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, derivatives, commodities, and prediction markets, 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 idea generation: screening for catalysts, dislocations, and variant perception within that backdrop.
Quantitative analysis then validates or challenges each idea, using statistical signals, order book imbalances, momentum indicators, and systematic pattern recognition built in Python.
Next, 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.
Only after all of these 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.
01
Macro & Geopolitical
Interest rates, policy, geopolitics, and sector tailwinds
02
Idea Generation
Screening for catalysts, dislocations, and variant perception
03
Quantitative Validation
Statistical signals, order book imbalances, momentum
04
Structure & Sizing
Shares, options, spreads, sized to conviction and risk budget
05
Trade Decision
Buy, sell, or pass, with explicit reasoning documented
Coverage
Coverage Universe
AJAX Research focuses on four asset classes: Equities, Derivatives, Commodities, and Prediction Markets. Each offers distinct macro sensitivity, event-driven catalysts, and opportunities for variant perception.
Equities coverage spans large-cap platforms, AI infrastructure, and semiconductor supply chains. Derivatives coverage centers on options structuring, volatility, and risk-defined positioning. Commodities coverage includes energy, metals, and the instruments used to trade them. Prediction Markets coverage examines event contracts, pricing efficiency, and probabilistic forecasting.
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 the sleeve. Core positions are sized on conviction. For Satellite and Income trades, we first quantify the edge, then size with the Kelly criterion. Risk is bounded by a hard daily loss limit: if any sleeve draws down more than 5% of NAV in a single day, the strategy is halted and re-evaluated before capital is redeployed.
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 with minors in mathematics and computer science at Rutgers Business School, focused on quantitative and macro 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.
His work combines macro research with quantitative strategy development, applying Python-based backtesting and systematic analysis to investment decisions. He actively manages a personal portfolio across a Core, Satellite, and Income structure, using macro-driven derivatives strategies and sizing the Satellite and Income sleeves with quantified edge and the Kelly criterion, under a hard daily loss limit.