Siebels Asset Management Research is only interested in reading original, qualitative research. Broker's reports, annual reports, company websites and industry overviews that have already been utilized and any non-original usage of these sources will deem the report incomplete. We are most interested in your personal view of the company, its ethics and internal dynamics. To build a truly unique picture of each company it is encouraged to visit its offices, retail outlets, factories and manufacturing sites; also speak with its employees, clients, competitors and management staff. Using information from broker's reports or annual reports is fine ONLY if it is used to give context to your own, original research.

Of particular interest is the understanding of the downside risk in potential investments therefore a requirement is a REPLACEMENT VALUE ANALYSIS to supplement the qualitative elements mentioned above. Local analysts are able to produce better estimates of this value than anyone else.

When conducting your research, remember to focus on each company's essential characteristics: long term competitive advantages or disadvantages, management incentives and compensation, employee incentives and compensation, mission statement, management effectiveness, long term strategy, return on investments, capital investment plans, end market growth, marketing strategy, supply and demand elasticity, efficiency of operations, cost benchmarking, customers, suppliers, competitors, corporate governance, and employee relations. Using local media (television, radio, internet, newspapers) also qualifies as independent research: we do not have access to local news programs in Brazil or speak Portuguese, for example, so exploit your natural advantages here.

Detailed feedback will be available on every report submitted. The goal is to make you a better analyst.