"I’ve known Wayne for over 10 years and I have always valued his fundamental, bottom up approach when evaluating companies. His “no-nonsense” and “common sense” style within a top down, geopolitical framework has helped me identify those companies that the street so often misunderstands, misjudges, and most importantly, misprices. Nef Value Research allows me to have a “value-bent” analyst on the team without the added cost of a full time employee. His stock specific ideas within a thematic perspective are thoroughly vetted and presented in a timely and efficient manner. I look forward to his morning overviews each and every day."

Sam Tobias
Portfolio Manager
Circle T Partners

"Nef Value Research helps us to keep our labor costs low, while still allowing us to have top-shelf buyside research. Being in Buffalo, we found it hard to lure experienced analysts away from the financial centers of New York and Boston. Nef Value Research provides us with professional research at a cost below what we
were paying for junior analysts. Wayne and his staff average over 20 years’ experience each and have developed a good rapport with our portfolio managers."

Paul Olszewski - Research Director
Harold C. Brown & Co., LLC

"I have been a client of Nef Value research since its inception. I feel the services they provide are additive to my research process and additive to my overall P&L. I have extreme confidence in the research of NVR, and the depth of the knowledge of years of industry research that supports it."

Stephen M. Schwartz - Portfolio Manager
CAVU Capital Advisors

"Wayne's tear sheets and market color are an invaluable part of my business. Wayne's service has increased my productivity substantially particularly during earnings season. His tear sheets allow me to quickly analyze the quality of reported earnings against street expectation and to subsequently take advantage of
potential investment opportunities."

Eric Goldstein - Partner
First NY Securities LLC

"Nef Value Research gives us an added level of alpha that is a different view than typical research shops. His idea generation is thorough yet succinct, and monthly retail sales analysis helps us cut through the clutter than surrounds that week. Definitely an asset to any money manager."

John Black - Trader
Prentice Capital

"Wayne's prowess with retail stocks is well known, but it is his
work with the homebuilding stocks that turned my head. A series
of interviews I ran with him on my website were among the most
popular and profitable I have ever published.

Wayne's work on mortgage resets and the coming subprime
mortgage crisis in the fall of 2006 were my wakeup call, and if you
listened you made a fortune or saved yourself a bundle.

Something tells me Wayne will warm up to the homebuilding
stocks near the bottom. I am sitting on my hands, but not holding
my breath. He is not yet constructive on the builders.

Stay tuned."

Kris Kelley
1440 Wall Street