Our Approach to Global Markets
At AJAX Research, we study global markets through the lens of macroeconomic structure, capital flows, and regime change. Our work focuses on identifying durable themes — from policy shifts and economic cycles to sector rotations and cross-asset dynamics — and validating them through disciplined analysis rather than narrative.
Investment Framework
AJAX Research approaches markets through a structured, macro-informed investment framework designed to understand how capital behaves across cycles, regimes, and asset classes.
The process begins with top-down analysis — evaluating macroeconomic conditions, policy dynamics, and structural trends that shape global capital flows. From there, themes are translated into actionable expressions across equities, derivatives, and select macro-sensitive assets, with risk defined explicitly at each stage.
Equity research focuses on identifying durable businesses within favorable macro environments, emphasizing balance sheet strength, cash flow durability, and alignment between valuation and long-term fundamentals. Derivatives are used selectively to manage exposure, enhance risk-adjusted returns, and express conviction with precision rather than leverage for its own sake.
Every idea is documented, stress-tested across scenarios, and refined through iteration. The objective is not constant activity, but disciplined positioning — allowing time, structure, and process to compound decision quality. Capital is deployed with the objective of improving judgment and process over time — prioritizing durability, discipline, and long-term decision quality over short-term outcomes.
Intelligence Refined.
At AJAX Research, intelligence is not defined by speed, access, or prediction, but by the quality of judgment applied over time.
Research is conducted through iterative study and documentation, integrating macroeconomic context, fundamental analysis, and scenario-based thinking. Ideas are examined across cycles and regimes, with an emphasis on understanding why outcomes occur rather than simply observing what happens. This approach favors depth over frequency and process over reaction. By refining frameworks continuously and subjecting them to real-world feedback through active capital deployment, AJAX seeks to develop clearer judgment and more resilient decision-making as conditions evolve.