & Geopolitical
Interest rates, policy, geopolitics, and sector tailwinds
02
Fundamental Analysis
DCF, comparable companies, earnings quality, balance sheet
03
Quantitative Validation
Statistical signals, order book imbalances, momentum
04
Trade Decision
Buy, sell, or pass, with explicit reasoning documented
05
Structure & Sizing
Shares, options, spreads, sized to conviction and risk budget
Coverage
Coverage Universe
AJAX Research focuses on three primary sectors: Technology, Defense, and Commodities. These areas offer distinct macro sensitivity, event-driven catalysts, and opportunities for variant perception across both equities and derivatives markets.
Technology coverage spans large-cap platforms, AI infrastructure, and semiconductor supply chains. Defense coverage focuses on geopolitical positioning and defense budget cycles. Commodities coverage includes energy, metals, and the derivative instruments used to trade them.
Portfolio Framework
The Trident Framework
High-conviction, long-duration equity positions. Sized aggressively on fundamental thesis.
Tactical, event-driven, or catalyst-specific trades. Shorter holding period, tighter risk controls.
Dividend-paying stable equities, covered calls, cash-secured puts, or options spreads generating recurring yield.
Philosophy
Investment Principles
01
Macro First
Every investment decision begins with the macro and geopolitical environment. Rates, credit cycles, and policy set the table. Individual securities are evaluated within that context.
02
Variant Perception
We seek situations where our view materially differs from consensus, and where we have a defensible analytical basis for that difference. A correct consensus view generates no alpha.
03
Catalyst Awareness
A correct thesis without a catalyst is a bad trade. We identify what unlocks value and over what time horizon before committing capital.
04
Position Sizing Discipline
Sizing depends on conviction and trade type. One strict rule: for any tactical trade (1 week to 1 month horizon), we never risk more than 2% of the portfolio. No exceptions.
05
Process Over Outcome
Good decisions from bad processes are noise. We document every thesis, assumption, and entry rationale so the process can be reviewed, critiqued, and improved over time.
06
Trade Structure Matters
Execution is not an afterthought. Whether a position is expressed through shares, options, or spreads changes the risk profile fundamentally. Structure is part of the thesis.
Founder
About the Founder
George Tsiamtsiouris is a finance major at Rutgers Business School focused on fundamental, macro, and quantitative analysis as well as portfolio management. He founded AJAX Research to build institutional-quality research capabilities outside traditional finance institutions and create a public track record of his analytical work.
AJAX operates on two principles: accountability through transparent documentation of investment theses, and accessibility, demonstrating that rigorous research is not exclusive to established firms.
His work combines fundamental equity research with quantitative strategy development, applying Python-based backtesting and systematic analysis to investment decisions. He actively manages a personal portfolio using macro-based derivatives strategies and quantitative signals.